essensys PLC on Thursday said it achieved high single-digit revenue growth in financial 2023, driven by the US market.

essensys is a London-based provider of software and cloud services for flexible workspace industry.

In the financial year ended July 31, essensys expects revenue to grow by about 9% to £25.3 million. It said that this was driven by momentum in the US market, which remains its primary growth market.

‘This is a resilient performance in the current macroeconomic climate,’ it noted.

At the end of the financial year, essensys said it accelerated its plans to return to sustainable growth, profitability and cash generation. Based on this, its adjusted loss before interest, tax, depreciation and amortisation for the year and cash at the year-end are expected to be in line with market expectations.

‘The restructuring of our global operations - to align our cost base and investments to our revenue base and the near-term market opportunity - is largely complete, with a reduction in headcount from 184 at its peak to 122, and the exceptional and non-recurring costs of achieving this will be reported below adjusted Ebitda in FY23. essensys is now a leaner organisation and has an appropriate operational structure to support our customers and deliver our long-term strategy,’ it explained.

Looking ahead, essensys said it remains debt-free and on track to return to run rate positive adjusted Ebitda in financial 2024. Net cash generation is expected in financial 2025, achieved within current cash resources.

Chief Executive Officer Mark Furness said: ‘To accelerate our return to profitability and sustainable growth, we have taken action to manage our cost base. The reorganisation is now complete and gives us a strong base from which to support our customers’ expansion plans.’

Shares in essensys were up 2.9% to 29.33 pence each in London on Thursday afternoon.

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