PROACTIS, a global Spend Control and eProcurement solution provider, today announced a positive trading update for the year ended July 2016.
The Group has delivered substantial progress in all of its growth opportunities and expects to report revenues of approximately £19.4m (2015: £17.2m), an increase of 13%, with adjusted EBITDA of approximately £5.3m (2015: £4.8m), an increase of 10%, in line with expectations.
To read the full trading statement, click here.
Rod Jones, Chief Executive commented:
"Our core business is growing strongly and I am particularly pleased with the high levels of new deal intake and retention rates. Further, our capability to sell more into our current customer base, a key element of our strategy going forward, is starting to deliver with up-sell and cross-sell activity at record levels.
"I relish the opportunity that the Due North Limited acquisition provides the Group and I am encouraged by the level of new names post acquisition. With a number of initiatives underway to build the customer experience and drive operational efficiency, we believe we will unlock significant opportunities for the Group.
"The transformational opportunity provided by the Group's Supplier Commerce solution is gaining traction. We have taken first revenues and have a major opportunity with Screwfix, Flintshire County Council and P&O Ferrymasters to prove concept in this challenging and exciting area. We are building a quality pipeline to roll out the solution into the wider customer base.
"I am delighted to be able to report the substantial progress in all areas of the Group's business over the past year. Our revenue visibility indicators have advanced substantially and this underpins my confidence in the Group's future prospects."
The Group intends to release its preliminary results on 12 October 2016.