Financial results 24SevenOffice 2nd Quarter 2008
24SevenOffice ASA's operating revenue in 2Q08 was MNOK 11.1. This represents growth in sales of 137% compared to 2Q07. Operating profit (EBIT) for 2Q08 was MNOK -3.6 compared to MNOK -6.4 for 1Q08, an improvement of 44%. Operating profit before depreciation (EBITDA) was MNOK -2.8 compared to MNOK -5.7 for 1Q08, an improvement of 51%.
In 1H08 operating revenue was MNOK 19.3. This represents growth in sales of 95 % compared to 1H07. In 1H08 EBIT was MNOK -10.0 and EBITDA was MNOK -8.6.
In 2Q08 the group increased its cash holdings by MNOK 2.0, from 18 MNOK to 20 MNOK due to improved cash flow from operations and a net cash inflow from the acquisition of AccountOnIt AS in June.
The company's Norwegian operations turned into positive operating results for the isolated period of one month in June 08. The Norwegian operations represent 95% of the revenue in the group.
Highlights 2Q 2008
- Operating revenue reached MNOK 11.1 which represents 137% growth in sales compared to 2Q07 and 34% growth compared to 1Q08
- New all-time high sales of new monthly software licences were reached in June
- The company's Norwegian operations turned into positive operating results for the isolated period of one month in June 08
- In 2Q08 the group increased its cash holdings by MNOK 2.0, from 18 MNOK to 20 MNOK due to improved cash flow from operations and a net cash inflow from the acquisition of AccountOnIt AS in June.
- Sweden is progressing well. 30% of all new monthly recurring software licences were sold in Sweden in June
- Signed contract with Telipol worth MNOK 7 in yearly recurring revenue when fully implemented. Telipol will be implemented in 24SevenOffice's business community platform
- 24SevenOffice acquired AccountOnIt (AOI) with effect from 15.06.08
- Acquired with shares in Ergo Services AS, no cash payment.
- Increased delivery of financial consultancy to 24SevenOffice customers
- 200 acquired customers will be converted to the 24SevenOffice business community platform
- Innovations
- The following new services on the business community platform were launched as beta for selected customers end of Q2:
- Access to order- and invoice history
- Integrated mobile synchronization
- Document sharing
- The following new services on the business community platform were launched as beta for selected customers end of Q2:
- Partners
- Saga Services signed as new accounting partner
- Swedish Bankgiro centralen (BGC), equivalent to BBS in Norway, has been implemented into the 24SevenOffice application in Sweden
- Aditro partnership discussions are put on hold