EU Supply Expects Loss For 2013 But Confident In Outlook

LONDON (Alliance News) - E-procurement software provider EU Supply PLC Tuesday said it expects revenues for the financial year ended December 31, 2013 to be around GBP1.8 million, and the loss before interest, tax and exceptional costs to be around GBP2.6 million.

The company underwent an initial public offering in November last year, when it raised GBP5.0 million, of which some of the proceeds were used to invest in additional sales resources. EU Supply said its expects its existing pipeline to grow significantly as a result.

"This provides the board with confidence that increased forecast revenue in the second half of 2014 and substantially increased forecast revenue in 2015 and beyond is achievable," the company said in its trading update.

EU Supply said it is well positioned to take advantage of the anticipated growth in the market.

"Recent ratification of the new EU Directives by the European Parliament gives us further comfort that the market for electronic tendering in the public sector should experience rapid growth over the next few years. We look forward to the year ahead," said Chief Executive Officer Thomas Beergrehn in the company's statement.

The company is expected to release its full year results in late April.

Shares in EU Supply were trading 6.1% highermidday Tuesday, at 28.25 pence per share.

By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty

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