It has been a great first half to the year and revenue grew by 70% in Q2, 2014 compared with Q2, 2013 with year-on-year growth running at 50% and the company being in the position to pay shareholders a dividend for the first time.
The growth is consistent with our impressive performance over the last few years which has seen the company double revenue since 2012. Companies are recognising the operational benefits they can achieve with sourcing and optimisation projects and this greater understanding of TESS is a significant reason for the company’s continued growth.
During Q2, the largest growth has occurred in Europe, specifically the Nordic region, but US performance is strong.
To further support the US market, we have recently appointed a new Support Consultant - Kevin Neveu - based in California. Kevin's appointment is the second significant recruit we have made this year in North America after Mark Maxwell joined as first dedicated Sales Director for the region. These appointments reflect the increased activity of our US customers and the importance of the region as a whole.
Our performance in the first half of the year shows how the business is developing. We are becoming embedded in companies’ day-to-day operations as they see how our platform helps improve sourcing and the supply chain.
Trade Extensions, CEO, Garry Mansell