We reported a few months back the rather interesting falling out between Proactis, the procurement software firm, and the private equity firm Isis, who are their biggest single shareholder (with around 20% of the equity).
Isis felt that Proactis, who are based in the UK but now have offices in Holland, Spain, the US and Australia, weren’t growing as fast as they could be, and should look at more radical steps. Isis didn’t get anywhere at the AGM however, and Proactis apparently carried on as before.
So that adds a further element of interest to their latest financial announcement, for the six months ended 31 January 2013. Here are some of the headlines:
- Reported revenue increased by 7% to £3.9m compared to the equivalent period in 2011/12
- But the underlying operating profit of £143,000 was down on the equivalent of £196,000 the previous year
- The firm says they have a “strong balance sheet with cash balances of...
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