| - Well prepared to face a tougher financial climate | Mamut with 15 Per Cent Growth in Third Quarter and 55th Consecutive Quarter of Double Digit Growth | (Oslo, 11 November 2008) Mamut continues its growth and reached operating revenues of MNOK 367.8 in the first nine months of 2008, compared to MNOK 332.5 in the same period 2007, a growth representing 14 per cent. The company reaches EBITDA of MNOK 67.0 and EBIT of MNOK 24.7 for YTD 2008, an EBIT improvement of 76 per cent compared with the same period 2007. |
“We are pleased with the growth of 15 per cent in the quarter and improved profitability from 2007. We expect to keep our growth rate on the same level in the fourth quarter and have continuously optimised the cost structure during 2008. In combination with a number of interesting projects that will be rolled out with full strength the coming quarters, we feel well positioned,” says Eilert Hanoa, CEO at Mamut.
Third quarter 2008
The Mamut Group increased its operating revenues to MNOK 116.2 in 3Q08 compared to MNOK 100.6 in 3Q07, a growth representing 15 per cent. Operating profit before depreciation (EBITDA) for 3Q08 was MNOK 20.4, compared to MNOK 15.5 in 3Q07. EBIT for 3Q08 was MNOK 6.1, compared to MNOK 2.0 in 3Q07. The company had 495 employees and MNOK 43.6 in cash and cash equivalents at the end of 3Q08.
Tougher financial climate
Mamut recently carried out a survey among a random selection of 1,800 Scandinavian companies. The survey is carried out in order to identify how business leaders find the present situation and future outlook. The results of the survey display that optimism among business leaders in Norway, Sweden and Denmark has reached a historic low level since the survey was initiated in Norway in 2000.
“The changed financial situation involves new challenges, but also opportunities. We are preparing for a more demanding market situation at the same time as we observe that slightly bigger companies choose Mamut as a reasonably priced solution with no hidden costs. Thus, we feel that we are well prepared to enter into tougher economic times,” says Hanoa.
Strategic process
After being contacted by several parties regarding strategic alternatives, Mamut decided to engage ABG Sundal Collier ASA and Jefferies International Limited as financial advisors. The company has now received indicative offers and entered the initial phase of a due diligence process.
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 sees considerable growth potential following the launch of Mamut One in combination with existing customer bases in acquired companies.
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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