Smartspace Software Reports 15% Revenue Increase in First Half of Fiscal 2024

Smartspace Software reported a strong 15% increase in revenue for the first half of fiscal 2024, projecting that it will meet market expectations for the full year while considering constant currency. The company, which specializes in integrated space-management software for smart buildings and commercial spaces, announced on Tuesday that its revenue for the six months ending July 31 reached £2.7 million ($3.5 million), compared to £2.4 million in the same period last year.

Furthermore, Smartspace Software experienced growth in annual recurring revenue, reaching £5.8 million from £5.0 million, or £4.8 million considering constant currency. Moreover, the monthly average revenue per user saw an increase, rising to £94 from £90, or £86 considering constant currency.

According to the company, the SmartSpace board foresees significant potential for growth in the upcoming months, both through new customers and expansion within its existing customer base. The release of Spaces and the progress made in new markets are expected to be key drivers in this expansion.

As a result of these positive developments, shares of Smartspace Software experienced a boost, climbing 2.50 pence (6.9%) to reach 38.50 pence by 0744 GMT.