Interim Report January – June 2012
Strong growth in the quarter
- Sales for the second quarter increased with 25 percent to SEK 202.0 (162.0) million
- Operating profit EBITDA for the second quarter was SEK 17.2 (18.9) million
- Earnings per share after tax for the second quarter were SEK 0.49 (0.51)
- Sales for January-June increased with 18 percent to SEK 358.9 (303.8) million
- Operating profit EBITDA for the first six months was SEK 5.5 (16.4) million
- Earnings per share after tax for the first six months were SEK 0.23 (0.47)
- Cash-flow from operating activities for the first six months was SEK 41.1 (57.9) million
Strong growth and investments for the future
“ReadSoft continues to grow and delivers an increased growth in a market characterized by mixed signals because of the volatile macro-economic situation in the world. Our total sales increased with 25 percent for the second quarter compared to last year of which 13 percent was organic. The growth for the first six months, compared to the corresponding period last year, added up to 18 percent of which 9 percent was organic. ReadSoft also continued to grow geographically with the start-up of a new subsidiary in Johannesburg, South Africa, which is in line with our strategy to establish our own operations in key markets. With this establishment, ReadSoft now has operations in 17 countries on six continents.
During the quarter we launched a new organization and appointed new members of the Executive Management Team. This change is something we have worked with for a long time to achieve a more effective, fast-paced and process-oriented organization. Among other changes, ReadSoft’s 17 subsidiaries were grouped into four geographic regions, and the five development labs were consolidated into two larger labs.
Our strong growth takes us back to black figures with regard to our EBITDA result, both for the quarter and the half-year. We are still not where we want to be in terms of results, but we believe that the investments we make in connection with the acquisition of foxray and in new product generations ensure good long-term growth. We have continued to work intensively with the integration of foxray and this is now essentially complete. During the second quarter, we closed ReadSoft’s largest deal ever – worth SEK 17.3 million – with Debeka, Germany’s largest private health insurer. This shows that we are on track and that we have a big impact in our common and extended offer together with foxray. Furthermore, we are pleased with the fact that our investments in new product areas develop positively. ReadSoft Online, our cloud-based capture solution, continues to be launched in new markets and we have in the quarter closed a number of deals in these markets.
In the second quarter, mature markets such as France, Germany, Norway, Sweden, the UK, and the US led the way with good growth figures. We also continue to generate a positive cash flow in our operating activities.
Our views of the current market situation remain positive and we are optimistic about our chances for continued positive development.”
President and CEO
Read the entire report in the attached PDF.
Invitation to telephone conference / audiocast for the presentation of ReadSoft's Interim Report for January-June 2012
On Wednesday, July 18, 2012, at 9:00 CET, are analysts, investors, media and other interested parties invited to attend a telephone conference where ReadSoft’s President and CEO Per Åkerberg will comment on the published report and answer questions. The presentation will be held in English.
Link to webcast: click here
Day and time: Wednesday, July 18, 2012 at 09.00 CET
Phone number: +46 (0)8 506 85 758 or +44 (0) 207 108 6303
You can also access the presentation via our website www.readsoft.se or www.readsoft.com.
This is information of the type that ReadSoft AB (publ) is obligated to disclose in accordance with the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication on July 18, 2012 at 08.00 CET.
For additional information please contact:
Per Åkerberg, President and CEO
Phone+46 42 490 21 00
Johan Holmqvist, Vice President Corporate Communications
Phone: +46 42-490 21 98 or +46 708-37 66 77
Jan Bertilsson, CFO
Phone: +46 42-490 21 43 or +46 708-37 66 16
ReadSoft is a leading global provider of software solutions for Document Process Automation. ReadSoft’s software enables companies to automate document processes such as accounts payable processing, document capture, document sorting, and order to cash. ReadSoft is by far the world’s number one choice for automated invoice processing, especially into business systems from SAP and Oracle. Since the start in 1991, ReadSoft has grown to a worldwide group with operations in 17 countries on six continents and a network of local and global partners. The head office is located in Helsingborg, Sweden, and the ReadSoft share is traded on the NASDAQ OMX Stockholm's Small Cap list. For more information about ReadSoft, please visit www.readsoft.com.