Smartspace Software PLC Trading Update (6752R)

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RNS Number : 6752R

Smartspace Software PLC

04 March 2019

4 March 2019

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

SmartSpace Software Plc

("SmartSpace" or the "Company" or the "Group")

Trading Update

For the year ended 31 January 2019

SmartSpace Software Plc, the leading provider of 'Integrated Space Management Software' for smart buildings, commercial spaces and hospitality, announces that trading for the year ended 31 January 2019 was in line with market expectations.

In June 2018 SmartSpace announced the disposal of its Systems Integration and IT Managed Services divisions for a total cash consideration of GBP21.6m (the "Disposal") following a decision by the board to focus exclusively on building a Software as a Service (SaaS) business which can command better quality revenues both in terms of higher margins and also greater visibility. The Company is now focussed on developing its space optimisation software for the workplace.

The Disposal has provided additional capital for the Company to invest in accelerating the development of its SmartSpace platform increasing the market opportunity from multi-national enterprises and mid-market reach. It has also allowed SmartSpace to accelerate its routes to market by further investment in its direct and indirect sales and marketing capability. Testament to this strategy are two significant deals announced in recent months, one of which being with a major global financial institution.

The Disposal proceeds have also enabled SmartSpace to consider acquisition opportunities that have the potential to accelerate the growth of the Group by broadening SmartSpace's suite of software products in the smart building and co-working space markets, expanding the Company's geographical reach and/or targets which would bring with them a relevant established client base.

In October 2018 the Group announced the acquisition of SwipedOn Limited, a fast--growing SaaS business offering a visitor management solution to customers globally on a monthly subscription. With the focus on new customer acquisition, SwipedOn has seen a net increase of 22% to more than 2,700 customers since the business was acquired.

The Company expects to announce its Final Results for the year ended 31 January 2019 by the end of April 2019.

Enquiries

 
 SmartSpace Software Plc                        via Lisa Baderoon 
  Frank Beechinor (CEO)                          - Head of Investor 
  Bruce Morrison (CFO)                           Relations 
 
  Lisa Baderoon (Head of Investor Relations) 
  [e-mail]                    [phone] 
                                                 496 
 N+1 Singer (NOMAD & Broker) 
  Shaun Dobson, Head of Corporate Finance 
  Lauren Kettle, Corporate Finance              [phone] 
 

About SmartSpace Software Plc

SmartSpace Software plc is a SaaS-based technology business, designing and building smart software solutions. The Company's software solutions in workspace and hospitality help transform employee and customer engagement with modules which include: desk management, meeting room management, wayfinding, car parking, visitor management, frictionless vending, ticketing, loyalty management and analytics.

For more information go to: www.smartspaceplc.com

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March 04, 2019 02:00 ET (07:00 GMT)