| - Third quarter results 2010 | Mamut improves margins and experiences underlying growth | (Oslo, 28 October 2010) Mamut reached operating revenues of MNOK 113.4 in the third quarter of 2010, compared to MNOK 113.8 in the same quarter in 2009. The company reached EBITDA of MNOK 19.1 and EBIT of MNOK 4.6 for this quarter, representing an EBIT improvement of 60 per cent from 2009. |
“As a result of continued streamlining of operations, improved financial scalability, and underlying growth; both in the hosting and software segments, Mamut has improved margins. More importantly, based on our strengthened offering and positive market sentiment, we expect continued progress in the fourth quarter and going forward,” says Eilert Hanoa, CEO of Mamut.
YTD 2010
The Mamut Group reached operating revenues of MNOK 357.6 for the first nine months of 2010, compared with MNOK 365.2 in the same period in 2009. Operating profit before depreciation (EBITDA) was MNOK 70.3 per 30.09.2010, compared to MNOK 69.1 for the same period in 2009. EBIT was MNOK 26.1 per 30.09.2010, compared to MNOK 23.6 for the same period in 2009. The company had 440 employees and MNOK 51.5 in cash and cash equivalents at the end of 3Q10.
Improved customer value and strengthened offering
Mamut has prepared for the launch of Mamut One 2011 edition, introducing new cloud based services and web hosting services to improve user value for all customers. The roll-out starts in the fourth quarter and will include all seven markets where Mamut Business Software is offered; Norway, Sweden, Denmark, the Netherlands, UK, Ireland and Germany. Mamut has over 300.000 customers in these markets.
“An important element in Mamut’s strategy is to develop innovative solutions that offer immediate benefits and value for our users. Since the introduction of the award-winning Mamut One, we have gradually optimised the offering, however have not so far been able to capitalise on the huge investments in the platform. With Microsoft Office 365, Microsoft’s next generation cloud productivity service, we are now positioned to offer a complete and cost effective productivity solution for SMEs, while reducing our operational costs and investments,” says Hanoa.
Positive Outlook
Mamut is well positioned to experience improved results and achieve 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 for Mamut One in the extensive customer base that has been built from various acquisitions in the past.
Quarterly report (.pdf) and presentation (.pdf), also see www.mamutinvestor.com
Mamut will provide a broader update regarding the company’s strategic plans at a Capital Markets Day in Oslo on the 10th of November 2010.
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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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