The largest Nordic supplier of IT infrastructure solutions and products, Ementor, presented today its second quarter results 2006. The Group continues to deliver improved results, and this quarter is the best quarter reported in 2005 and 2006. Sweden and Denmark in particular deliver strong results.
The Group's revenue increased by 6.7% from MNOK 1 451 to MNOK 1 548 compared to second quarter 2005 (the figures are comparable and includes both Topnordic and Ementor in 2005). EBITDA (earnings before interest, tax, depreciation and amortisation) was improved by MNOK 27 to MNOK 43. EBIT (operating profit) was improved by MNOK 31 to MNOK 25. Profit before taxes for continued operations was MNOK 24 compared to MNOK -30 in the corresponding period in 2005.
The Group's actual profit before tax in the second quarter 2006 was MNOK 55, compared to MNOK -64 in the corresponding period last year. The result includes a gain of MNOK 34 from other operations which mainly relates to a gain of MNOK 26 from the sale of the Danish desktop management product, M-Net.
Denmark and Sweden report strong EBITDA figures in the second quarter 2006 of MNOK 33 and MNOK 10 respectively, compared to MNOK 3 and MNOK -1 in the corresponding quarter 2005. Denmark yields EBITDA margin of 3.9% and Sweden yields EBITDA margin of 3.4%. The improvement in Denmark is related to an 18% growth in the product revenue, combined with implemented cost reductions. The improvement in Sweden is related to a 31.7% growth in the overall revenue (both product and consulting/services). The positive development in Norway continues compared to the latest quarters, and EBITDA in second quarter 2006 ended at MNOK 6, compared to MNOK -1 in the first quarter 2006. The improvement in Norway is due to cost reductions.
In June, the Group reported the acquisition of Atea. The acquisition is approved by Ementor's General meeting, and is expected to be completed in August after approval by the Danish competition authorities. The Swedish and Norwegian competition authorities have notified that they will not raise any objections.
- I am pleased with the second quarter results, which is our best quarter during 2005 and 2006. We have, in a short period of time, strengthened our market position through an extensive consolidation of the Nordic IT infrastructure market. The Group's new strong market position and strong results in the second quarter creates a platform for improved results going forward, says Jo Lunder, President & CEO Ementor ASA.
The quarterly report and presentation is available at www.ementor.com/reports. The press conference is available through webcast at www.ementor.com/webcast. The Stock Exchange Announcement is available at www.ementor.com/ose.
For further information please contact: Jo Lunder, President and CEO Ementor ASA, mobile +47 900 80 842 Rune Falstad, CFO Ementor ASA, mobile +47 906 14 482 Karine Mathiesen, Communication Director Ementor ASA, mobile +47 916 26 166
--- End of Message --- WKN: 884578 ; ISIN: NO0004822503; ;