Cloud accounting software provider FreeAgent have seen their  income soar by 41% to £8m for the year to the end of March.

As Umbrella Accountant’s provider of choice for contractors and freelancers FreeAgent reported a net loss of £2.9m for the same period, including share-based payment expense of £0.8m, as the group continued to invest in scaling its business (2016: £1.3m).

FreeAgent declared that adjusted losses before interest, tax, depreciation and amortisation were £0.7m – a rise £0.2m last year but this was anticipated with planned investments in customer acquisition, particularly in the practice channel.

Chief executive Ed Molyneux stated :"2017 was a very good year for FreeAgent. 

"The successful IPO and continued progress against our strategy have delivered financial metrics that are in line with or exceeding market expectations. 

"Demand for FreeAgent is robust and the environment for micro-businesses in the UK remains attractive. 

"The group continues to deliver against its stated strategy and the board expects further positive progress to be made in 2018." 

If you would like to engage with an accountant that is a FreeAgent Premium Partner and has dealt with thousands of FreeAgent using contractors contact Umbrella Accountants today at www.umbrella.co.uk or email team@umbrella.co.uk