| - Acquires MYOB UK Business Division | Mamut with record high revenues and best ever result | (Oslo, 24 April 2008) Mamut ASA continues its growth and reached operating revenues of MNOK 128.1 and EBIT of MNOK 9.6 in 1Q08. This represents the best ever results for the company. Today, the company also announced an agreement to acquire MYOB Business Division in the UK from MYOB Limited (ASX: MYO) for a cash payment of £1.7 million. MYOB is among the five best known providers of business software solutions to UK small businesses. |
“We are satisfied in delivering record high revenues and best ever results in the first quarter. We also continue to see considerable potential in all our markets with the European launch of Mamut One that was commenced on April 4. Our focus over the coming months will be to continue the roll-out of Mamut One in all markets, and to complete a successful launch in Germany, in addition to reaching improved growth and profitability. We have also strengthened our strategic position in Western Europe through the acquisition of MYOB UK Business Division,” says Eilert Hanoa, CEO at Mamut.
Mamut in the first quarter 2008
The Mamut Group achieved record high revenues of MNOK 128.1 in 1Q08, a growth of 13 per cent compared to 1Q07. EBITDA was MNOK 23.2 and EBIT was MNOK 9.6 in 1Q08. The company is experiencing continued growth in all existing markets and sees a considerable growth potential following the launch of Mamut One. The company had 450 employees and MNOK 71.0 in cash and cash equivalents at the end of 1Q08.
Strengthened efforts in Western Europe
For the first time, the company has achieved a positive EBITDA result in the Western Europe region that includes the UK, the Netherlands, Ireland, Germany, Austria, Belgium, France, Switzerland and Spain. The acquisition of MYOB UK Business Division makes the company well positioned for increased future growth and profitability in the region in 2008. In addition, Mamut reached an EBIT margin of 16 per cent in the Nordic region and achieved strong growth and improved margins in the Central Europe region prior to the introduction of premium hosting services.
“We have achieved increased profitability in the Western Europe region and continue to see considerable potential for cross-sales to our existing customer base in these markets the coming quarters, in addition to the MYOB customer base in the UK. The company now has a normalised investment level and we expect the investments to be at the same level for the remainder of 2008,” says Hanoa.
Positive Outlook
Mamut is well positioned for further growth and improved results in all markets. The company continues to maintain its focus on establishing and strengthening strategic alliances with international partners and increasing the distribution of Mamut’s products and services. The company has increased its activity level in exploring possible acquisition opportunities in new and existing markets related to Mamut Business Platform.
Quarterly report (.pdf) and presentation (.pdf), also see www.mamutinvestor.com
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About Mamut
Founded in 1994, Mamut (OSE “MAMUT”) is a leading European provider of complete, integrated software solutions and internet services for SMEs. Mamut offers complete and user-friendly solutions at the best value for money integrating CRM, sales force, logistics, accounting, e-commerce, domains, e-mail, web hosting and security. More than 350,000 European customers simplify their daily business with solutions from Mamut. Further information about Mamut and the company’s products can be found at www.mamut.com
For more information, please contact:
Eilert Hanoa, CEO, Tel. +47 23 20 35 00, e-mail: ehanoa@mamut.com
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