StockMarketWire.com - SmartSpace Software lifted its forecast on annual performance as revenue and margin rose in the first half of the year amid ongoing momentum.

The company said revenue for the year ended 31 January 2022 was now expected to be not less than £5.2 million, compared with £4.6 million last year, with an adjusted EBITDA loss of not more than £2.7 million, compared with a loss of £2.1 million last year.

For the half year ended 31 July 2021, annual recurring revenue was up 53% year on year to £3.78 million, and this momentum had continued in to H2 with ARR of £4.11 million as at 30 September, the company said.

Gross margin improved to 71% from 51%, reflecting an 'increased mix of higher margin SaaS revenues, in-line with stated strategy,' it added.

The company's interim results was expected to be announced on Tuesday 26 October.


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