- Spend management group Proactis said it expected to post a fall in first-half earnings owing to higher levels of customer churn in previous years.

Looking ahead, the company said its recurring revenue and long-term contract business model was proving resilient during the early stages of the Covid-19 crisis.

Adjusted earnings before interest, tax, depreciation and amortisation for the six months through January was seen falling to £5.6m, down from £8.0m on-year 'due to high customer churn in prior years'.

Revenue was expected to fall to £24.5m, down from £27.7m.

Chief executive Tim Sykes that whilst mindful of the wider economic outlook, the company's return to organic growth in its recurring revenue, coupled with its forward revenue visibility, offered confidence in its prospects.

'Accordingly, at this stage, the board maintains its guidance for the full year outturn,' Skyes said.

At 9:04am: [LON:PHD] PROACTIS Holdings PLC share price was -2.2p at 27p

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