28 February 2019
- Proactis, the global spend management and B2B eCommerce company, today reported an update on trading for the financial year ending 31 July 2019.
The Group expects to report order intake of £5.8m (2018: £5.5m) of total contract value ('TCV') for the 6-month period ended 31 January 2019 (the period') and revenue of approximately £27.7m (2018: £26.4m). This includes TCV of £1.0m (2018: £Nil) and revenue of £2.8m (2018: £Nil) from the Esize Group which was acquired on 6 August 2018. The Board is pleased with the early stage performance of the Esize Group.
New CEO, Tim Sykes, has initiated an in-depth review of the Group's US and European operations in order to ensure that the Group's resources are focussed on the considerable opportunities open to it in those territories.
The Board is pleased to announce that it has secured a specific committed facility provided by HSBC UK of £20m to support the delivery Group's Accelerated Payment Facility (APF), a solution that it is presently developing that will enable the Group to fund early payments against approved invoices for suppliers to its buyside customers.
"I am confident in our ability to deliver an improved level of performance in the mid- to long-term,” stated Tim Sykes, Chief Executive Officer. “Our core markets remain attractive and our core technologies and team are competitive. I look forward to completing my review for the Board and focussing the Group on a growth strategy that should be successful in all of its territories and returning the Group to the qualities it has demonstrated historically. I am delighted with the renewed rate of progress with the APF after investing in additional capacity to move it forward."
View the full trading update