- E-procurement software provider EU Supply swung to an annual profit as revenue jumped 10%.

For 2018, the company reported pre-tax profit of £0.4m, compared with a loss of £0.2m a year earlier and revenue grew 10% to £5.1m.

The company said 70% of revenues were estimated to be of recurring or repeatable nature at year-end.

The upbeat performance comes as the group won several mid-to-large sized orders for projects which complemented the increasing SaaS revenues generated by the its complete tender management offering.

'Our highest ever rate of increase in annual recurring revenue run rate has been secured already in 2019 with annualised values of contracts in aggregate of approximately £620k being signed this year, and this without any higher staffing levels. We anticipate continued growth in annual recurring revenue during the coming months which gives us confidence in further profitable growth beyond 2019,' said David Cutler, Chairman of EU Supply.

At 10:22am: [LON:EUSP] Eu Supply Plc share price was +1.6p at 11.75p

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