On a constant currency basis, revenue rose by around 1.5%, but currency fluctuations (in particular the strengthening of the US Dollar) resulted in an almost identical audited turnover to the previous 12 months.
Significant new customer wins in the US, UK & Dubai contributed c.£3m of revenue which offset reductions caused by the natural conclusion of a series of large Windows 7 deployment projects successfully delivered in the US and the UK.
Further external recognition saw an acknowledgement of our recent years’ growth with prosource measured as the 50th fastest growing International Sales business in the UK (Sunday Times) and the 33rd fastest growing business in Houston (Houston Business Journal). We were also recognised by the London Stock Exchange and the Daily Telegraph as a “Company to Inspire Britain”.
We are pleased that our investment in Health & Safety and Compliance helped maintain our excellent track record with another year of zero workplace injuries and zero Code of Conduct breaches. Our ongoing commitment to Health, Safety & Compliance remains a fundamental element of our operating model.
During the past year, prosource has increased its support to the Gathimba Edwards Foundation, becoming the principal sponsor of this fantastic charity which supports some of the neediest children in Africa. For more information, see www.prosource.it/gathimba-edwards-foundation.
prosource has grown in excess of 1700% over the past decade. Much of this growth has been supported by a buoyant Oil & Gas customer base and sector. As we look forward over the next 12-36 months, the outlook for our Oil & Gas customer base is not favourable. The recent collapse of the oil price has highlighted the impact of material cost inflation within the sector and all of the Operators and Oil Support Companies are taking steps to address their cost base and to review their budgets. These uncertain times present an opportunity for prosource and we have traditionally performed well when the markets are challenged and looking for alternatives to deliver more service for less cost.
That said, the outlook for the year is not encouraging and we are planning on a small contraction in our revenues for the 12 months to June 30 2015.