EU Supply PLC AGM Statement (4339G)
May 30 2017 - 1:01AM
UK Regulatory
TIDMEUSP
RNS Number : 4339G
EU Supply PLC
30 May 2017
30 May 2017
EU Supply plc
("EU Supply", the "Company" or the "Group")
AGM Statement
At its Annual General Meeting to be held at 11.30 am today,
David Cutler, the Chairman of EU Supply plc (LSE AIM: EUSP), the
e-procurement SaaS provider, will make the following statement:
"2016 saw the achievement of the Board`s target of monthly run
rate profitability by 31 December 2016. The focus for 2017 remains
to build revenue on this strengthened base to secure increasing
European market share with a profitable future. I am happy to
report that in the first four months of 2017, revenues have grown
at over 25 per cent. compared to the same period in 2016.
As of 31 December 2016, 71 per cent. of revenues were of a
recurring or repeated nature which, together with the Group's
promising pipeline of opportunities, gives the Board confidence
that the strong revenue growth will continue for the rest of this
year.
The strong growth, order book and the encouraging pipeline of
opportunities referred to above reassures the Board in the Group's
substantial prospects for 2017, including particularly from
countries such as Denmark, Norway, Lithuania and Ireland.
Furthermore, the first orders from the German market are
anticipated to be received in the second half of the year.
The Group continues to see high activity in the European
e-Procurement markets where there is a low adoption rate
highlighted by many public sector organisations tendering or
planning to tender for an e-Procurement solution in the near
future.
Group costs continue to be tightly controlled and, with the
growing revenue stream and conversion of the pipeline, the Group is
making careful investment in key staff to support the continued
growth of the Group.
The ratified EU Directives, which before November 2018 require
all public bodies and authorities to make available all documents
and notices online and to manage essential phases of all higher
value tenders electronically, continue to create opportunities for
the Group. The Directors believe that the continued strong growth
demonstrates that EU Supply is well positioned to take advantage of
this expanding market.
The Group sees further upselling opportunities of services and
modules in addition to those minimum services required for
compliance with the EU Directives. Such demand, and the functional
breadth, depth and flexibility of the Company's CTM(TM) platform,
reinforces the Board's view that the underlying market is also
continuing to expand also well beyond November 2018 and that EU
Supply continues to secure a share of that growth."
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 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(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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