Sparks

essensys reported FY24 results in line with guidance that was raised in August: revenue £24.1m (84% recurring), adjusted LBITDA £0.9m and net cash at year-end of £3.1m. The company closed the year with ARR of £20.3m (2% y-o-y), and although the loss of one strategic customer is expected to weigh on H125 revenue, the company expects to generate positive EBITDA in FY25. It also expects to achieve positive cashflow on a run rate basis by the end of FY25 and to move to cash generation in FY26.

After a tough couple of years and a major restructuring programme, the company is now better positioned to drive profitable growth. It has migrated all customers over to its SaaS solution, essensys Platform, which supports faster deployment and lower entry costs, and has developed two new products to help customers measure building utilisation and manage real-time access and control of space. With the focus on larger landlords, the company aims to land, expand and grow with these strategic customers.