5 Jun 2015 07:00
5 June 2015
EU Supply plc
("EU Supply", the "Company" or the "Group")
AGM Statement
At its Annual General Meeting (the "AGM") to be held at 10.00 a.m. today, David Cutler, the Chairman of EU Supply PLC (LSE AIM: EUSP), the e-procurement SaaS provider, will make the following statement:
"Last year saw the Company's revenues grow by 41%, including the renewal or extension of all long term contracts which were due to expire, and the delivery of important national procurement platforms for Norway (Doffin) and UK (Blue Light), as well as significant services for the national procurement portal in Lithuania.
Building on this success, Tender Lite and pre-paid Business Alert services have been successfully launched in 2015 with 20 new customers on Tender Lite and 1,100 new subscribers for Business Alerts already signed with the number increasing monthly.
In addition, the Global e-Sourcing pilot is delivering its first revenues with the roll-out within the Norwegian Refugee Council ("NRC") with training and implementations in two of NRC's regions expected to be completed in June 2015.
A senior sales representative with a proven track record in EU Supply's market has replaced more junior sales staff in the UK in order to progress important contract opportunities for H2 2015 and beyond. In addition, a Commercial Delivery Manager will join the Company in H2 2015 in order to accelerate the roll-out of Business Alerts and revenue generation from our development team.
The Company is actively engaged in pursuing two opportunities to establish a presence in two new member states well in advance of the mandatory provisions of the 2014 EU Directives becoming effective.
Trading in the year to date is in line with management expectations. With a healthy pipeline of medium and small license agreements, Business Alerts, delivery of enhancements and Tender Lite revenues increasing over time, the Board anticipates strong revenue growth in the current year and beyond.
The ratified EU Directives, which require all public bodies and authorities to make available all documents and notices online and to manage all tender responses electronically, will continue to create growth and opportunities in the market. The Directors believe that EU Supply is very well positioned to take advantage of this growing market."
FURTHER ENQUIRIES
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A copy of this announcement is available at www.eu-supply.com.
Notes to Editors
EU Supply is the UK holding company of the EU Supply Group, a Sweden-based e-commerce business, which has an established, market-leading, multilingual e-procurement platform for e-sourcing, e-tendering and contract management, tailored for the highly regulated European public sector market.
Since 2006, the Group has invested heavily in employing specialist programmers to add functionality, legal compliance as required and security features to its Complete Tender Management™ ("CTM™") platform to ensure that the Group is ideally placed to secure new contracts with EU Member States and their Contracting Authorities. The platform is available in 16 different languages.
The Directors believe that the Group's CTM™ platform is one of the easiest to use and most functionally advanced solutions available in the market. The CTM™ platform is used by over 7,000 European public sector bodies in 10 EU/EEC Member States and has National Procurement System status in four Member States (the UK, Ireland, Norway and Lithuania).
The Company's shares were admitted to trading on AIM in November 2013 when the Company raised £5.0 million before expenses. In July 2014, the Company raised a further £1.35 million by way of a placing of new ordinary shares, the proceeds of which were mainly used to strengthen the Company's balance sheet, provide working capital to support the growth of the business as it expands and aims to gain market share and to provide additional funds for sales and marketing.