22nd May 2020 12:18
(Alliance News) - Proactis Holdings PLC on Friday said it has signed new contracts worth GBP11.3 million total in the year to date.
The spend-management firm said the amount is equal to its total contract value reported for the whole of its previous financial year ended July 31, 2019.
For financial 2019, Proactis posted revenue of GBP54.1 million. However, a GBP25.8 million pretax loss was recorded due to a GBP27.0 million impairment of goodwill and intangible assets.
On Friday, the company attributed the improved performance to a "refreshed go-to-market strategy". It added that its strategy, alongside improved retention performance has resulted in annual recurring revenue from the its buyer subscription business returning to organic growth for the year to date.
Looking ahead, Proactis said while the Covid-19 pandemic has hurt its supplier-paid business and implementation services, its business model is proving resilient.
The stock was trading 0.1% higher at 36.02 pence each at Friday midday in London.
By Ife Taiwo; [email protected]
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