Proactis reports solid new business performance in year-to-date

Business spend management company Proactis Holdings updated the market on its performance on Friday, reporting the signing of new contracts worth £11.3m in the year to date.

The AIM-traded firm said that equalled the equivalent performance for the whole of the prior financial year.

That improved new business performance had been driven by its refreshed go-to-market strategy, the board said.

In tandem with improved retention performance, annual recurring revenue from the group's buyer subscription business had returned to organic growth for the year to date.

“The group continues to carefully monitor the developments with respect to the Covid-19 outbreak and is not immune from its impact, particularly with regard to its supplier-paid business and its implementation services,” the board said in its statement.

“However, at this stage, the group's business model as a whole is proving resilient.”

At 1158 BST, shares in Proactis Holdings were up 0.06% at 36.02p.