HiQ – accelerating organic growth and strong operating margin
2007 has been a very good year to date for HiQ. Net sales have increased by SEK 70.0 million to SEK 476.2 (406.2) million, representing organic growth of 17 percent. Operating profit (EBIT) has increased to SEK 90.3 (76.2) million, equivalent to an operating margin of 19.0 (18.8) percent. Pre-tax profit has increased to SEK 90.9 (76.7) million.
“HiQ has continued to develop very well in 2007. We are growing by 17 percent combined with an operating margin of 19 percent – a very strong result. The company’s growth in recent years is injecting new energy into the organisation and creates a driving force for new initiatives both geographically and in terms of our areas of expertise. I am very pleased with the first half of this year,” says Lars Stugemo, President and CEO of HiQ.
HiQ works in long-term relationships with leading clients in a number of different sectors such as telecoms, gaming & entertainment, the automotive industry, finance, defence, etc. HiQ has its base in the telecoms sector and for over a decade has worked with leading manufacturers, operators and users. In the second quarter we acquired MobilEyes AB, which employs around 60 people.
“HiQ MobilEyes adds top-level expertise in the development and testing of mobile applications and new generation smart phones. HiQ has a strong offering in this area, which has been further reinforced by the acquisition. HiQ MobilEyes specialises in Symbian and works on the development and testing of mobile services and products – an area in which demand is increasing substantially. The acquisition strengthens our offering to our clients in the telecoms sector and to all businesses that use mobile solutions in their operations,” continues Stugemo.
“We are enjoying an economic boom and the IT market in the Nordic region is characterised by generally good demand. We are leveraging our strong position and continuing to grow with very good profitability. Today HiQ is one of the most significant players in the Nordic region within our chosen niches. We have signed a number of new framework agreements with leading clients including Ericsson and OMX, and we are naturally very proud of these,” adds Stugemo.
HiQ has a strong brand in the labour market and recruitment in the first half has been very good. The rate of staff turnover demonstrated a declining trend during the period.
“The HiQ brand is strong and we are attracting lots of skilled employees who want to work at the leading edge of technology on exciting assignments for leading international clients. We give priority to quality both in our assignments for clients and in creating an attractive workplace for our skilled staff. We are continuing with this work,” says Stugemo.
HiQ’s President and CEO Lars Stugemo presents the report at 9.00 a.m. today, Wednesday 15 August, at HiQ’s 9th floor offices at Mäster Samuelsgatan 17 in Stockholm.
The report can be ordered on +46 (0)8-588 90 000 or downloaded from www.hiq.se
For further information, please contact:
Lars Stugemo, President and CEO HiQ, tel.: +46 (0)8-588 90 000
Annika Billberg, Head of Corporate Communications and Investor Relations Manager HiQ, tel.: +46 (0)8-588 90 015, +46 (0)704-200 103, annika.billberg@hiq.se