HALF-YEAR RESULTS 2011 ORDINA N.V.
(Thomson Reuters ONE) -
ORDINA REALISES GROWTH IN REVENUE AND RESULTS
IN LINE WITH OUTLOOK
HIGHLIGHTS FOR H1 2011
* Recurring revenue up 4.8% to EUR 219.0 million, recurring EBITDA up 16% to
EUR 8.1 million, in line with outlook.
* Revenue from finance market up 24% on H1 2010; revenue from industry market
5% higher and revenue from public market down 6%.
* Recurring EBITDA margin up from 3.3% to 3.7% thanks to higher volumes, fees
and stringent cost control.
* Reduction in indirect costs to improve the ratio of support to professional
staff progressing according to plan. Target for 2011: reduction by 85
support staff positions.
FINANCIAL AND OPERATING HIGHLIGHTS
(all figures are exclusive of associates sold, i.e. Integer, Ormit and Finext)
* Recurring revenue up 4.8% to EUR 219.0 million (H1 2010: EUR 209.0 million),
with persistent growth in revenue per business day.
* 16% increase in recurring EBITDA to EUR 8.1 million (H1 2010: EUR 7.0
million).
* Successful recruitment campaign yielding about 240 talented new employees,
boosting domain knowledge in our chosen specialist areas.
* Net debt at EUR 52.8 million (at the end of H1 2010: EUR 67.1 million) in
line with seasonal patterns; ratio of total net debt to adjusted EBITDA at
2.7 (at the end of H1 2010: 2.6). Interest coverage ratio at 6.0 (at the end
of H1 2010: 5.3).
* EUR 7.2 million in restructuring expenses included in H1 2011 primarily for
the support staff headcount reduction programme.
* Sale of subsidiary Finext.
RONALD KASTEEL, ORDINA'S CEO, ON THE HALF-YEAR RESULTS
"We can look back on a satisfactory six-month period, despite the turbulent
market conditions, with revenue rising by nearly 5% and recurring EBITDA
improving by 16%. In the still challenging Benelux markets, we increased our
market share and posted a slight increase in fees. We again won several
prestigious projects, reflecting our excellent positioning in the market.
With the support staff headcount reduction programme, we will continue to focus
on cost control and structural cost reductions. At the same time, we launched a
recruitment campaign, targeting specific jobs requiring in-depth market
knowledge, which has been a great success."
MARKETS
In the finance market, we raised our revenue by no less than 23.8% on H1 2010,
reaching EUR 67.2 million. Demand from the finance market is for individual
capacity and short-cyclical projects in particular. In the industry market,
there was a rise in demand in the first half of the year compared with the first
half of 2010. In this market segment, we posted EUR 64.9 million in revenue, a
4.8% rise on the same period in 2010. The public market is still feeling the
impact of the spending cuts that were announced last year. Government bodies
however will need to invest in operational innovations and improvements in their
public services. Targeted use of ICT can help simplify processes and achieve
cost cuts. The revenue from the public/healthcare market declined with 6.4% to
EUR 86.9 million. In all three segments, Ordina won prestigious projects in the
first half of
the year.
STAFF
We launched a branding and recruitment drive in the first half of 2011. We are
actively recruiting young professionals and professionals with specialist
profiles and in-depth knowledge of particular markets. We welcomed about 240 new
staff in the first half of 2011.
FINANCIAL POSITION
The debt position at 30 June 2011 amounted to EUR 52.8 million (H1 2010: EUR
67.1 million). Compared with year-end 2010 (EUR 43.3 million), the net debt
position was up about EUR 9.5 million in line with seasonal patterns.
COMPOSITION OF MANAGEMENT BOARD
Mr Stépan Breedveld will succeed Mr Ronald Kasteel as CEO of Ordina N.V. on 1
September 2011.
OUTLOOK
In the first half of 2011, the positive trend in revenue was primarily
attributable to the sharp upturn in demand in the finance sector. The current
trends on the financial markets, combined with the focus on the debt crisis in a
number of Southern European countries, might well impact investments in this
sector in the months to come. Furthermore, the public sector market may continue
to suffer from a low investment appetite. This mainly concerns investments being
postponed rather than being put off altogether, since ICT investments will be
needed to create a compact and efficient government. In light of the above
developments, we will not give an outlook on the expected revenues and operating
profit for the coming period.
FOR MORE INFORMATION
See the interim report 2011.
ABOUT ORDINA
Ordina is a specialist knowledge provider. Our coherent offering of consulting,
ICT and outsourcing services helps lay the foundation for our clients' future
success. Ordina assists clients in achieving their strategic targets, and
resolving social and ethical issues. Our knowledge of the local market and
business processes, combined with our inventive approach to ICT solutions,
enables clients to boost their competitive ability and their strength. Our
professionals, who work in multidisciplinary teams, forge close ties with
clients. We provide our services in the Benelux to organisations operating in
finance, the public sector, healthcare and industry. Ordina N.V. was
incorporated in 1973. Its shares are listed on Amsterdam's Euronext Stock
Exchange, where they are included in the Midkap Index.
CONTACT
Pieter Schaffels - Corporate Communications & Investor Relations Director
T: +31 (0)30-663 74 02 or M: +31 (0)6-13 28 50 33
www.ordina.com
Interim Report Ordina N.V. 2011:
http://hugin.info/130778/R/1540354/470954.pdf
Press Release Interim Results Ordina N.V.:
http://hugin.info/130778/R/1540354/470953.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ordina via Thomson Reuters ONE
[HUG#1540354]
Unternehmensinformation / Kurzprofil:
Datum: 23.08.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 58036
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Kategorie:
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