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E-procurement software and services minnow @UKPlc is bullish about its prospects, having raised new capital and cut costs following a faltering performance last year (see @UK revenue down 11%). Its performance for the year ended 31 December is now ahead of expectations with revenue up 18% to £2.4m, and pre-tax losses narrowing to £140k vs. £592k in 2010. Investors were pleased with the positive news sending @UK's shares up 8%.
In particular it is @UK’s e-commerce business which is performing better than expected, and is now the ‘main growth engine’ for the business with revenue up 61% in the year. @UK’s e-commerce offering is a cloud-based platform called SiteGenerator, which is used for self-build e-commerce sites through to larger b2b e-commerce systems. It claims to have 100,000's of sites created to date.
@UK is in a tough and highly competitive e-procurement market space, so it is encouraging that its broader set of offerings - in this case e-commerce services - are helping it to remain more resilient. The challenge will be to see this continue through 2012.
