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Getupdated Internet Marketing AB (publ): Interim Report January – June 2010

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​New Vigorous Structural Measures Initiated to Recreate Profitability

Second quarter 2010

  • Net sales were SEK 60.0 m (SEK 64.7 m). Sales growth was restrained by weaker-than-expected market progress. But organic growth in the core business of Internet marketing was some 3%.
  • Operating profit/loss was SEK -5.0 m (SEK -11.4 m). The wholly owned Swedish operation charged SEK -3.5 m (SEK -0.1 m) to operating profit/loss.
  • Cash flow from operating activities was SEK -6.7 m (SEK -6.0 m), compared to SEK -6.3 m in the previous quarter.
  • Net profit/loss was SEK -8.9 m (SEK -14.2 m). Net profit/loss per share after dilution was SEK -0.15 (SEK -0.29).
  • Sales in France were up by 167% year on year, and sales growth in the new start-up in Ireland was very positive.

Interim Period January-June 2010

  • Net sales were SEK 121.4 m (SEK 124.0 m). Organic sales growth in the core business of Internet marketing was some 10%.
  • Operating profit/loss was SEK -3.7 m (SEK -17.7 m). The improved profit/loss year on year is mainly a result of the cost-reducing measures implemented in 2009.
  • Cash flow from operating activities was SEK -13.0 m (SEK -18.0 m).
  • Net profit/loss was SEK -10.0 m (SEK -22.4 m). Net profit/loss per share after dilution was SEK -0.18 (SEK -0.59).

After the End of the Period

  • Holding in MediaAnalys (51%) divested for SEK 32 m, implying a capital gain of some SEK 17 m before selling expenses of some SEK 2 m. This divestment frees up capital, which significantly improves the group’s financial room to act.
  • Decision taken on vigorous actions to recreate profitability in the Swedish operation. Further annualized cost savings of some SEK 8 m will be initiated in the third quarter. This will include the relocation of the head office and staff downsizing.
  • A decision was taken to change the segment of Getupdated’s stock from First North Premier to First North.

Outlook
The Board of Directors’ judgment remains that in 2010, Getupdated will achieve good growth and profitability in its core business of Internet marketing. The Board also judges that the group will post a positive cash flow for 2010.

For the full version of the report please view PDF attachment.


Paul Yates
Chief Executive Officer and President
Tel: +44 (0)7966 077583
e-mail: paul.yates@getupdated.com

This information is mandatory for Getupdated Internet Marketing AB (publ) to publish pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. This information was submitted for publication at 8:30 a.m. on 27 August 2010.

This is Getupdated Internet Marketing
Getupdated is an international vendor of innovative Internet marketing services. Getupdated has a complete portfolio of services covering search optimization, PPC, social media, web development, visitor conversion, media planning and web analysis. The Getupdated Group has some 185 employees in Sweden, the UK, France and Ireland. The parent company Getupdated Internet Marketing AB is listed on NASDAQ OMX First North Premier and its Certified Adviser is Erik Penser Bankaktiebolag. For more information please visit www.getupdated.com.

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