31st Mar 2015 13:04
LONDON (Alliance News) - Finance software and services provider Proactis Holdings PLC Tuesday posted a rise in pretax profit for its recently ended financial year as revenue more than doubled, bolstered by acquisitions, and announced that Chief Financial Officer Tim Sykes is stepping down.
Proactis posted a pretax profit of GBP1.1 million for the year to end-January, up from GBP278,000 a year before, as revenue rose to GBP8.4 million from GBP4.0 million, although this was partly offset by amortisation charges and non-recurring costs.
The company said three acquisitions made during the last year contributed to its revenues, and excluding these acquisitions revenue rose to GBP4.7 million from GBP4.0 million.
Proactis said it remains committed to further merger and acquisition activity, and said it is in an "excellent position" for further complimentary bolt-on acquisitions.
Proactis inked twenty new deals during the year, compared to fifteen a year before, and 43 upgrade deals compared to 39 in the previous year.
The company will begin the process of looking for a successor to Sykes, who has agreed to remain with the company until one has been found.
"The board is confident that the group has further strengthened its position to continue to exploit the growing spend and procurement marketplace and the evolving strategic growth opportunities," the company said in a statement.
Shares in Proactis are trading down 1.7% at 86.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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