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Proactis Holdings reports loss but highlights record new business year

By BFN News | 09:10 AM | Thursday 29 October, 2020


Business technology provider Proactis reported a record year for new business in the 12 months to 31 July 2020, adding £14.6 million. The total contract value figure was 29% higher than for the 2019 financial year (£11.3 million). Despite this, the company still reported a loss before tax of £19.3 million. Reported revenue for the year was £49.6 million, down from £54.1 million the previous year, reflecting 'prior year new business [and] churn performance', the company said. CEO Tom Sykes said: 'Despite the challenging macro-economic environment, we have executed our strategy well as we drive the Group toward a return to growth in FY21 and beyond... 'Although we are encouraged by the progress that we have made, we are also mindful of the impact of COVID-19 which is slowing the rate of commercial progress - whilst our pipeline is strong, demand continues to be marginally subdued through this period and sales processes are more challenging because of competing priorities. 'Despite these challenging market conditions, we are prudently managing our costs such that the board continues to expect to meet our earnings forecast for FY21.' At 9:10am: (LON:PHD) PROACTIS Holdings PLC share price was -0.5p at 31.5p Story provided by StockMarketWire.com

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