|- Fourth quarter 2010 results|
Mamut improves profitability and reaches record sales during a strong quarter
(Oslo, 24 February 2011) Mamut reached operating revenues of MNOK 133.0 in the fourth quarter of 2010, compared to MNOK 131.4 in the same quarter in 2009. The company reached EBITDA of MNOK 20.2 and EBIT of MNOK 4.9, representing an EBIT improvement of MNOK 7.3 from same quarter 2009.
“Last quarter, Mamut improves most key metrics, including EBIT, invoiced revenue and cash flow from operations. We are also building up order reserves for 2011 by increasing deferred revenue. We reached record results in the fourth quarter 2010 and 2010 overall due to underlying growth combined with financial scalability, both in the hosting and software sector,” says Eilert Hanoa, CEO of Mamut. |
Mamut in 2010
The Mamut Group reached operating revenues of MNOK 490.6 in 2010, compared with MNOK 496.6 in 2009. Growth in invoiced revenue was 5% on a lower cost base (-3%). Operating profit before depreciation (EBITDA) was MNOK 90.5 in 2010, compared to MNOK 83.2 in 2009. EBIT was MNOK 30.9 for 2010, compared to MNOK 21.2 in 2009. The company had 440 employees and MNOK 62,3 in cash and cash equivalents at the end of 2010.
Mamut One customers expected to double
The company has recently introduced a new version of Mamut One, the company’s primary offering to European SMEs. The latest version includes new cloud based services and web hosting services, and Mamut has today reached more than 3.000 customers with Mamut One.
“We are experiencing positive feedback and high customer demand as a result of the launch. Moreover, we are looking forward to rolling out the latest version of the solution across Europe. We expect to double the number of Mamut One customers from 3,000 to more than 6,000 by the end of the second quarter 2011,” says Hanoa.
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, as well as from new prospects in existing markets.
To view the quarterly report and presentation, please visit www.mamutinvestor.com
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: firstname.lastname@example.org