19th Apr 2018 15:33
LONDON (Alliance News) - EU Supply on Thursday reported a narrowed 2017 loss, as revenue grew on strong European markets.
The e-procurement software provider reported a pretax loss of GBP172,000 for 2017, narrowed from a pretax loss of GBP1.1 million the prior year. This was after revenue grew 36% to GBP4.7 million from GBP3.4 million the year earlier, boosted by strong growth in Lithuanian, Irish and Scandinavian markets.
Administrative expenses rose year-on-year GBP4.6 million from GBP4.3 million, while finance costs increased to GBP264,000 from GBP247,000.
Looking ahead, the company said that revenue continued to grow in the first quarter of 2018 compared to the same period last year. EU Supply said it anticipates to move towards profitability after tax in 2018.
"The successful establishment of a profitable platform for growth into 2018 and beyond is supported by a strong order book and pipeline of business," said Chairman David Cutler. "With the support of the group's dedicated and skilled staff, the board is confident of further revenue growth in 2018 from both existing contracts and also new customers and markets."
Shares in EU Supply were trading 4.3% higher at 12.25 pence per share on Thursday.
Related Shares:
EUSP.L