| - First quarter 2010 | Mamut with solid results and improved cash flow from operations | (Oslo, 29 April 2010) Mamut reached operating revenues of MNOK 126.3 in the first quarter of 2010. The company reaches EBIT of MNOK 10.1, compared to 11.1 in first quarter 2009. The company improved cash flow from operations and strengthened balance sheet during the quarter due to continued streamlining of operations, including reduced cost base, headcount and investments. |
“We see that many indicators are pointing in the right direction and are pleased to see positive results from the streamlining process we have been through in 2009 and 2010. Combined with a stronger than ever product portfolio, we are well positioned for increased profitability and growth in the coming quarters,” says Eilert Hanoa, CEO at Mamut.
First quarter 2010
The Mamut Group reached operating revenues of MNOK 126.3 in 1Q10 compared to MNOK 129.7 in 1Q09. Operating profit before depreciation (EBITDA) for 1Q10 was MNOK 25.0, compared to MNOK 26.3 in 1Q09. EBIT for 1Q10 was MNOK 10.1, compared to MNOK 11.1 in 1Q09. The company had 460 full time employees and MNOK 77.0 in cash and cash equivalents at the end of 1Q10.
Improves profitability with new technology
Mamut will increase its operational flexibility, reduce costs and investments, reduce complexity in IT infrastructure and secure rapid deployment of new solutions, by levering Microsoft’s new cloud based services; Windows Azure and Microsoft Online Services. New services built on Windows Azure are a natural extension of Mamut One – Mamut’s all-inclusive business solution including software applications, web-based services and knowledge.
“SMEs need efficient solutions that simplify their operations. Mamut One includes hosted services that give SMEs the flexibility to access the information they need, when and where they need it. By enabling SMEs to run their entire business – not just their accounts – more efficiently, it gives users improved insight into all operational areas, a better understanding of their customers and more streamlined processes,” says Hanoa.
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.
Mamut will give a broader update regarding the company’s strategic plans at a Capital Markets Day in June.
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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