Proactis trades in line with FY expectations

Software company Proactis said on Tuesday that it had performed in line with expectations in the year ended 31 July despite the effects of the Covid-19 pandemic.

Proactis said total contract value was up 29% for the year at a record high of £14.6m, with the firming also maintaining its expectation of increased levels of TCV over the coming years thanks to its growing pipeline and the momentum being built following the roll-out of its new go-to-market strategy.

Revenues were pegged to be around £49.2m and adjusted underlying earnings anticipated to come in at roughly £11.8m.

The AIM-listed group highlighted that the "encouraging performance" had been achieved despite the impact of Covid-19 and that the outlook for its new financial year remained encouraging.

Chief executive Tim Sykes said: "We delivered an encouraging new business performance in the period against a challenging macro-economic backdrop, demonstrating the effectiveness of our strategy, the resilience of our business model and the ability of our teams to deliver despite a change in working practices.

"Moving forwards, we expect to make further progress in growing the rate of new business intake and we will continue to focus on retention and margin improvement to drive cash flow, whilst maintaining a measured level of investment to support our long-term growth ambitions."

As of 0825 BST, Proactis shares were up 0.79% at 38.30p.