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FreeAgent ends year in line with board's forecasts
Accounting software-as-a-service provider FreeAgent Holdings updated the market on its trading for the year ended 31 March on Thursday.
The AIM-traded company said that for the full year, the board expected to report revenue of £9.8m, and annualised committed monthly recurring revenue of £10.1m, in line with its expectations.
Period-end net cash was approximately £2.3m.
"Overall progress has been strong, particularly in our banking channel, despite headwinds in the practice channel - courtesy of the turmoil surrounding the IR35 changes," said group CEO Ed Molyneux.
"The RBS partnership has continued to prosper and we were pleased on 27 March to announce the terms of a recommended cash offer for FreeAgent by a wholly-owned indirect subsidiary of RBS at a price of 120p per share.
"Formal offer documentation is expected to be despatched to FreeAgent shareholders shortly and in any event on or before 24 April."