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 provider said it is confident for the strong revenue growth to the end of the year as revenue grew about 28% in the first four months of 2018.

EU Supply continues to tightly control its costs, though said it made "careful" investment in staff to support the continued growth.

In the year-to-date, the company said its order book added over 100 new end-customers from Denmark and Norway, fuelled by the mandatory provisions in EU directives which require all public sector bodies and authorities to make available all tender documents and notices online.

EU Supply said it intends to take advantage of this still-expanding market.

Looking ahead, the London-listed company said it plans to build a platform for a longer-term sustained high revenue growth by developing and marketing new micro-procurement services.

Last Friday, EU Supply raised GBP600,00 through a placing and subscription of new shares, funds it intends to invest in the development of some micro-procurement features in its Complete Tender Management platform.

"The board looks forward to the rapid development of the required features for this new service with a roll-out during 2019 and an expansion of the opportunities for the group in 2019 and beyond," Chairman David Cutler told the company's annual general meeting.

Shares in EU Supply were trading 3.5% higher on Wednesday at 14.75 pence each.

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