LONDON (Alliance News) - EU Supply PLC said Friday it swung to a 2018 profit after revenue grew, with it expects to make even more profit and sales growth in 2019.
In 2018, EU Supply - which provides tender-management software - swung to a GBP360,250 pretax profit from a loss of GBP171,996 the year prior. This was after revenue rose 8.5% to GBP5.1 million from GBP4.7 million the year before.
"A profitable platform for growth was achieved in 2018," EU Supply Chair David Cutler said.
"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 GBP620,000 being signed this year, and this without any higher staffing levels," Cutler added. "We anticipate continued growth in annual recurring revenue during the coming months which gives us confidence in further profitable growth beyond 2019."
EU Supply does not pay a dividend.
Cutler added the firm was "also confident of securing further revenue from both other existing contracts and new markets".
Shares in EU Supply were 13% higher at 11.50 pence on Friday.