The number of sites served by proptech firm essensys has grown by 13% over the year.
The firm, which makes software to help flexible office providers manage their properties, announced today that it had 474 live Connect sites, up from last year’s 419.
Recurring revenue now accounts for 87% of income, or £19.8m of £22.9m. Overall revenue increased by 2%.
The UK firm, which has invested heavily in its expansion in the US, said that recurring revenue in the US had grown by 20% to $12.15m (£9.1m).
Essensys said that performance was in line with expectations, following its placing in July, which raised net proceeds of £32m. The firm now holds £36.9m in cash and is debt-free.
The war chest will be used to pursue the essensys’ three-year growth plan, which includes expansion into the Asia Pacific region. Essensys recently announced that Eric Schaffer would head the Asia Pacific business.
CEO Mark Furness said the results “reflect the long-term structural drivers for flexible real estate offerings, which have been accelerated by Covid-19”.
He added: “We have a clear plan to capture this market opportunity, reflected in our recent placing to raise £32m and early progress with our expansion in Asia Pacific.”
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