PROACTIS, a global Spend Control and eProcurement solution provider, today announces its audited preliminary results for the year ended 31 July 2017
- Reported revenue increased by 31% to £25.4m (2016: £19.4m)
- Underlying organic growth of 9% (2016: 7%)
- Annualised Contracted Revenue has increased by 28% to £22.6m (2016: £17.6m)
- Order Book increased by 7% to £28.0m (2016: £26.1m)
- Adjusted EBITDA increased by 49% to £7.9m (2016: £5.3m)
- Strong cash balances of £4.3m (2016: £3.6m)
Alan Aubrey, Chairman, commented:
"The strong trading and financial performance has set a positive tone for what is set to be an exciting year ahead following the Group's transformational acquisition of Perfect Commerce post period end.
"Commercial progress was at normalised levels during the year with a strong performance in terms of new names, upselling and customer retention and future performance underpinned with high levels of forward visibility through recurring contracted income. There was a substantial improvement in the rate of profitability, both organically and as a result of the inclusion of the higher margin Millstream business. The acquisition of Millstream was the fifth acquisition in a three-year timeframe and, given the encouraging post-acquisition performance, the Group has, once again, demonstrated its ability to implement optimal integration strategies.
"The Group is now engaged heavily in the integration process with Perfect as it looks to realise the synergistic benefits of the acquisition, with its track record holding the Group in good stead. The Board is encouraged by the early stage progress it has achieved and also by trading in the first months within the Group, which has been in line with its expectations.”