PROACTIS Holdings PLC COVID-19 Update & Notice of Results (1154K)
April 20 2020 - 2:00AM
UK Regulatory
TIDMPHD
RNS Number : 1154K
PROACTIS Holdings PLC
20 April 2020
20 April 2020
Proactis Holdings PLC
COVID-19 Update
Notice of results
Proactis Holdings PLC ("Proactis", the "Group" or the
"Company"), the business spend management solution provider today
issues a trading and financial update specifically noting the
impact of COVID-19 on the Group.
The Group's business is based primarily on a recurring revenue,
long term, SaaS based contract business model which offers
robustness and security in periods of short-term uncertainty and a
high degree of visibility.
The Board wishes to emphasise that its priority has always been
the health, safety and well-being of our people and our customers.
The Board is pleased to report that all staff are working highly
effectively from home after minimal disruption and are supporting
our customers with no compromise on service levels.
The Group has been carefully monitoring the developments with
respect to the COVID-19 outbreak and the impact, both actual and
expected, on its business activities. Whilst the full impact on the
general economy is not yet known, the Group has continued to trade
well through the early stages of the COVID-19 crisis.
Specifically:
- Total contract value ("TCV"), excluding the value of renewals,
has increased from GBP7.5m (6 months to 31 January 2020) to
GBP10.4m (8 months to 31 March 2020) against a comparator of
GBP11.3m for the year ended 31 July 2019;
- Organic growth in annual recurring revenues ("ARR") of buyer
subscriptions in the period since 31 January 2020 has been
maintained; and
- Revenues, profitability, cash flow and net debt remain in line
with management's expectations and have not been materially
affected by the COVID-19 crisis.
Outlook
The Group has responded well to a period of significant
disruption and uncertainty. Whilst mindful of potential delays to
new customer contracts and the implementation of existing projects
in the short-term during the early stages of the COVID-19 crisis,
the Board remains confident of the opportunity to accelerate new
business substantially in the medium term. Cash flow has been
strong and the Group remains comfortably within its existing
facilities.
Accordingly, at this stage, the Board maintains its guidance for
the full year outcome and its confidence for the continued
progression of the Group.
Notice of Results
The Group intends to release its interim results for the
six-month period ended 31 January 2020 on 29 April 2020.
For further information, please contact:
Proactis Holdings PLC 01937 545070
Tim Sykes, Chief Executive Officer investorcontact@proactis.com
finnCap Ltd
Stuart Andrews/Carl Holmes/Matthew Radley - Corporate
Finance
Andrew Burdis/Richard Chambers - ECM 0207 220 0500
Alma PR 020 3405 0205
Rebecca Sanders-Hewett, Hilary Buchanan, Sam Modlin Proactis@almapr.co.uk
N otes to Editors:
Proactis creates, sells and maintains software and services
which enable organisations to streamline, control and monitor all
indirect expenditure. Its solutions are used in over 1,000 buying
organisations internationally from the commercial, public and
not-for-profit sectors.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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