Revenues leap at co-working proptech firm Essensys

A technology company operating in the flexible workspace sector expects to announce that its revenues have leaped by a quarter when it publishes its first set of accounts since listing on the London Stock Exchange earlier this year. Revenues at software company Essensys stood at £20.5m for the 12 months to the end of June, according to an unaudited pre-close trading update from the business. That figure is ahead of market expectations, the company said, and 25% ahead of the £16.4m posted in its last annual results. Its US business saw particularly rapid growth in revenues, up by two thirds to £5.5m. Adjusted earnings before interest, tax, depreciation and amortisation are expected to rise by around a fifth to £3.8m. Essensys makes software that operators of flexible and co-working offices can use to run the IT systems across their property portfolios. The company listed on the London Stock Exchange’s junior market, AIM, in May, raising £28m through an oversubscribed share sale. The business was founded in 2006 by chief executive Mark Furness, an IT and telecoms specialist who previously worked at companies including Cable and Wireless. Essensys now has 358 sites using its Connect software, according to the trading update, up from 260 a year ago. The company will report final results on 22 October. To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette