31 October 2019
- Proactis, the international business spend management company, today announced its audited results for the financial year ended 31 July 2019.
The Group reports order intake of £11.3m of total contract value ('TCV'), increased revenue of £54.1m, adjusted EBITDA of £15.1m and net cash flow from operating activities of £11.9m (2018: £8.4m). TCV was delivered through 60 new names added and an impressive increase in up-selling activity to existing customers with 127 deals secured.
There are a number of operational highlights across the period:
- Completed Operational Review in the period and implemented new strategic plan.
- First sale completed by German commercial team during September 2019, demonstrating early success of recent restructuring and new strategic plan.
- Committed overdraft facility of £20m signed to support the delivery of the Group's supplier paid accelerated payments solution, bePayd.
Tim Sykes, CEO commented: "The results for the period are in line with the Board's expectations. Following the completion of the Operational review announced in April 2019, the management team has been working incredibly hard to assess and rectify the issues identified and that have impacted overall Group performance over the last two financial years. This has included managing leadership change throughout the Group as we build teams that are capable of executing the Group's new go to market strategy. The Board is confident that this capability is now in place and the whole team can execute efficiently to deliver a substantial and high growth company.”
View the full trading result