HiQ doubles profits in first half

HiQ doubles profits in first half IT and management consultancy HiQ more than doubled operating profits from SEK 9.2 million for the first half of 1998 to SEK 19.1 million for the first half of this year. Net sales increased to SEK 104.7 million over the same period, a 47% rise on the first half of 1998. The improvement in profits means that the operating profit for the period was SEK 19.1 million, compared to SEK 9.1 million in the first half of 1998. This corresponds to an operating margin of 18.2%, compared with 12.9% last year. HiQ is seeing a continued strong demand for its services. Earnings from all areas of the market where the company is active have increased compared to last year's figures. Our growth is being driven by high quality and healthy profitability. A clear trend in the market is that more and more assignments are related to the Internet. The next boom market in the field of IT is mobility, and WAP will be an important part of this, says Ken Gerhardsen, Managing Director of HiQ International. During the first six months of the year, HiQ continued to work with leading edge technologies, such as IP telephony, mobility and WAP technology. We work with all players in the telecoms industry - suppliers, operators and users. This gives HiQ's know-how a breadth and depth which more than satisfy the needs of our customers. Increased mobility is a clear trend in society and is leading to a greater need for embedded systems. Just over 50% of HiQ's assignments involve developing embedded systems, so we are well positioned in this market for the future, concludes Gerhardsen. HiQ's Group Chief Executive Ken Gerhardsen will present the report at Operaterrassen in Stockholm at 12.00 today, Thursday 19 August. The report is also available on the HiQ web site, http://www.hiq.se, or can be ordered over the telephone on +46 8 588 90 000. For further information please contact: Ken Gerhardsen, Group Chief Executive and Managing Director of HiQ International on +46 8 588 90 000. HiQ is an IT and management consultancy working with high tech solutions in the fields of communication and simulation. Founded in 1992, HiQ is now a leader in these fields and the Nordic region is its domestic market. Group net sales in 1998 were SEK 152 million and it employs just over 210 people in Stockholm, Arboga, Gothenburg and Oslo. The parent company HiQ International AB has been listed on the Stockholm Stock Exchange O list since 12 April 1999. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/08/19/19990819BIT00570/bit0001.doc http://www.bit.se/bitonline/1999/08/19/19990819BIT00570/bit0002.pdf