Revenues up at acquisitive Proactis
Wetherby-based Proactis, a spend management solution provider which completed a £100m reverse takeover of Perfect Commerce earlier this month, is expecting to post a 31% increase in turnover to £25.4m for 2017.
For the year ended July 31, the group said adjusted EBITDA will be around £7.9m (2016: £5.3m), an increase of 43% while adjusted profit before tax is approximately £5.3m (2016: £3.1m).
The £102.4mPerfect Commerce deal, which constituted a reverse takeover under the AIM rules, aims to accelerate Proactis’ growth strategy and geographic footprint.
Tim Sykes, chief financial officer, said: “Our core business has demonstrated strong organic growth and a solid rate of new business wins during the year. Furthermore, our capability to sell more into our existing customer base, which is a key element of our strategy going forward as we seek to leverage the customer bases that have been acquired historically, is performing well with up-sell and cross-sell activity at new, record levels.
“I am pleased that we have sustained this rate of growth alongside the group’s strategic progress through the acquisitions of both Millstream Associates during November 2016 and, more recently, the transformational acquisition of Perfect Commerce, which completed during August 2017.
“I relish the opportunity that the Perfect Commerce acquisition provides the group and I look forward to realising the opportunities that the business combination provides.”
Chief executive Hamp Wall added: “PROACTIS has delivered an excellent performance during the year prior to its acquisition of Perfect Commerce. This gives me great confidence for the future prospects of the group as we look to combine two individually strong businesses and deliver our strategy over the coming months and years. I believe the acquisition positions us to exploit the high growth areas of the spend management market and enables the business to provide our customers with an even broader product offering.”
The group intends to release its preliminary results for the financial year ending 31 July 2017 on October 11.
