7th Nov 2013 12:17
LONDON (Alliance News) - EU Supply PLC said Thursday that it intends to raise GBP5 million through the placing of 22.1 million shares, and will seek admission to the AIM market.
The UK holding company of Swedish e-commerce business EU Supply Group said it will use proceeds from the placing to fund the expansion of its sales team, provide working capital for the company and repay borrowings ahead of its admission.
It expects to commence trading on AIM November 13 under the ticker EUSP.
The company said that trading in July and August was in line with expectations. It posted a revenue of GBP868,000 in the first half of 2013, down from GBP1.6 million in the previous year. It widened its pretax loss in the first half to GBP1.6 million from GBP993,000. This was due to increased investment in the development of its Complete Tender Management software.
The software is a platform for businesses to manage tenders and contracts for services and goods. It currently handles more than 75,000 tenders per year, EU Supply said.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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EUSP.L