Financial results 24SevenOffice 4th Quarter 2008
24SevenOffice ASA's operating revenue was MNOK 16.4 in 4Q08. This represents growth in sales of 156 percent compared to 4Q07. Preliminary un-audited operating revenue for 2008 reached MNOK 51 which represents growth in sales of 135 percent compared to 2007. Operating profit (EBIT) for 4Q08 was MNOK -12 and operating profit before depreciation (EBITDA) was MNOK -10.9. Extraordinary non-current operational expenses in Q408 amounted to MNOK 6.9, indicating an underlying EBITDA on ordinary operations of MNOK -4.
24SevenOffice ASA expects to be profitable from 2Q09 and onwards. With the recurring revenue runrate end of January 09 and current growth, 24SevenOffice will reach a minimum of MNOK 19.0 in 1Q09, an expected growth in range of 130% compared to 1Q08.
According to Gartner Group`s predictions, IT outsourcing businesses benefit from economic recession as companies try to find ways to save expenses. 24SevenOffice is well positioned to leverage from this growth.
Highlights 4Q 2008
- Operating revenue reached MNOK 16.4 which represents 156% growth in sales compared to 4Q07
- Preliminary un-audited operating revenue for 2008 amounts to MNOK 51 which represents 135% growth in sales compared to 2007
- 24SevenOffice ASA expects to become profitable from 2Q09 and onwards. Company expects to reach positive cash flow based on existing cash and credit facilities already granted
- Conversion of AccountOnIt customers (acquisition July 2008) from Visma to 24SevenOffice business community platform was completed during 4Q08 and all consultants in AccountOnIt were trained accordingly. Extraordinary operational expenses from conversion of customers and training of consultants were MNOK 1.0 in Q408. Extended training of AccountOnIt consultants also resulted in lower billing of consultancy income in Q409 than normally expected
- New managing director in AccountOnIt AS, Didrik Bech, in place from January 2009