“We are pleased to see an improvement in revenues for the latest quarter, we have achieved a solid cash flow from operations and improved important key metrics. The cost level is sustainable based on current activity levels and we maintain our current ambitions of achieving improved results and a considerably higher growth margin for 2011,” says Eilert Hanoa, CEO of Mamut.
Mamut in 1Q11
The Mamut Group reached operating revenues of MNOK 128.6 in 1Q11, compared with MNOK 123.7 in 1Q10. Operating profit before depreciation (EBITDA) was MNOK 21.7 in 2010, compared to MNOK 22.4 in 1Q10. EBIT was MNOK 6.9 for 1Q11, compared to MNOK 7.5 in 1Q10. The company had 440 employees and MNOK 68.9 in cash and cash equivalents at the end of 1Q11.
Expects 6.000 Mamut One customers by summer
In the fourth quarter of 2010, the company introduced a new version of Mamut One, which is the company’s flagship offering for European SMEs. The latest version of Mamut One includes new cloud based services and will also include Microsoft Office 365 in the near future. To date, more than 4.400 customers have chosen Mamut One.
“Our strategy is to continuously offer customers richer solutions at a better price point. Following the launch of the latest version of Mamut One, we received considerable positive feedback and high customer demand from customers. Our short term target is to exceed 6,000 Mamut One customers by the end of the second quarter 2011. Market interest in Mamut One continues to rise.” 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, as well as from new prospects in existing markets.
To view the quarterly report and presentation, please visit 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
