QURIUS REPORTS PROFITABLE EBIT FOR H1 2009 AND REMAINS CAUTIOUS FOR
THE SECOND HALF YEAR
+------------------------------------------------------------+
| (in EUR x 1,000) | H1 2009 | H1 2008 | % change |
|-----------------------------+---------+---------+----------|
| Net sales | 63,623 | 66,717 | -5% |
|-----------------------------+---------+---------+----------|
| EBIT | 1,558 | 3,500 | -55% |
|-----------------------------+---------+---------+----------|
| Result after taxes | 39 | 1,687 | -98% |
|-----------------------------+---------+---------+----------|
| Earnings per share (in EUR) | 0.00 | 0.02 | -100% |
+------------------------------------------------------------+
23 July 2009 - In the first half of 2009 Qurius net sales decreased
with EUR 3.1 million to EUR 63.6 million, compared to H1 2008. In H1
2009 an EBIT of continued operations before restructuring costs of
EUR 2.2 million was achieved (2008: EUR 3.6 million). Including
restructuring costs the EBIT of continued operations amounted to EUR
1.6 million
(2008: EUR 3.5 million). Net result continued operations in H1 2009
was EUR 0.6 million (2008: EUR 2.0 million), net result including the
discontinued operations was break even (2009: EUR 39,000 ; 2008: EUR
1.7 million).
Fred Hermans, CEO: "Qurius has performed relatively well in the first
six months of 2009, despite the challenging market conditions. The
results of our Netherlands operations are satisfactory and our German
revenue outperforms 2008 level. However, overall our revenue is
obviously negatively impacted by the recession. As a result of this
we have implemented further cost reduction measures in the entire
group, including adapting our organization structure in some
countries to the changing markets needs. This has resulted in cutting
subcontractor costs and headcount reductions where possible and
practical. In Sweden en Denmark we decided to close down our
operations. The full effect of all our restructuring measures will
become visible in the second half year of 2009, as we expect a
further cost base reduction. However, we remain very cautious with
regards to revenue developments in the second half year"
In the second quarter 'continued business' Qurius reports license
revenues of EUR 3.9 million
(2008: EUR 5.4 million) and services revenue of EUR 19.4 million
(2008: EUR 20.0 million). The German operations continued its strong
performance in the second quarter, generating 10% higher
H1 2009 sales than in H1 2008. The effects of cost reduction measures
taken in Germany will become visible in the second half year 2009 and
beyond. The Netherlands operations have been able to achieve revenue
levels only slightly below 2008, whilst at the same time the effects
of restructuring measures are becoming visible through lower
personnel costs and higher utilization. In Spain, services revenue is
consistently exceeding 2008 level. However, the second quarter
license revenue achieved well under the 2008 level. The effects of
restructuring measures taken in Spain will become visible in the
second half year of 2009.
Outlook
Qurius is committed to further solidifying its profitability.
Rigorous restructuring measures taken in the first half year
throughout the group have resulted in a reduced cost base going
forward, which will become more visible in the second half of 2009.
This will enable the operations to improve their profitability.
However, Qurius does not anticipate an improvement of its markets for
the second half of 2009. New software sales in the third quarter will
not be at the levels that Qurius strives for.
Furthermore, as a result of the seasonality of our services business,
Qurius does not expect generating a positive EBIT in Q3. Depending on
market developments in the second half of 2009 more restructuring
measures may be required. Amidst the current economic climate, Qurius
will continue to cut cost aggressively. Qurius expects to generate a
positive EBIT in the fourth quarter but remains cautious with regards
to the total EBIT for the second half year. Qurius will continue
actions to improve cash flow via active working capital management.
In addition, Qurius will further improve its competitive position by
strengthening its vertical market focus and increasing the
competitiveness of our solutions.
Multiplus (Norway)
The company furthermore announces that it has entered into exclusive
negotiations with an undisclosed buyer for the sale of Multiplus, its
non-Micosoft Dynamics based subsidiary focusing on specific maritime
ERP solutions. When this will result in a definitive agreement,
transaction closure may be expected in the second half year of
2009.
This announcement was originally distributed by Hugin. The issuer is
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