Mamut improves profitability in second quarter | (Oslo, 26 August 2010) Mamut reached operating revenues of MNOK 118.0 in the second quarter of 2010. The company reached EBIT of MNOK 11.3, compared to 9.6 in second quarter 2009. As part of the company’s streamlining process, Mamut has in 2010 reduced cost base, headcount and investment level to improve its financial scalability and prepare for future growth. |
- A strengthened product offering combined with a continued positive market outlook ensures a good foundation for increased profitability and growth in the coming quarters. Last quarter, we improved profitability and strengthened cash flow from operations as a result of continuous streamlining of the company, says Eilert Hanoa, CEO at Mamut.
Mamut in first half 2010
For the first six months of 2010 operating revenues amounted to MNOK 244.2, compared with MNOK 251.4 for the same period in 2009. EBITDA of MNOK 50.8 per 1H10, compared to MNOK 51.2 for the same period in 2009. EBIT of MNOK 21.4 per 1H10, compared to MNOK 20.8 for the same period in 2009. The company had 450 full time employees and MNOK 56.6 in cash and cash equivalents at the end of 2Q10.
- The company has reduced total investment need as a result of our long-term strategy of building Mamut One on a single source code for all European markets combined with increased use of Microsoft’s cloud platform; Windows Azure. Thereby, we increase operational and financial scalability combined with a broader offering of services and functionality to our users, says Hanoa.
Mamut in second Quarter 2010
Mamut ASA reached operating revenues of MNOK 118.0 in 2Q10 compared to MNOK 121.7 in 2Q09. Operating profit before depreciation (EBITDA) for 2Q10 was MNOK 25.8, compared to MNOK 24.9 in 2Q09. EBIT for 2Q10 was MNOK 11.3, compared to MNOK 9.6 in 2Q09. Profit before tax for 2Q10 was MNOK 8.4, compared to MNOK 6.6 in 2Q09, an improvement of 27%.
Strengthened product offering
Ever since the foundation of the company in 1994, Mamut’s vision has been to simplify the way small organisations do their business. The company’s flagship solution, Mamut One, is an all-inclusive business solution including software applications, web-based services and knowledge for smaller companies. The next major release of Mamut One has entered external test phase and will also introduce new cloud based services, application hosting and new web hosting services during second half of 2010.
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 on November 10.
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
Knut Ekern, Communications Director, Tel. + 47 93 00 26 00, knute@mamut.com
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