Mamut with record results in first quarter 2009 | (Oslo, 30 April 2009) Mamut reached operating revenues of MNOK 129.7 in the first quarter of 2009. The company reaches EBITDA of MNOK 26.3, compared to 23.2 in first quarter 2008. This represents an improvement of 13.0 per cent from first quarter 2008. The company continues the streamlining of operations by reducing cost base, headcount and investments in 2009. |
"We are pleased with the record results we achieved in the first quarter of 2009, particularly in such a challenging market. Moving forward, our aim is to improve margins and deliver ongoing cost reductions by continuously streamlining our operations. These measures will increase profitability, even if the wider economy delivers only moderate growth in 2009," says Eilert Hanoa, CEO at Mamut.
First quarter 2009
The Mamut Group increased its operating revenues to MNOK 129.7 in 1Q09 compared to MNOK 128.1 in 1Q08, a growth representing 1 per cent. Operating profit before depreciation (EBITDA) for 1Q09 was MNOK 26.3, compared to MNOK 23.2 in 1Q08. EBIT for 1Q09 was MNOK 11.1, compared to MNOK 9.6 in 1Q08. The company had 505 full time employees and MNOK 41.1 in cash and cash equivalents at the end of 1Q09.
"In today’s market, we consider it a major competitive advantage to have a large customer base which delivers a high proportion of recurring revenue. At the same time, our primary focus is to drive profitability and continue to offer improved user experiences and increased customer benefits," says Hanoa.
Strategic process
After being contacted by multiple third parties regarding strategic alternatives, Mamut ASA has since Q3 2008 been in process with parties that have considered making cash offers for the Mamut shares. Due to the current situation in the financial markets, the process took more time than initially anticipated. In April, the Mamut Board announced that it is of the view that Mamut is no longer involved in an ongoing acquisition process regarding the Mamut shares even though one of the interested parties has informed Mamut that it will continue its efforts in establishing the required acquisition financing.
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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