Year-End Report 2012
Very strong license growth
- Sales for the fourth quarter increased with 22 percent to SEK 243.2 (199.8) million
- License revenue for the fourth quarter increased with 25 percent to SEK 92.9 (74.4) million
- Operating profit EBITDA for the fourth quarter was SEK 45.4 (41.3) million
- Earnings per share after tax for the fourth quarter were SEK 1.17 (1.08)
- Sales for January-December increased with 18 percent to SEK 781.7 (663.0) million
- License revenue for January-December increased with 12 percent to SEK 248.3 (221.7) million
- Operating profit EBITDA for January-December was SEK 63.0 (74.5) million
- Earnings per share after tax for January-December were SEK 1.57 (1.97)
- Cash-flow from operating activities for January-December was SEK 74.9 (126.4) million
- The Board of Directors will propose to the Annual General Meeting a dividend of SEK 0.60 per share for 2012
Continued strong growth both in total and for licenses
“Reassured, I note that ReadSoft’s positive trend of growth, both regarding total sales and licenses, continued during the fourth quarter, and that the full year 2012 was a good year growth wise. Our total sales grew by 22 percent for the fourth quarter compared to last year, of which 13 percent was organic. During 2012, our growth increased by 18 percent, of which 10 percent was organic. It is gratifying to note that our license sales continued to grow and increased by 25 percent in the fourth quarter compared to the corresponding period last year, of which 21 percent was organic. For the full year, license sales grew by 12 percent, of which 7 percent was organic. The positive license growth gives us a good revenue split vouching for a continued positive development of the company. In addition, our increased growth indicates that we are winning market shares and strengthening our leading position in the industry. Our cash flow from operating activities remains strong.
We continue to take steps in the right direction regarding our EBITDA result, which improved by 10 percent during the fourth quarter compared to the same period last year. The somewhat weak result during the beginning of 2012, which among other things was affected by non-recurring costs associated with our acquisition of foxray, means that we don’t reach the desired result levels for the full year. The investments we have made in the acquisition, employees, products, organizational and geographical establishment, have been essential to our long-term growth. In order to improve our results and our margins going forward, we have worked on several different actions during the fall.
ReadSoft continues to do more and more large deals and in the fourth quarter, we closed the single largest deal in ReadSoft's history, worth SEK 22.5 million, with a leading UK financial institution. ReadSoft Online, our offer in the cloud, continued its strong growth and we exceeded our internal sales targets for the quarter and for the full year. This shows that our cloud initiative is on track and we will continue to further develop our offering on the cloud as we see it as a very important strategy for the company. In the fourth quarter, it is our large markets such as Germany, UK, Sweden and the U.S. that are leading the way with good growth and profitability.
ReadSoft will continue to work for growth and we will, as previously announced, give priority to improving our profit margins going forward. This will not restrict our continuous efforts towards better scalability of our business, more efficient implementations of our products, continued product and technology leadership and investments in our growth areas such as ReadSoft Online. ReadSoft has a good foundation for the future and we are optimistic about our potential for a continued good development.”
President and CEO
Read the entire report in the attached PDF.
Invitation to telephone conference / audiocast for the presentation of ReadSoft's Year-End Report for 2012
On Friday, February 15, 2013, 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: Friday, February 15, 2013 at 09.00 CET
Phone number: +46 8 505 56 487 alt. +44 203 364 5373
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 February 15, 2013 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 in the cloud or on premise. ReadSoft is by far the world’s number one choice for invoice processing automation, especially into business systems from SAP and Oracle. ReadSoft’s software enables companies to automate document processes such as accounts payable processing, and mailroom automation. 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