EU Supply first-half revenue and costs rise as expected

E-procurement software provider EU Supply said on Wednesday revenue and costs for the first half of this year increased in line with its expectations.

In a trading update for the six months to 30 June, the AIM-listed company said several large one-off projects were completed by the end of April to enable work to commence on the micro procurement project for which the £600,000 placing in May has provided the required resources.

Meetings and discussions have also been initiated with leading procurement agencies regarding micro procurement, including discussions on possible piloting once the services are ready for use. The group has also launched additional services to suppliers, which are live and generating additional revenues from launch in July.

"Trading since June 2018 has continued in line with management expectations and the board expects the company's results for the year ending 31 December 2018 to be in line with market expectations."

Unaudited interim results for the six months ended 30 June are due to be released next month.

At 1135 BST, the shares were up 0.9% to 11.20p.