Shares in cloud eCommerce marketplace operator @UK (LON:ATUK) continued their strong run on Tuesday after a strong trading update.
The first half of 2013 saw the group deliver growth in ecommerce marketplace and spend analysis revenue of more than 100%, which more than compensated for the disappointment of a small decline in revenues at the Company Formations division.
In total, the volume of spend analysed by @UK’s systems now exceeds US$450bn. The company said it expects to gain both significant revenues from spend analysis, and convert these clients onto full marketplaces. The company operates a model where it gets a percentage of the volume passing through its systems.
Meanwhile, the second half of the year has started well, with the company boasting of strong cash generation that should finance the group’s plans for international expansion.
Executive chairman Ronald Duncan said the full year results should be in line with market expectations.
“The partnership with Visa underlines the superiority of our proven eCommerce marketplace and spend analysis software and we are confident that the combination of extended market reach Visa provides, and our switch to a business model where we take a percentage of the volume flowing through the system, will result in a significant increase in shareholder value," Duncan said.
Shares in @UK were up 15.9% at 11.88p in lunch-time trading and are up more than 50% over the last month.
Below is a recent interview with Ronald Duncan, the executive chairman of @UK.