Proactis achieves '˜substantial' strategic progress

SOFTWARE firm Proactis said it had achieved substantial commercial strategic progress over the last financial year.

Proactis has published a trading update
Proactis has published a trading update

The Wetherby-based business expects to report revenues of around £25.4m for the year ended July 31 2017, which is an increase of 31 per cent on the previous year.

Tim Sykes, the chief financial officer, said the company’s core business had demonstrated strong organic growth and a solid rate of new business wins during the year.

Proactis has offices in the UK, North America, mainland Europe and New Zealand.

It creates, sells and maintains specialist software which enables organisations to streamline, control and monitor indirect expenditure. It is used by more than 1,000 organisations around the world.

Mr Sykes added: “Our capability to sell more into our existing customer base, which is a key element of our strategy going forward as we seek to leverage the customer bases that have been acquired historically, is performing well with up-sell and cross-sell

activity at new, record levels.”

Mr Sykes said he was pleased that the company has sustained this rate of growth alongside the group’s strategic

progress through the acquisitions of both Millstream Associates Limited and Perfect Commerce LLC.

He added: “I relish the opportunity that the Perfect Commerce LLC acquisition provides the group and I look forward to realising the opportunities that the business combination provides.”

Hamp Wall, the chief executive, added: “Proactis has delivered an excellent performance during the year prior to its acquisition of

Perfect Commerce LLC.

“This gives me great confidence for the future prospects of the group as we look to combine two individually strong businesses and deliver our strategy over the coming months and years.

“I believe the acquisition positions us to exploit the high growth areas of the spend management market and enables the business to provide our customers with an even broader product offering.”

Analysts from N+1 Singer said they were encouraged by the performance of the underlying Proactis business and would make no changes to their forecasts for the company.