Net profit increased by 31 percent, and the company significantly reduced outstanding debt.
UNIT4, provider of enterprise resource planning (ERP) and financial management software, has released its H1 earnings and reported a seven percent increase in total revenues and an 18 percent increase in license sales. UNIT4 is represented in North America by UNIT4 Business Software and UNIT4 CODA, whose new customers in H1 include the Canadian Institute for Health Information, International Partnership for Microbicides, Raptim International Travel Inc., The Reinvestment Fund, Short’s Travel Management, Corporate Travel Consultants II, and Capital Transportation Solutions.
Group highlights include:
• Total revenue increased by seven percent to *$252 million (€199.3 million) (H1 2009: €187.1 million);
• License sales grew 18 percent to $37.6 million (€29.8 million) (H1 2009: €25.3 million);
• EBITDA rose by 23 percent to $44.7 million (€35.4 million) (H1 2009: €28.8 million);
• Net profit before goodwill increased by 31 percent to $17.5 million (€13.9 million) (H1 2009: €10.6 million);
• Strong increase in operating cash flow (+16 percent) through effective working capital management: +$69.8 million (+€55.2 million) (H1 2009: + €47.7 million);
• Improved cash position by $77.7 million to $96.3 million (€61.5 million to €76.2 million) (H1 2009: + €14.7 million);
• Net debt position reduced to $79.1 million (€62.6 million) (H1 2009: + €146.8 million).
Revenue in the Benelux countries rose by 13 percent, of which 32 percent was license growth. In Sweden, private sector sales were strong and total revenues grew by 15 percent including a 23 percent growth in licenses. Norway also increased revenues by 15 percent including a strong license performance (+12 percent) in the public sector and a strong SaaS order intake.
In the UK, total revenues were steady, but license sales were strong and saw a 20 percent increase. Several large public sector orders were signed including one with Save the Children for $2 million (€1.6 million). Total revenues in Spain declined (down six percent) due to a significantly reduced consulting team, but license revenue grew considerably by 35 percent, including two large health care institution orders (>$1.26 million or >€1 million).
The largest European deal in the first half of the year was a $3.79 million (€3 million) government sector contract signed in Germany in June, but was booked as subscription (>five year) and therefore does not directly contribute to earnings. In total, revenues in Germany declined by four percent. More new license sales are expected in the second half of the year. Eastern Europe (Hungary and Czech) reported a 10 percent increase in license growth while France secured few new license sales.
Performance in Asia improved significantly, with a sharp increase in revenue from new license sales. Further organic investment is planned in the region. The largest order secured by the Group in H1 was a landmark deal with the Queensland Government Department of Education and Training in Australia (>$7.58 million or >€6 m), which will see UNIT4 play a significant role in the transformation of student management across more than 1,250 schools in the coming years.
“Due to excellent organic performance, strong new license sales and strategic acquisitions in 2010, the outlook for the year has been revised and is now improved,” said Edwin van Leeuwen, CFO of UNIT4 N.V.
For a full version of the UNIT4 H1 financial results announcement, visit http://www.unit4.com/investors/financialinformation
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*Exchange rates as of 8.25.10 based on 1 EUR=1.26456 U.S. dollar.
About UNIT4
UNIT4 is a global business software and services company aimed at helping dynamic organizations to embrace change simply, quickly and cost effectively in a market sector it calls "Businesses Living IN Change" (BLINC). The Group incorporates a number of the world’s leading change embracing software brands including Agresso Business World and CODA financial management software.
Agresso Business World is the firm's flagship ERP suite for mid-sized services intensive organizations. It is widely acknowledged for delivering ongoing, post-implementation changes without the typical external IT costs and services that cost firms huge sums of money each year. This is achieved thanks to its powerful VITA architecture which is unmatched in the ERP world.
CODA Financials is the firm's award-winning suite of best-of-class financial management software designed to integrate with your industry-and company-specific applications. CODA’s LINK architecture sets it apart from ordinary accounting systems by providing a financial information backbone for companies with fast-changing and mixed application environments. It is a global accounting solution for mid-to large sized organizations, offering a "no compromise" approach to financial modeling, process control, and application choice.
UNIT4 is a top six mid-market ERP software player globally and the second largest European ERP supplier. With offices in 15 European countries, as well as six countries across North America, Asia Pacific and Africa and sales activities in several other countries, a revenue of $479.7 million (€379.4 million) was realized in 2009. UNIT4 is headquartered in Sliedrecht, the Netherlands. The company has 3,456 employees as of the end of last year.
UNIT4 is listed on Euronext Amsterdam by NYSE Euronext and is included in the Amsterdam Smallcap Index (AScX). For more information on UNIT4 or any of its operating companies, visit www.unit4.com.
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