The Wetherby-based firm said its total contract value, excluding renewals, was £6.7m in the six months to January 31, which was delivered amid a backdrop of challenging coronavirus headwinds.

Tim Sykes, Proactis’ chief executive, said: “It is encouraging to see the progression of the group over recent periods.

“Churn has stabilised and is demonstrably back to normal. Furthermore, excluding the impact of heightened risk accounts (which is now only small at £0.7m) and, despite the impact of Covid-19 on new business intake, we are continuing to grow the business again.”

He said the firm is performing well in France, Germany and North America and new business momentum is accelerating.

“We have also made good progress in addressing some of the inefficiencies in our operating expenditure and this has improved our margins,” he added.

“We look forward to the continued execution of our growth strategy and exploring ways to create shareholder value whilst working toward our ambition of building a leading international business spend management company.”

Analyst Andrew Darley at FinnCap said: “Proactis is a top tech pick for 2021 and we selected it on the basis of the opportunity for growth in the second half of 2021.

“The story has not changed and we reiterate our 80p target price.”