Software provider’s half-year results dampened
Proactis Holdings, the global spend management and B2B eCommerce solution provider, has seen revenues grow just 5% in a six-month period when the group’s US, French and German businesses did not match the Board’s expectations.
Publishing results for the six-month period ended 31 January 2019, the Wetherby-headquartered listed firm said the Group’s performance had been “mixed” during the period, with UK operations performing well alongside the Dutch business, Esize, which it acquired in August last year
It added: “Performance from the Group’s US, French and German businesses did not match the Board’s expectations with underlying revenues reducing. As a result, whilst the Group reported a revenue increase of approximately 5% this was the result of the additional contribution from Esize.”
The firm’s revenue for the period stood at £27m; up from £26m in the same period last year. However, pre-tax profits dropped to £301,000 from £2.4m.
Tim Sykes, Chief Executive Officer, said: “This set of results is the culmination of a number of the previously reported issues facing the US, French and German parts of the Group, however much work has been undertaken and we are pleased to share the outcome of our review of operations with shareholders today.
“We are focused on executing on our plan and are confident that we have made significant steps in our journey to return the whole of the Group to its attractive core characteristics. We have a proven proposition to address a large and growing market, and we are confident that this will drive growth going forward after a period of stabilisation.”
