QURIUS REPORTS PROFITABLE EBIT FOR H1 2009 AND REMAINS CAUTIOUS FOR
THE SECOND HALF YEAR
(Thomson Reuters ONE) - +------------------------------------------------------------+| (in EUR x 1,000) | H1 2009 | H1 2008 | % change ||-----------------------------+---------+---------+----------|| Net sales | 63,623 | 66,717 | -5% ||-----------------------------+---------+---------+----------|| EBIT | 1,558 | 3,500 | -55% ||-----------------------------+---------+---------+----------|| Result after taxes | 39 | 1,687 | -98% ||-----------------------------+---------+---------+----------|| Earnings per share (in EUR) | 0.00 | 0.02 | -100% |+------------------------------------------------------------+23 July 2009 - In the first half of 2009 Qurius net sales decreasedwith EUR 3.1 million to EUR 63.6 million, compared to H1 2008. In H12009 an EBIT of continued operations before restructuring costs ofEUR 2.2 million was achieved (2008: EUR 3.6 million). Includingrestructuring costs the EBIT of continued operations amounted to EUR1.6 million(2008: EUR 3.5 million). Net result continued operations in H1 2009was EUR 0.6 million (2008: EUR 2.0 million), net result including thediscontinued operations was break even (2009: EUR 39,000 ; 2008: EUR1.7 million).Fred Hermans, CEO: "Qurius has performed relatively well in the firstsix months of 2009, despite the challenging market conditions. Theresults of our Netherlands operations are satisfactory and our Germanrevenue outperforms 2008 level. However, overall our revenue isobviously negatively impacted by the recession. As a result of thiswe have implemented further cost reduction measures in the entiregroup, including adapting our organization structure in somecountries to the changing markets needs. This has resulted in cuttingsubcontractor costs and headcount reductions where possible andpractical. In Sweden en Denmark we decided to close down ouroperations. The full effect of all our restructuring measures willbecome visible in the second half year of 2009, as we expect afurther cost base reduction. However, we remain very cautious withregards to revenue developments in the second half year"In the second quarter 'continued business' Qurius reports licenserevenues of EUR 3.9 million(2008: EUR 5.4 million) and services revenue of EUR 19.4 million(2008: EUR 20.0 million). The German operations continued its strongperformance in the second quarter, generating 10% higherH1 2009 sales than in H1 2008. The effects of cost reduction measurestaken in Germany will become visible in the second half year 2009 andbeyond. The Netherlands operations have been able to achieve revenuelevels only slightly below 2008, whilst at the same time the effectsof restructuring measures are becoming visible through lowerpersonnel costs and higher utilization. In Spain, services revenue isconsistently exceeding 2008 level. However, the second quarterlicense revenue achieved well under the 2008 level. The effects ofrestructuring measures taken in Spain will become visible in thesecond half year of 2009.OutlookQurius is committed to further solidifying its profitability.Rigorous restructuring measures taken in the first half yearthroughout the group have resulted in a reduced cost base goingforward, which will become more visible in the second half of 2009.This will enable the operations to improve their profitability.However, Qurius does not anticipate an improvement of its markets forthe second half of 2009. New software sales in the third quarter willnot be at the levels that Qurius strives for.Furthermore, as a result of the seasonality of our services business,Qurius does not expect generating a positive EBIT in Q3. Depending onmarket developments in the second half of 2009 more restructuringmeasures may be required. Amidst the current economic climate, Quriuswill continue to cut cost aggressively. Qurius expects to generate apositive EBIT in the fourth quarter but remains cautious with regardsto the total EBIT for the second half year. Qurius will continueactions to improve cash flow via active working capital management.In addition, Qurius will further improve its competitive position bystrengthening its vertical market focus and increasing thecompetitiveness of our solutions.Multiplus (Norway)The company furthermore announces that it has entered into exclusivenegotiations with an undisclosed buyer for the sale of Multiplus, itsnon-Micosoft Dynamics based subsidiary focusing on specific maritimeERP solutions. When this will result in a definitive agreement,transaction closure may be expected in the second half year of2009.http://hugin.info/132802/R/1330378/314523.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 23.07.2009 - 07:31 Uhr
Sprache: Deutsch
News-ID 3866
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THE SECOND HALF YEAR"
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