13th Oct 2015 08:39
LONDON (Alliance News) - PROACTIS Holdings PLC, which provides software designed to help organisations save money, on Tuesday reported a jump in profit as past acquisitions bore fruit.
Separately, PROACTIS said that Screwfix has selected the PROACTIS Supplier Network technology to improve the efficiency of trading with its suppliers. The deal is an extension of an existing agreement with Screwfix, the UK's largest multi-channel retailer of trade tools, accessories and hardware products and is part of Kingfisher PLC.
"The existing PROACTIS solution has already delivered tangible savings for Screwfix," Paul Roy, director of operational finance at Screwfix, said in a statement. "The PROACTIS Supplier Network will introduce advancements that we are very excited about including a platform that will deliver efficiency improvements, advanced supplier collaboration and innovative invoicing technologies."
PROACTIS Chief Executive Rod Jones said that mergers and acquisition will be a "fundamental part" of its growth strategy in the coming year, and that he is looking forward to "substantial" activity in that regard.
"Alongside this, I am also pleased to report that there is a high level of interest from our client base in realising the substantial efficiencies available to them and their suppliers through the supplier networking capability that the group has built. The group is marketing this exciting opportunity to further accelerate growth, and I look forward to commercial traction in the short term," Jones said.
Pretax profit amounted to GBP1.5 million in the year to July 31, compared with GBP146,000 in the prior year, as revenue swelled to GBP17.2 million from GBP10.2 million. All three of the group's recent acquisitions enjoyed their first full year in the company. PROACTIS increased its final dividend to 1.2 pence from 1.1p. It did not pay an interim dividend.
The three acquisitions in question - EGS Group Ltd, Intesource Inc and Intelligent Capture Ltd - were purchased between February 2014 and August 2014.
Shares in PROACTIS were up 7.7% at 101.81 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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