Business News

Readsoft: Year-end Report 2008

Wednesday 11. February 2009 - Strong fourth quarter given the turbulent market conditions and continued strong growth in the U.S.

Sales for 2008 increased by 11% to SEK 584.2 (525.0) million
Operating profit EBITDA for the year increased to SEK 45.6 (30.3) million
Earning per share after tax for the year were SEK 0.21 (0.55)
Sales for the fourth quarter increased by 12% to SEK 182.4 (162.3) million
Operating profit EBITDA for the fourth quarter increased to SEK 38.0 (25.6) million
Earning per share after tax for the fourth quarter were SEK 0.85 (0.67)
Cash-flow from operating activities for 2008 was SEK 86.6 (32.4) million

“Given the turbulent market conditions, the outcome for the year was favorable. Sales rose by 11% and operating profit, EBITDA rose by 50%. Particularly satisfying was the continued strength shown in the fourth quarter with growth of 12% and operating profit rising 48%.
The Group’s profit after tax was affected negatively by non-recurring items of SEK 16.2 million attributable to the savings program implemented. Cash flow from operating activities for the year rose by 170% percent to SEK 86.6 million.

The variation in trends between our different markets is extensive. Sales in the “US and the rest of the world” rose by 65% in the fourth quarter and by 45% over the year as a whole. In other markets, trends are mixed, with some, such as the UK being more affected by the financial crisis than others.

The economic situation remains highly uncertain, but ReadSoft provides products that offer substantial savings for our customers and we have prepared ourselves for a tough market. It is our objective to improve our profits, gain market share and to utilize the opportunities that a weaker market may entail.”