Business News

Readsoft: Interim Report January-June 2009

Wednesday 12. August 2009 - Sales at a stable level and strong cash flow

Sales for the first six months increased by 12% to SEK 307.0 (273.9) million
Operating profit EBITDA for period increased to SEK 4.4 (3.7) million
Earnings per share after tax for the period were SEK -0.49 (-0.28)
Sales for the second quarter increased by 11% to SEK 160.5 (144.8) million
Operating profit EBITDA for the second quarter was SEK 1.5 (7.0) million
Earnings per share after tax for the second quarter were SEK -0.22 (-0.01)
Cash-flow from operating activities for the first six months was SEK 55.7 (42.4) million

“Sales rose by 11 percent in the second quarter while profit decreased due to a changed revenue mix. Both sales and earnings were affected by exchange rate fluctuations and our sales are largely unchanged compared with the preceding year measured in local currencies. Cash flow from operations remains strong and rose by 31 percent for the six-month period compared with the corresponding period in 2008.

It is positive that we are maintaining volumes while earning money in our current operations, allowing us to generate positive cash flow. At the same time, there is no doubt that the weak economy is affecting us and decreasing the efficiency of our sales. We can see quite extensive differences between our markets, from France, where the trend was excellent during the second quarter, to the UK where we have experienced difficulties in the wake of the financial and banking crisis.

We will continue to focus on cost-efficiency and profit, leveraging our leading position to capture new market shares and sharpening our offering with new solutions in the second half of the year.”