Skip navigation

NEWS RELEASE

10 October 2007

Record Number of New Customers Signed; On Track For Another Consecutive Year of 50% Year-on-Year Growth

EGS Ltd, the UK’s largest and fastest growing e-Commerce Exchange for the public sector and its suppliers, today announced interim company performance for the six months ended 30 June 2007.

Interim period highlights include:

. An EBIT positive performance for the first half year;

. On track for another consecutive year of 50% year-on-year growth.

. Raised £2 million of long term financing to support the working capital requirements of the business.

. Record number of new customer wins including the addition of major new customers across Local Government, Higher Education, Further Education and the Emergency Services.

. Annualised rate of purchase orders passing through its eProcurement Exchanges of 250,000 per year.

. Record annualised value of purchase order transactions passing through its eProcurement Exchanges in excess of £800m reached in May 2007.

. In excess of 150 public sector buying organizations and 45,000 suppliers registered with almost one million online catalog items, the largest available in the market.

Commenting on the interim performance, Ian Busby, Chief Executive Officer, of EGS said:

“This month we are launching our new eInvoicing solution with a number of our major customers. It will change the face of public sector invoice processing. Customer demand for EGS’ eProcurement solutions is at an all time high. We now lead the UK public sector for eProcurement with the majority of public sector organizations choosing to collaborate through using our shared services.

We have seen a 500% growth in usage in the past two years alone, and it is clear that this growth is set to continue as e-Commerce becomes the default option for public sector trading.

During the first half of 2007, we strengthened our sales management team, recruiting a new sales director with a highly successful track record of over achievement, and deep sector expertise of selling eProcurement solutions into the UK Public Sector. We also strengthened our Board with two new non-executive directors: Derek Turner CBE, the Operations Director of the Highways Agency and Fiona Driscoll, who has been closely associated with major pubic sector reform programmes, both of whom bring critical insight and breadth of experience across the public sector. Last month we opened a new Level 3 Data Centre for upgraded infrastructure and disaster recovery support. These measures, combined with our additional capital investment, and ongoing commercial momentum ensure we have a solid foundation in place for scaling for our next phase of growth.”

-ends-

For further information, please contact:

Ian Busby
EGS Ltd
Tel: +44 (0)7747 048115
Email: ian.busby@egsgroup.com

Vanessa Land
Devonshire Marketing
Tel: +44 (0)870 242 7469
Email: vanessa@devonshiremarketing.com

This press release was distributed by ResponseSource Press Release Wire on behalf of Devonshire Marketing in the following categories: Business & Finance, Computing & Telecoms, for more information visit http://pressreleasewire.responsesource.com/about.