28 Mar 2019 07:00
28 March 2019
EU Supply plc
("EU Supply", the "Company" or the "Group")
Notice of results
EU Supply (LSE AIM: EUSP), the e-procurement software provider, announces that it expects to release its audited final results for the year ended 31 December 2018 on 26 April 2019.
The Company notes the recent movement in its share price and the TR1 issued on 27 March 2019 by City Financial Investment Company Limited, which went into administration on 21 March 2019, and wishes to take this opportunity to reiterate the contents of its trading update released on 8 February 2019. In it, EU Supply announced that a maiden profit before tax of £0.4m was expected for the year ended 31 December 2018. This was after the Company had allocated significant development resources in H2 2018 to build new services for buyers and suppliers, which are expected to underpin the Company's recurring revenue growth in the medium-term. The development of the Company's supplier side services is proceeding to plan and is expected to further increase recurring revenue growth, while the piloting of micro-procurement is being discussed with several parties.
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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 8,000 European public sector bodies in 9 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. In August and September 2015, the Company raised a total of £2.061m (before expenses) through a placing of new shares and the issue of first and second tranches of Convertible Loan Notes to institutional and other investors. On 25 May 2018, the Company announced that it had raised a further £600k (before expenses) through a placing and subscription of new shares.