FreeAgent Holdings plc, a provider of cloud-based Software-as-a-Service (“SaaS”) accounting software solutions and mobile applications designed specifically for UK micro-businesses, today provides the following trading update for the year ended 31 March 2017.
For the full year ended 31 March 2017, the Board expects to report both revenue and Annualised Committed Monthly Recurring Revenue (“ACMRR”) at the period end in line with market expectations at £8.0 million and £8.6 million respectively. Both the adjusted EBITDA loss and period end net cash are expected to be comfortably better than current market expectations. The Group’s gross profit margin remained above 80%.
Ed Molyneux, Group CEO, commented:
“FreeAgent has made good progress on all fronts post IPO and trading has been in line with expectations. We are making progress in developing both existing and new sales channels and remain confident that the Group is well positioned for continued strong growth.”