| - 56 consecutive quarters with double-digit percentage growth | Mamut with record high revenues in 2008 | (Oslo, 26 February 2009) Mamut continues its growth and reached operating revenues of MNOK 502.1 in 2008 compared to MNOK 445.1 in 2007, this represents a growth of 13 per cent. The company reaches EBITDA of MNOK 81.5 and EBIT of MNOK 25.1 for 2008. |
“While the fourth quarter of 2008 was more demanding than we expected, market conditions improved at the end of the quarter. We are pleased with the record high revenues and result for 2008. We will use this momentum to increase profitability, even with moderate growth in 2009,” says Eilert Hanoa, CEO at Mamut.
Fourth quarter 2008
The Mamut Group increased its operating revenues to MNOK 134.3 in 4Q08 compared to MNOK 122.6 in 4Q07, a growth representing 10 per cent. Operating profit before depreciation (EBITDA) for 4Q08 was MNOK 14.5, compared to MNOK 12.1 in 4Q07. EBIT for 4Q08 was MNOK 0.4, compared to MNOK 1.1 in 4Q07. The company had 505 full time employees and MNOK 45.4 in cash and cash equivalents at the end of 2008.
Mamut in 2008
The Mamut Group increased its operating revenues to MNOK 502.1 in 2008 compared to MNOK 445.1 in 2007, a growth representing 13 per cent. Operating profit before depreciation (EBITDA) for 2008 was MNOK 81.5, compared to MNOK 63.5 in 2007, giving an EBITDA margin of 16 per cent. EBIT for 2008 was MNOK 25.1, compared to MNOK 15.1 in 2007.
“We have high expectations for the massive roll-out of Mamut One in 2009 and the joint German launch with Lexware at CeBIT in March. One of our key differentiators is to offer more value for money than our competitors, and this is more important than ever during these challenging times. We also see increased interest from companies that earlier would prefer larger enterprise solutions,” says Hanoa.
Strategic process
After being contacted by several third parties regarding strategic alternatives, the company started a strategic process in Q3 2008. The review of strategic options is still ongoing and the company is now in the final phase of the due diligence investigations and is in advanced discussions with parties interested in making cash offers for the Mamut shares. The price indications would imply a substantial premium to the current share price. Mamut expects that the strategic process will be concluded in March 2009.
Positive Outlook
Mamut is well positioned for improved results and further growth 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 sees considerable growth potential following the launch of Mamut One, in particular through the migration of existing customer bases in acquired companies. In 2009 Mamut will start to enable its platforms to leverage the benefits of cloud computing on Microsoft’s Windows Azure platform, to accelerate the Software + Service strategy with lower investments. The first service with cloud components is expected in 4Q09.
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 400,000 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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