PROACTIS Trading Update for the Six Months Ended 31 January 2015
PROACTIS, a global Spend Control and eProcurement solution provider, today announced an update to the market on trading for the six months ended 31 January 2015.
The Group confirms that results are expected to be in line with expectations, with H1 revenues of approximately £8.4m (2014: £4.0m) and a significant increase in profitability with adjusted* EBITDA of approximately £2.2m (2014: £0.8m).The Group signed 24 new name deals (2014: 15) and initial contract values, order book and pipeline for new deals remain very encouraging.
The Group's latest acquisition, Intelligent Capture Limited, which was acquired on 1 August 2014, is being successfully integrated into the Group and performing strongly. In addition, the Group continues to progress its strategy for the monetisation of the Global Supplier Network through its Activate programme.
Rod Jones, Chief Executive commented:
"I am delighted to be able to report the Group's continued progress. The Group's growth rate and scale have been transformed through the positive impact of the three acquisitions completed during 2014 and profitability has substantially increased. Trading is strong, new deal count has increased and M&A activity is delivering incremental rates of growth.
"In addition to this organic and M&A based growth, the Group remains committed to its Activate programme, the monetising of the Group's Global Network of buyers and suppliers. Progress is good with the software requirement now largely fulfilled and we look forward to reporting further progress on this in due course."
*Adjusted for non-recurring administrative expenses and share based payment charges