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Trading Update

8 Feb 2019 07:00

RNS Number : 4275P
EU Supply PLC
08 February 2019
 

8 February 2019

EU Supply plc

("EU Supply", the "Company" or the "Group")

 

Trading Update

 

EU Supply plc (LSE AIM: EUSP), the e-procurement software provider, announces a trading update ahead of the release of its audited final results for the year ended 31 December 2018, which are expected to be released in April 2019. All of the figures included in this announcement are subject to audit.

 

The Board expects that revenue will grow by approximately 10% for the year ended 31 December 2018 (10% at constant currency) to approximately £5.1m, being slightly below market expectations (2017: £4.7m adjusted for IFRS15). Approximately 70% of this is expected to be of a recurring or repeated nature (2017: 66%).

 

A maiden profit before tax of £0.4m is expected, being materially above market expectations (2017: loss of £0.2m). Development costs of £0.3m net of amortisation have been capitalised in 2018 as required by IAS 38 (2017: nil).

 

Cash at 31 December 2018 was £0.83m (2017: £0.65m). This amount excludes approximately £0.13m, which was in transit or due at the end of 2018, but which was received in early January 2019.

 

Significant development resources were allocated in H2 2018 to build new services for buyers and suppliers, which will underpin the Company's recurring revenue growth in the medium-term. The development of the Company's micro procurement solution to existing and new customers is proceeding to plan and is expected to further increase recurring revenue growth.

 

Thomas Beergrehn, CEO of EU Supply, commented:

"I am pleased to report the Group's first profitable year before tax. This was achieved in a period of increased development activity during which revenue, all of which was organic, continued to grow, and for the first time exceeded £5 million. We now have a profitable base and solution platform that will enable us us to deliver our growth plan."

 

 

FURTHER ENQUIRIES

EU Supply PLC

Tel: 020 7127 4545

Thomas Beergrehn, CEO

 

Fredrik Wallmark, CFO

 

 

 

Stockdale Securities

Tel: 020 7601 6100

Tom Griffiths, David Coaten

 

 

 

 

 

 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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Date   Source Headline
10th Jul 20197:30 amRNSSuspension - EU Supply Plc
10th Jul 20197:00 amRNSScheme of Arrangement becomes Effective
9th Jul 20194:54 pmRNSCourt Sanction & Suspension of Trading
5th Jul 20195:40 pmRNSEU Supply
2nd Jul 20191:31 pmRNSResults of Court Meeting and General Meeting
2nd Jul 20199:52 amRNSHolding(s) in Company
1st Jul 201912:36 pmRNSForm 8.3 - EU Supply PLC
27th Jun 20197:00 amRNSConversion of Loan Notes and Rule 2.9 Information
26th Jun 20195:10 pmRNSChange of Adviser
25th Jun 20199:52 amRNSDirector/PDMR Shareholding
24th Jun 20193:50 pmRNSConversion of Loan Notes and Rule 2.9 Information
20th Jun 20199:38 amRNSForm 8.3 - EU SUPPLY PLC
19th Jun 20199:21 amRNSForm 8.3 - EU SUPPLY PLC
14th Jun 20199:42 amRNSForm 8.3 - EU SUPPLY PLC
13th Jun 201911:41 amRNSHolding(s) in Company
13th Jun 20199:40 amRNSForm 8.3 - EU SUPPLY PLC
12th Jun 20199:21 amRNSForm 8.3 - EU Supply PLC
10th Jun 201910:24 amGNWForm 8.5 (EPT/RI) - EU Supply Plc
7th Jun 20197:00 amRNSPublication and posting of Scheme Document
6th Jun 20199:59 amGNWForm 8.5 (EPT/RI) - EU Supply Plc
5th Jun 20196:14 pmRNSForm 8.3 - EU Supply plc
5th Jun 20199:54 amGNWForm 8.5 (EPT/RI) - EU Supply Plc
5th Jun 20199:44 amRNSForm 8.3 - Fastighets AB Arwidsro
5th Jun 20198:53 amRNSForm 8.3 - Richard Collenette
3rd Jun 20199:35 amGNWForm 8.5 (EPT/RI) - EU Supply Plc
30th May 201912:15 pmRNSResult of AGM
28th May 201911:46 amGNWForm 8.5 (EPT/RI) - EU Supply Plc
24th May 20198:29 amRNSForm 8.3 - Mark Bradshaw (Replacement)
23rd May 20192:28 pmRNSForm 8.3 - Jonas Ljungström
22nd May 20195:50 pmRNSForm 8.3 - EU Supply plc
22nd May 20193:49 pmRNSForm 8.3 - Adrian Friend
22nd May 201911:39 amRNSForm 8.3 - EU Supply plc
22nd May 20199:31 amRNSForm 8.3 - Monica Garibaldi
22nd May 20199:27 amRNSForm 8.3 - Mark Bradshaw
22nd May 20199:14 amRNSForm 8.3 - EU SUPPLY PLC
21st May 20195:17 pmRNSForm 8.3 - EU Supply plc
21st May 20193:39 pmGNWForm 8.5 (EPT/RI) - EU Supply Plc - Amendment
21st May 201912:34 pmRNSForm 8.3 - Christopher Woodgate
21st May 20199:12 amRNSForm 8.3 - EU SUPPLY PLC
20th May 201910:49 amRNSForm 8.3 - Christopher Woodgate
20th May 20199:32 amRNSForm 8.3 - Moulton Goodies Limited
20th May 20199:32 amRNSForm 8.3 - Garraway Capital Management LLP
20th May 20199:30 amRNSForm 8.3 - Divender Bains
20th May 20199:19 amRNSForm 8.3 - Reyker Nominees Ltd (Replacement)
16th May 20194:26 pmRNSForm 8.3 - EU Supply
16th May 20193:59 pmRNSForm 8.3- Rt Hon Shane Hugh Maryon, Viscount Gough
16th May 20193:57 pmRNSForm 8.3 - Robert Kirkland
16th May 20193:56 pmRNSForm 8.3 - Reyker Nominees Ltd
16th May 20193:51 pmRNSForm 8.3 - Paul Leaver
16th May 20193:03 pmRNSForm 8.3 - EU Supply Plc

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