FYJan22’s trading update reveals that sales and EBITDA are both slightly better than expected at £5.3m and £-2.5m respectively, with the top-line equivalent to +15% y/y growth. While positive, this actually significantly underplays SMRT’s underlying progress (as it transitions to become a SaaS led business) with this instead better reflected by +64% ARR growth to £4.9m, well ahead of our £4.5m estimate. Driving this, Space Connect grew strongly – ending the year with £0.6m of ARR (PY: £0.2m) as ....