PROACTIS Holdings PLC Trading Update (7210O)
February 11 2016 - 2:00AM
UK Regulatory
TIDMPHD
RNS Number : 7210O
PROACTIS Holdings PLC
11 February 2016
Date: 11 February 2016
On behalf of: PROACTIS Holdings PLC ("Proactis"
the "Company" or "the Group")
Embargoed until: 0700hrs
PROACTIS Holdings PLC
Trading Update
PROACTIS Holdings PLC, the global specialist Spend Control and
eProcurement solution provider, is pleased to update the market on
trading for the six months ended 31 January 2016.
The Group confirms that results are expected to be in line with
expectations, with revenues for the six months ended 31 January
2016 of approximately GBP8.7m (2015: GBP8.4m). The Group signed 23
new logos (2015: 20) delivering GBP3.7m (2015: GBP2.6m) of initial
contract value. Both the order book and the pipeline for new deals
remain strong.
In addition, the Group continues to progress its strategy of
automating trade and relationships between its customers and their
suppliers through its supplier networking technology. The Group is
able to offer value added services to those suppliers, including an
Accelerated Payment Facility ("APF"). The Group has a contracted
commitment from Screwfix to deploy this technology across its
supplier network and a pipeline of further potential early
adopters.
Post the period end, the Group completed the acquisition of Due
North Limited ("Due North") as part of its strategic objective to
consolidate the fragmented procurement technology market. Due North
brings over 300 new customers to the Group, is an earnings
enhancing acquisition and offers cross-sell opportunities and
operational synergies in both the short and medium terms.
The Company expects to report its interim results on 27 April
2016.
Rod Jones, Chief Executive commented:
"We are very pleased to be reporting another period of strong
trading. The rate of new logo intake and Initial Contract Value is
very encouraging and I look forward to those contracts contributing
substantially to revenue in the second half of the year and
beyond.
"I am pleased to have completed the acquisition of Due North, a
respected competitor in our space, and I look forward to working
with the Due North team to deliver even better solutions to our
customers and enhanced value across the enlarged group. Due North
is the Group's fourth acquisition in two years and continues the
strategy of consolidating the fragmented procurement technology
market.
"Alongside the Group's organic growth and strategic M&A, the
Group remains committed to its supplier networking strategy. The
progress made is in line with our expectations with Screwfix
currently in the process of deploying the technology. I look
forward to providing an update on further progress in due
course."
End
For further information, please contact:
PROACTIS Holdings PLC
Rod Jones, Chief Executive Via Redleaf Communications
Officer
Tim Sykes, Chief Financial
Officer
Redleaf Communications
Rebecca Sanders-Hewett
Sarah Fabietti
Harriet Lynch 0207 382 4730
finnCap Limited
Stuart Andrews 0207 220 0500
Carl Holmes
Emily Watts
Notes to Editors:
PROACTIS creates, sells and maintains specialist software which
enables organisations to streamline, control and monitor all
internal and external expenditure, other than payroll. PROACTIS'
solutions are used in over 800 organisations around the world from
the commercial, public and not-for-profit sectors. It is the
largest independent eProcurement solution provider to the UK Public
Sector.
PROACTIS is head quartered in Wetherby, West Yorkshire. It
develops its own software using an in-house team of developers and
sells through both direct and indirect channels via a number of
Accredited Channel Partners.
PROACTIS floated on the AIM market of the London Stock Exchange
in June 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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