Hubwoo revenue remains consistent

1 September 2011

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1 September 2011 | Angeline Albert

Revenue at e-procurement provider Hubwoo remained steady in the first six months of 2011, rising by 1 per cent compared to the same period a year ago.

The French firm made €17.8 million (£15.7 million) in the first half of the year, compared to €17.7 million (£15.6 million) in the first six months of 2010.

However, the company’s EBITDA profits - ie those excluding non-recurring items such as restructuring – rose 61 per cent, from €1.3 million (£1.1 million) in 2010 to €2.1 million (£1.8 million) in the first half of this year.

The rise was attributed to efforts to reduce the firms cost base and improved cost control. The company said it had renegotiated contracts it customers and restructured its sales team.

The e-procurement business said it signed new contracts in the first half of the year with companies including Barclays, Consol Energy, Ecopetrol, Kerry Group, Nationwide, Rolls-Royce, Shell, United Utilities and Wilo.

Greg Mark, CEO at Hubwoo said: “We are confident with the current evolution of the sales pipeline and the prospective of new orders over the next two quarters that will positively impact our revenue only progressively.”

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