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EU Supply swings to profit as revenue rises 10%

Fri, 26th Apr 2019 08:54

(Sharecast News) - EU Supply said on Friday that it swung to an annual profit as revenues rose amid growth in Lithuania, Ireland and Scandinavia.The e-procurement software provider secured revenue of £5.1m for 2018, an increase of 10% compared to the previous year, after the company won several mid-sized and larger orders for customer-paid enhancement projects in the UK, Lithuania and Ireland, prompting a swing from a loss before tax of £0.2m in 2017 to a profit of £0.4m in the year to the end of March 2018.The AIM-listed company's SaaS business also grew, with revenues of a recurring or repeatable nature now constituting 70% of total revenues, up from 66% last year.Chairman David Cutler said: "A profitable platform for growth was achieved in 2018. Our highest ever rate of increase in annual recurring revenue run rate has been secured already in 2019 with annualised values of contracts in aggregate of approximately £620k being signed this year, and this without any higher staffing levels."EU Supply had cash and cash equivalents of £0.9m at the end of the year following a successful fundraise of £0.6m, up from £0.7m at the same point in 2017.Since the end of the year, the company signed its first contract in the oil and gas sector, which it said may lead to considerable additional business in the next three years, while recurring revenues have experienced "exceptionally strong growth", representing a 17% increase in the year to date."We anticipate continued growth in annual recurring revenue during the coming months which gives us confidence in further profitable growth beyond 2019. The board is also confident of securing further revenue from both other existing contracts and new markets," said Cutler.EU Supply shares were up 13.30% at 11.50p at 0929 BST.

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31 Oct 2018 12:30

States of Guernsey selects EU Supply procurement platform

(Sharecast News) - Electronic procurement software provider EU Supply announced on Wednesday that the States of Guernsey had entered into an agreement to license its 'CTM' service platform as a software-as-a-service package, with support and related services.

4 Sep 2018 15:54

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3 Sep 2018 11:36

EU Supply wins contract with unnamed European Union funded group

(Sharecast News) - E-commerce business EU Supply has won a contract with an unnamed European Union funded aid organisation.

31 Aug 2018 14:31

EU Supply wins two new contracts in Denmark

(Sharecast News) - Electronic procurement software provider EU Supply announced two contract wins in Denmark on Friday.

29 Aug 2018 11:35

EU Supply secures three-year contract with NHS organisation

(Sharecast News) - E-procurement software provider EU Supply has announced another contract win in the UK healthcare sector.

8 Aug 2018 10:42

EU Supply first-half revenue and costs rise as expected

(Sharecast News) - E-procurement software provider EU Supply said on Wednesday revenue and costs for the first half of this year increased in line with its expectations.

30 May 2018 13:40

EU Supply Launches New Platform As Outlook Confident On Revenue Growth

LONDON (Alliance News) - EU Supply PLC on Wednesday expressed confidence for future revenue growth as it prepares to launch its new micro-procurement platform.The e-procurement software it

19 Apr 2018 15:33

EU Supply Expects To Turn To Profit As Revenue Rises And Loss Narrows

LONDON (Alliance News) - EU Supply on Thursday reported a narrowed 2017 loss, as revenue grew on strong European markets.The e-procurement software provider reported a pretax loss of for a

19 Jan 2017 11:52

EU Supply's revenue to be ahead of expectations after contract wins

(ShareCast News) - Sweden-based e-commerce firm EU Supply anticipates that revenue will be ahead of expectations after contract wins, including one with the Vest-Agder County Council in Norway, and due to recent currency exchange movements. The AIM-listed company expects revenues for the 2017 cal

23 Dec 2016 10:59

EU Supply wins new tech contracts in UK, Denmark

(ShareCast News) - AIM-listed e-procurement software company EU Supply has won a new contract with an existing client for its technology platform, while also securing smaller contracts in Europe. The company will enhance its offering of its CTM platform with an existing client in the UK, which is ex

14 Nov 2016 07:51

EU Supply extends Irish deal again

(ShareCast News) - E-procurement software provider EU Supply said it had signed a further addendum to its agreement with the Irish government which it expects to generate €0.3m in revenues in 2017. The deal with the Minister for Public Expenditure and Reform in Ireland is to develop certain enhancem

14 Oct 2016 08:30

EU Supply extends agreement with Ireland government

(ShareCast News) - E-procurement software provider EU Supply announced on Friday that it has signed an addendum to the agreement with the Minister for Public Expenditure and Reform in Ireland to develop certain enhancements to the Irish Government's national eProcurement platform. The AIM-traded fir

13 Sep 2016 08:11

EU Supply Renews Distribution Deal, Gets Notice For Two Contract Wins

21 Jul 2016 08:30

CloudBuy Wins 8-Year E-Marketplace Contract With University Of Exeter

1 Jul 2016 14:59

EU Supply exceeds 2015 revenues, wins new contracts

(ShareCast News) - E-procurement software provider EU Supply announced on Friday that revenues from its Business Alert service in the year to date now exceed the total reported in the year to 31 December 2015. The AIM-traded company said that it has also been awarded contracts for integrations of it

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