EU Supply PLC Contract wins and update on expectations for 2017 (5452U)
January 19 2017 - 1:00AM
UK Regulatory
TIDMEUSP
RNS Number : 5452U
EU Supply PLC
19 January 2017
19 January 2017
EU Supply plc
("EU Supply", the "Company" or the "Group")
Contract wins
and
Update on expectations for 2017
EU Supply (LSE AIM: EUSP), the e-procurement software provider,
is pleased to announce that it has entered into a contract with
Vest-Agder County Council in southern Norway for up to 35 local
authorities and other public sector bodies to use EU Supply's
CTM(TM) platform.
The contract is expected to generate total revenues of
approximately GBP250k over 8 years, including licenses and support,
implementations and integrations, of which approximately GBP65k of
revenues is anticipated to be received in 2017.
In addition, EU Supply has entered into three new contracts for
customer-paid enhancements of its CTM(TM) platform with two
existing customers, which are expected to generate over GBP80k in
revenues in 2017.
While the Board expects to release a trading update for the year
ended 31 December 2016 ("trading update") later this month in
accordance with its usual timetable, it is already apparent to the
Board that the new contract wins detailed above combined with the
recent currency exchange rate movements will result in the Group's
expected revenues being ahead of, and its operational costs being
higher than, market expectations for the year ending 31 December
2017. The Board continues to expect that the Group will report
underlying operational profitability in FY 2017 in line with market
expectations.
A further update will be provided at the time of the trading
update.
FURTHER ENQUIRIES
EU Supply PLC Tel: 020 7127 4545
Thomas Beergrehn, CEO
Mattias Ström, 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 esourcing,
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(TM) ("CTM(TM)") 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(TM) platform is one
of the easiest to use and most functionally advanced solutions
available in the market. The CTM(TM) platform is used by over 7,000
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
GBP2.061m (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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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