Financial results 24SevenOffice 1st Quarter 2009
growth in sales of 139% compared to 1Q08. Operating profit (EBIT) for 1Q09 was
MNOK -6.7 compared to MNOK -12 for 4Q08, an improvement of 44%. Operating
profit before depreciation (EBITDA) was MNOK -5.3 compared to MNOK 10.9 for
4Q08, an improvement of 51%.
Highlights 1Q 2009
- Operating revenue reached MNOK 19.1 which represents 139% growth in sales
compared to 1Q08 and in line with guiding for 1Q09.
- Secured financing of MNOK 12.5 through 5 MNOK loan from Innovation Norway, 5
MNOK in capital raise and MNOK 2.5 increased credit reserves in AccountOnIt.
- Ongoing cost reduction program gets full effect from 3Q09 and 4Q09
- Positive EBITDA still achievable in 2Q09