EU Supply (LON:EUSP) reported its final results on Friday, swinging to a profit for the year.

The e-procurement software provider said that revenue grew by 10% to £5.1 million, compared to £4.7 million the year before.

Overall, EU Supply posted profits before tax of £0.4 million, compared to a loss of £0.2 million back in 2017.

The company said that its cash balance as of 31 December 2018 was £0.9 million.

David Cutler, Chairman of EU Supply, commented on the year:

“A profitable platform for growth was achieved in 2018.

Our highest ever rate of increase in annual recurring revenue run rate has been secured already in 2019 with annualised values of contracts in aggregate of approximately £620,000 being signed this year, and this without any higher staffing levels. We anticipate continued growth in annual recurring revenue during the coming months which gives us confidence in further profitable growth beyond 2019.

The Board is also confident of securing further revenue from both other existing contracts and new markets.”

The company also commented on Brexit, noting that the directors of the company think its impact will be limited upon the e-procurement industry.

Looking ahead, EU Supply remained optimistic of future business growth. The group said it has increased headcount in 2018 in key operational positions in response to an increased order book.

It said this will allow it to ensure new products are developed, and will also further existing and new markets.

Shares in EU Supply are currently +19.21% as of 13:39PM (GMT).