LONDON (Alliance News) - PROACTIS Holdings PLC on Wednesday said it expects profit and revenue to more than double in its recently ended financial year, boosted by cost savings programme and new customer wins.
The spend management solutions provider re-iterated its expectation that it will report revenue of GBP52.0 million for the year to the end of July, more than doubled compared to GBP25.4 million a year prior.
Adjusted pretax profit is also expected to more than double year-on-year to GBP11.0 million versus GBP5.1 million.
Proactis also noted that deal intake for the year was strong, as it secured 64 new clients with a total initial contract value of GBP8.7 million.
The company said in expects to deliver net annualised cost savings of GBP5.0 million following a transformational re-organisation of its operational structure.
Looking forward, the company said it is confident that it will return to stronger rates of revenue growth during financial 2019 with the pipeline of opportunity remains strong for the longer term.
"Proactis has a strong position across all key territories and is well positioned in a growing marketplace," said Chief Executive Hamp Wall.
"Our acquisition of Perfect Commerce has enabled us to create a platform that can deliver sustainable organic growth and our organisational structure is now set for the group to realise the opportunities that we set out at the start of the business combination process and which remain substantial," added Wall.
The company said it will announce its preliminary results on October 30.
Shares in Proactis were trading 4.7% higher on Wednesday at 106.30 pence each.
