Q-FREE – RESULTS FOR THE SECOND QUARTER AND FIRST HALF 2015
Trondheim/Oslo – 18 August 2015: Q-Free (OSE: QFR) reported revenues of NOK 179 million for the second quarter of 2015, down 4.2 percent from the corresponding quarter in 2014. Revenues in RUC were reduced by NOK 52 million, of which revenues in Noca represented NOK 19 million. Part of the reduction was related to end of life for DSRC tags in Brazil as earlier communicated. Growth in ATMS was NOK 42 million, of which NOK 35 million of the growth was generated through acquisitions and NOK 7 million through organic growth.
Gross margin was 76.6 percent during the quarter, up from 59.9 percent in the second quarter of 2014. The higher gross margin is due to change in revenue composition in the quarter with lower product revenues and higher ATMS revenues.
Operating profit before interest, tax, depreciation and amortisation (EBITDA) ended at NOK 14 million, compared to NOK 21 million in the second quarter 2014. EBIT ended at negative NOK 8 million, compared to positive NOK 2 million last year. Pretax profit for the quarter was NOK 8 million following positive net financials of NOK 16 million.
For the first half year 2015, revenues increased 4.1 percent to NOK 370 million (355). EBITDA was NOK 33 million (39), EBIT was negative NOK 11 million (3), and pretax profit was negative NOK 18 million (2).
-Following a number of acquisitions, we are now streamlining our portfolio, learning to collaborate across the various companies and proactively managing our cost base. Moving forward management will focus on developing a sound commercial and operational platform to support further growth, comments CEO in Q-Free, Thomas Falck.
Order intake during the second quarter amounted to NOK 183 million, up from NOK 123 million in the second quarter 2014. Q-Free announced orders of NOK 46 million during the quarter and unannounced orders of NOK 137 million during the quarter. Q-Free's total order backlog amounted to NOK 540 million, marginally up from NOK 536 million by the end of first quarter 2015. About 52 percent of the order backlog by the end of the period is due for delivery in 2015.
Following the quarter, Q-Free is implementing actions to reduce our cost base by NOK 25-30 million on an annualised basis.
Enclosures: presentation and report
For further information, please contact:
CEO Thomas Falck: +47 468 00 767
CFO Roar Østbø: +47 932 45 175
About Q-Free
Q-Free is a leading global supplier of products and solutions within Road User Charging and Advanced Transportation Management Systems. The Q-Free Group has approximately 430 employees with offices in 19 countries and presence on continents. The Q-Free head office is in Trondheim,Norway. Q-Free is listed on Oslo Stock Exchange under the ticker QFR.
Twitter: @Q-FreeASA
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