RNS Number : 0280P
EU Supply PLC
14 November 2016
14 November 2016
EU Supply plc
("EU Supply", the "Company" or the "Group")
Further to its announcement of 14 October 2016, EU Supply (LSE AIM: EUSP), the e-procurement software provider, is pleased to announce that the Company has signed a further addendum (the "Addendum") to the agreement with the Minister for Public Expenditure and Reform in Ireland to deliver specifications and development of certain enhancements as well as piloting of additional modules (including licences, maintenance and support of these) for the Irish Government's national eProcurement platform, www.eTenders.gov.ie, which is powered by the Company's CTM™ platform and in use by over 2,500 public sector bodies in Ireland. As announced on 13 September 2016, the Minister for Public Expenditure and Reform recently executed its option to extend the existing agreement between the parties until May 2020.
The Addendum is anticipated to generate revenues of up to €320,000 with the bulk of the revenues expected to be generated in 2017. With the exception of the licences, maintenance and support, the deliverables referred to above are contracted on a time and materials basis.
The signing of the Addendum further underpins the Board's confidence in expected revenue growth and achieving operating profitability in 2017. The Group remains in discussions with several customers on additional smaller enhancements projects.
A copy of this announcement is available at www.eu-supply.com.
Notes to Editors
EU Supply is the UK holding company of the EU Supply Group, a Sweden-based e-commerce business, which has an established, market-leading, multilingual e-procurement platform for esourcing, e-tendering and contract management, tailored for the highly regulated European public sector market.
Since 2006, the Group has invested heavily in employing specialist programmers to add functionality, legal compliance as required and security features to its Complete Tender Management™ ("CTM™") platform to ensure that the Group is ideally placed to secure new contracts with EU Member States and their Contracting Authorities. The platform is available in 16 different languages.
The Directors believe that the Group's CTM™ platform is one of the easiest to use and most functionally advanced solutions available in the market. The CTM™ platform is used by over 7,000 European public sector bodies in 9 EU/EEC Member States and has National Procurement System status in four Member States (the UK, Ireland, Norway and Lithuania).
The Company's shares were admitted to trading on AIM in November 2013. In August and September 2015, the Company raised a total of £2.061m (before expenses) through a placing of new shares and the issue of first and second tranches of Convertible Loan Notes to institutional and other investors.
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