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Strong position reported for Proactis in trading update

22 August 2018 - Proactis, the global spend management and B2B eCommerce company, today reported a detailed update on trading for the financial year ended 31 July 2018 further to its initial update on 7 August 2018.

Proactis has created a platform which is capable of delivering sustainable organic growth having undertaken a transformational re-organisation of its operational structure. This re-organisation has delivered net annualised cost savings of approximately £5.0m at 31 July 2018.

Deal intake for the year was strong. We secured 64 new names with a total initial contract value of £8.7m (2017: 54; £4.1m) and 120 upsell deals with a total contract value of £3.6m (2017: 110; £2.8m). 55 of the 64 new names (2017: 44 of the 54) were subscription deals with the remainder being perpetual licence deals.

The Group re-iterates its expectation that it will report revenue of approximately £52.0m (2017: £25.4m), Adjusted EBITDA of approximately £17.0m (2017: £7.9m) and Adjusted profit before tax of £11.0m (2017: £5.1m). Customer retention performance has improved and advanced notifications of termination are now running at normal levels.

"I am encouraged by the progress made and expected out turn for the year which signifies a very substantial business with excellent potential. Proactis has a strong position across all key territories and is well positioned in a growing marketplace,” Commented Hamp Wall, CEO of Proactis. “Our new business performance is as strong as we had planned for and we also have a significant opportunity for enhancement in North West Europe following our acquisition of Esize."

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