Interim report January-June 2007
Good growth in profits and favourable market
Price-sensitive information reported to the Swedish Financial Supervisory Authority
First half-year 2007 compared with same period 2006:
• Net sales amounted to SEK 686m (531), an increase of 29 percent
• Operating profit was SEK 53m (37), a rise of 43 percent
• Profit after tax of SEK 56m (37), an improvement of 51 percent
• Earnings per share amounted to SEK 0.65 (0.52), an increase of 25 percent
• Cash flow from operating activities was SEK 43m (9)
• Strengthened position within the SAP business area through the taking over of SAP consultants from TietoEnator in Germany.
• SEK 101m paid to shareholders through the compulsory redemption procedure of SEK 1.30 per share adopted by the Annual General Meeting held in April.
Second quarter 2007 compared with same period 2006:
• Net sales amounted to SEK 343m (298), an increase of 15 percent
• Operating profit was SEK 21m (16), a rise of 31 percent
• Profit after tax of SEK 24m (16), an improvement of 50 percent
• Earnings per share amounted to SEK 0.27 (0.24), an increase of 12 percent
• Cash flow from operating activities was SEK 22m (9).
SUMMARY OF THE FIRST HALF-YEAR 2007
Earnings per share for the first half-year 2007 amounted to SEK 0.65, representing an improvement of 25 percent compared with the same period in 2006.
The operating profit for a rolling twelve-month period at the end of the second quarter was SEK 99m (64), representing a rise of 55 percent. The operating profit in Sweden increased by 46 percent compared with the first half-year 2006. Investments in growth in the UK and Denmark have burdened the operating margin. Expansion in Germany has similarly put pressure on margins.
Sales for German operations rose by 24 percent in the first half-year compared with the same period last year. The equivalent rate of increase for Baltic and Eastern European operations, through the partly owned subsidiary Webmedia, was 64 percent while sales in Finland increased by 15 percent. Twelve consultants have been recruited in Denmark since operations were started in March 2007. In the UK, a further eleven people have been recruited in addition to the twelve who were already employed at the time of the acquisition in March 2007.
In total, operations outside Sweden represented 28 percent of the Group's consolidated sales for the first half-year 2007. Growth in Sweden for the first half-year 2007 was 13 percent, composed of a combination of acquisitions and organic growth. All non-Swedish subsidiaries are deemed to be able to maintain good growth rates, and sales within the non-Swedish part of the Group are expected to increase.
Please read the full report in the pdf document