20 February 2020
- Proactis, the global spend management and B2B eCommerce company, today issued a trading update for the six-month period ended 31 January 2020.
The Group has invested in new leadership, sales, marketing and account management teams required to deliver our new go-to-market strategy designed to boost new business and customer retention for the longer-term. This investment is beginning to deliver value and the new business success in the first half adds to the Group's recurring revenue base and will be recognized in future periods.
Following the restructure of its operations and revised strategy – to improve the rates of winning new customers and the retention of existing customers – total contract value signed with new and existing customers was £7.5m for the six-month period ended 31 January 2020. This represents a 44% increase against the six-month period ended 31 July 2019.
The Group has achieved organic growth in annualized recurring revenues ("ARR") in its core business of 3.6% for the half year, with ARR progressing to £40.7m at 31 January 2020 (31 July 2019: £39.3m).
"I am delighted with the record level of new business that the Group has achieved and the pipeline that we have built over recent months as we execute our new strategy for growth,” commented Tim Sykes, CEO. “Our commercial teams are beginning to access our market opportunity and we are confident that we will continue to demonstrate significant progress against 2019's performance and, in due course, accelerate this further.”
View the full trading results