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INTERIM REPORT JANUARY 1 – JUNE 30, 2010

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Second Quarter – April 1 – June 30, 2010

  • Net sales: SEK 375 m (383)
  • Operating profit: SEK 15 m (17)
  • Operating margin: 4.0 % (4.4 %)
  • Profit after tax: SEK 9 m (17*)
  • Earnings per share after dilution: SEK 0.11 (0.22*)
     

January 1 – June 30, 2010

  • Net sales: SEK 735 m (792)
  • Operating profit: SEK 34 m (39). Restructuring costs of SEK 20 m were charged against earnings in the preceding year.
  • Operating margin: 4.6 % (4.9 %)
  • Profit after tax: SEK 24 m (38*)
  • Earnings per share after dilution: SEK 0.31 (0.49*)
  • Cash and cash equivalents: SEK 47 m (153)
     

Statement by Carl-Magnus Månsson, CEO

A gradually strengthening demand situation with an increasing number of large projects during the first six months of the year, indicates that the market will develop favorably during the second half. Overall, price pressure diminished somewhat, although competition for major assignments remained significant. Sweden showed favorable development with a somewhat higher operating profit compared with the same quarter in the preceding year. In Sweden and Norway, additional costs for completion of three major customer projects started in 2009 or earlier were charged against earnings, while earnings in Germany were affected by increasing price pressure. It was gratifying to note that our operations in Finland and the UK are growing with favorable profitability.

Acando’s strategic focus of combining in-depth business knowledge with a focus on generating profits with the help of IT, proved successful. We secured several large projects relating to business improvements and system roll-outs based on SAP and Microsoft. We also established a new solution area for mobile support for maintenance of geographically distributed environments and added yet another major customer in the second quarter.

Our work with Microsoft as a technology partner continued successfully. As proof, Acando became a member of the Microsoft Dynamics President’s Club 2010 following several successful Microsoft Dynamics CRM projects. Recruitment continued to meet demand in this area, and during autumn 2010, an Acando Academy program will start in which young talents will be given an opportunity to combine consulting assignments with in-depth training in Microsoft’s solutions.

The positive market development and improved order bookings in several countries during the second quarter create prerequisites for growth and improved profits during the second half of the year. Thus far this year, we have employed slightly more than one hundred persons within expansive competence areas. A number of these recruits will assume their positions during the third quarter. At the same time, staffing was adjusted in areas where we foresee weaker demand

For further information, please contact:

Carl-Magnus Månsson, President and CEO
+46 8 699 73 77

Lotta Jarleryd, CFO
+46 8 699 74 14

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