Q-FREE ASA - RESULT FOR THE SECOND QUARTER 2011
“An acceptable quarter and important improvements achieved both with respect to revenues and profitability”, says CEO Dr. Øyvind Isaksen.
HIGHLIGHTS
- Revenues 202.4 MNOK, 19 % increase compared to Q2-10.
- Operating profit (EBIT) 16.3 MNOK, 8.0% margin
- Pretax profit 14.0 MNOK, 6.9 % margin
- First two payments from settlement agreement with SkyToll in Slovakia received, - cash position improved significantly
- Order intake 60 MNOK, - main contributor a tag order worth 19 MNOK from ETC/Sanral in South Africa
- Order backlog 499 MNOK
- The company released to the market a completely new tolling system based on only one gantry and advanced DSRC and imaging technology
- Awarded contract in Gothenburg for congestion charging project. One of the bidders filed a complaint and the first jurisdiction decided in favour of the complainant. Process still on-going.
“So far the Group has achieved some important improvements during the year, and 2011 will get us “back on track” after a challenging 2010. The company do however expect that some bigger projects will be delayed implying that revenues and profitability will not be back at 2009 level already in 2011.
Having said that, the global Road User Charging market is expected to grow considerably over the next years to come, and Q-Free has never been standing on a stronger fundament both with respect to portfolio and organisation. This industry is still in an early stage and is it all about position the company for long term growth”, Isaksen concludes.
Enclosures: Quarterly report and presentation
Trondheim, 17. August 2011
For further information, please contact:
CEO Øyvind Isaksen, cell: 47 905 59 401
CFO Roar Østbø, cell: 47 932 45 175
About Q-Free
Q-Free is a leading global supplier of solutions and products for Road User Charging and Traffic Surveillance having applications mainly within electronic toll collection for road financing, congestion charging, truck-tolling, law enforcement and parking/access control. Q-Free offers
solutions and products based on state of the art technology, and is the leading supplier within DSRC (tag), ALPR (Automatic License Plate Registration) and GNSS (Global Navigation Satellite System) based solutions, with deliveries in Europe, Asia-Pacific, Middle East and North- and South America. The company has approximately 275 employees and is represented in 17 countries. Headquarter is based in Trondheim, Norway. Q-Free is listed on the Oslo Stock Exchange with the ticker QFR.
http://www.q-free.com (http://www.q-free.com/)
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