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Proactis Holdings new contracts totalling £11.3m

Proactis Holdings plc (LON:PHD), the business spend management solution provider, has today announced that the Group has signed new contracts  with a total contract value of £11.3m cumulatively in the year to date, which equals the equivalent performance for the whole of the prior financial year.

This improved new business performance has been driven by the Group’s refreshed go-to-market strategy and, in tandem with improved retention performance, annual recurring revenue from the Group’s buyer subscription business has returned to organic growth for the year to date.

Proactis Holdings 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. However, at this stage, the Group’s business model as a whole is proving resilient.

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