29 April 2020
- Proactis, the global spend management and B2B eCommerce company, today issued its interim results for the six-month period ended 31 January 2020.
Highlights of the results include:
- Reported revenue was £24.5m.
- Total Contract Value ("TCV"), excluding renewals, was £7.5m - an increase of 44% against H2 FY2019.
- Solid new business deal activity with 29 new name deals.
- Strong upsell activity with existing customers: 70 deals in the period, compared to 54 from the January 2019 results.
- Annualised recurring revenue ("ARR"), excluding heightened risk accounts ("HRAs"), increased to £40.7m (31 July 2019: £39.3m), representing 3.6% organic growth in the core business.
- Net cash flow from operating activities was £5.1m (31 January 2019: £4.4m).
Response to COVID-19:
- All staff have transitioned to working from home with minimal disruption from the COVID-19 crisis
- Recurring revenue, long-term contract business model is proving resilient to the short-term market uncertainty during the early stages of the COVID-19 crisis
- Contingency plans in place.
"We have returned to organic growth of ARR in our core business during this period and to date as a result of improved new business performance and customer retention which, along with a strong pipeline build across all of the geographies that we operate, are clear indicators that our strategy is working well. In addition, the technical progress on our new product, bePayd, has been substantial and it is now ready for market and commercialization,” stated Tim Sykes, CEO of Proactis. "The Group has dealt with the immediate effect of the COVID-19 crisis extremely well and the recurring revenue, long-term contract business model is proving resilient at this stage."
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