FreeAgent sees losses narrow as revenue hits £8m

FreeAgent, the Edinburgh-based provider of cloud-based Software-as-a-Service (“SaaS”) accounting software solutions, has reported revenue of £8 million for the year ending March 2017.

In a trading update the firm said losses had narrowed more than expected over the course of the past year which included its floating on the alternative investment market (AIM) in November.

The group, led by CEO Ed Molyneux, said that losses before interest, tax, depreciation and amortisation and period end net cash are “expected to be comfortably better than current market expectations”.

The Group’s gross profit margin remained above 80 per cent.

The update also revealed that annualised committed monthly recurring revenue at period end was in line with market expectations at £8.6m respectively.

Mr Molyneux said: “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.