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Maistro revenues surge over 250% in first half

Revenues rocketed 254.5% to £596,000 in the period, driven primarily by an increasing take-up of the company’s services by multinationals

Procurement
The company has expanded into both the European and Far Eastern markets

Maistro PLC (LON:MAIS) has reported a surge in revenue of over 250% in the first half of its financial year driven by an uptick in business from multinationals.

The business procurement specialist reported an adjusted underlying (EBITDA) loss of £923,000 for the period, narrowed from a £979,000 loss a year ago.

READ: Maistro jumps as eProcurement specialist expects first-half 2018 revenue to exceed full-year 2017 levels

Revenues, however, rocketed 254.5% to £596,000 in the period, driven primarily by an increasing take up of the company’s services by multinationals.

Maistro’s chief executive Laurence Cook also highlighted that revenues in the first half of the year had already exceeded those of the entire 2017 financial year, adding that the company had expanded its reach into both Europe and East Asia with a focus on large enterprise customers.

In its outlook, Cook also said the second half of the year was looking “encouraging”, with an increasing run-rate in the pace of growth going into 2019.

The company also said that following its first-half performance it was accelerating investment in its software platform and expanding its business development team to enable an enterprise customer strategy that would deliver an increased volume in the number of projects.

Quick facts: Maistro

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AIM:MAIS
Market: AIM
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