Software firm Proactis said it had shrugged off the ‘shocks’ of losing key customers and said it was on track to delivering a doubling of revenues and profits.
The Wetherby-based group said it was a business “capable of delivering sustainable organic growth” following an operational re-organisation which has delivered cost savings of approximately £5m up until the end of July.
Proactis saw the value of its shares fall sharply after it lost both Shell and BP as clients earlier this year.
It has since gone on to secure 64 new deals with a combined contract value of £8.7m.
However, in a trading update, it said it was on track to deliver revenues of £52m, up from last year’s £25.4m and pre-tax profits of £11m from 2017’s £5.1m.
The improved financial performance was boosted it said by last year’s £94.3m acquisition of Perfect Commerce, a move which made Proactis the fifth largest player in the market by revenue.
Tim Sykes, finance director of Proactis, told The Yorkshire Post: “We have put together a really good platform for this business. Our expectation is that the American market and European market will increase for us. Our focus is on developing new names and new customers and on retaining them for as long as possible.”
Hamp Wall, inset, chief executive, said: “I am encouraged by the progress made and expected outturn for the year which, although reduced from what I had anticipated coming into the new group, signifies a very substantial business with excellent potential.”