Strong market position and strong financial position
HiQ is performing well in 2009, with strong cash flows and a very good financial position, despite the continuing effect of the economic downturn on the IT consultancy sector. Net sales amounted to SEK 778.9 million and operating profit (EBIT) to SEK 99.6 million, an operating margin of 12,8 percent. Cash flow from operations amounted to SEK 82.2 million.
“The market remains tough and the third quarter is always the weakest from a seasonal aspect. In a year like 2009, when the economic situation is weak, the seasonal effect is even stronger following lower market activity. Despite this we continue to deliver strong results,” says Lars Stugemo, President and CEO of HiQ. “I am incredibly proud of the great engagement and hard work put in by all our colleagues that enables HiQ to remain Sweden’s best IT and management consultancy. Our co-workers are our most important assets and I am very happy that we recently were named the best employer of the IT-consulting industry in the yearly survey by Universum Communications. That we can attract skilled people is of course crucial to us,” Stugemo continues. HiQ is today a significant player in the Nordic market with a broad client base, a strong geographical presence and a strong financial position. The economic situation has also led to restructuring in a number of sectors, creating opportunities for HiQ to win new business and further strengthen its market position. “In a weaker economic situation it is all the more important to be in a strong market position. HiQ is in a strong financial position, has good customer relations and a strong brand, all of which favours us in a tougher market,” says Lars Stugemo. HiQ’s projects are about helping our clients to use communication as a way to develop, improve and become more streamlined. Clients include leading players in various segments including the public sector, industry, telecoms, defence, gaming & entertainment and finance. During the period new agreements were signed with clients such as SEB, Volvo Cars, Ascom Sweden AB, Stockholm Local Transport (SL), Kuusakoski and Mentice. “New technology is emerging all the time, and this creates opportunities for new types of companies and services. We are seeing increased demand for the development of mobile and web applications in areas such as media and entertainment. We see this as an exciting area for HiQ in the future. Our clients are striving to develop their products and services continually in order to remain competitive. We help them to do so,” concludes Stugemo. HiQ’s President and CEO Lars Stugemo presents the report at 9:00 a.m. today, Monday 19 October, at HiQ’s 9th floor offices at Mäster Samuelsgatan 17 in Stockholm. The report can be requested by telephoning +46 (0)8-588 90 000 or downloaded from www.hiq.se