Ad hoc: PC-WARE Information Technologies AG: PC-WARE Q.I 2008/09: Strong organic growth
PC-WARE Information Technologies AG / Quarterly report / PC-WARE Q.I
2008/09: Strong organic growth
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this announcement.
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- Revenue: EUR 231.0 million (+41%
y.o.y.)
- Gross profit EUR 33.4 million (+37%
y.o.y.)
- EBITDA: EUR 4.0 million (+41%
y.o.y.)
- EBIT: EUR 2.6 million
(+35% y.o.y.)
- EBT: EUR 2.6 million
(+27% y.o.y.)
- Net profit for the period EUR 1.8 million (+22% y.o.y.)
Leipzig, August 26, 2008 - PC-WARE recorded another successful start
to the new financial year, propelling first-quarter EBITDA by 41.4%
year on year to EUR 4.0 million. At the same time, sales revenue
developed extremely well, climbing by 41.2% to EUR 231.0 million.
Both figures mark new records for the company and bear testimony to
the dynamic rate at which PC-WARE's business has developed since its
inception. Furthermore, the latest financial data shows that there
was no significant contraction of the market in which the Group
operates. Although the current climate is being closely monitored by
PC-WARE's management team, the company will not be deterred by the
gradual emergence of pessimism within the economic arena.
First-quarter growth was driven by both of the business segments
newly created at the beginning of 2008/09, with Value Business, which
combines the entirety of PC-WARE's service-related business,
achieving the most significant gain of 80.0%. This segment's
portfolio also includes the full range of mainframe-specific services
offered by Comparex, a group acquired in August 2007. The process of
integrating Comparex remains on track, and revenue contributed by the
system integrator in the first quarter totalled EUR 20.5 million.
The Volume Business segment, which encompasses software licensing
and hardware reselling, also developed extremely well in the period
under review - buoyed in particular by software-related sales -,
recording organic growth of 35.5%. Given the general downturn in the
hardware market, the Group is particularly pleased with this
performance.
In the first quarter, foreign sales as a proportion of total revenue
rose to 56.7% (Q.I 2007/08: 54.8%). This encouraging performance is
attributable to first-quarter revenue contributed by the Comparex
Group, which was not part of the consolidated group this time last
year, as well as to the significant growth rates achieved by some of
PC-WARE's foreign subsidiaries. Within this context, the most
impressive gains were made in the Czech Republic (+166.8%), Sweden
(+124.1%) and the United Kingdom (+106.0%).
Gross profit for the first quarter grew at a rate comparable to that
of revenue, up 37.0% to EUR 33.4 million. Within this context, the
gross profit margin declined slightly from 14.9% to 14.5% as a result
of the significant pressure generally exerted on margins within the
area of volume business, particularly in the hardware sector.
EBITDA was influenced by staff costs (+39.0% to EUR 22.3 million),
which rose slightly faster than gross profit due to the recent
acquisition. By contrast, other operating expenses (+24.8% to EUR 8.9
million) grew at a less pronounced rate in relation to gross profit.
At the same time, PC-WARE recorded foreign-currency gains (EUR 97
thousand) in the first quarter of the current financial year, as
opposed to losses in the same period a year ago. On balance, EBITDA
thus amounted to EUR 4.0 million, 41.4% up on last year's
first-quarter figure.
EBIT rose by 34.6% to EUR 2.6 million in the first quarter, which was
slightly less pronounced than growth in EBITDA. This was due to the
disproportionately high increase in depreciation and amortisation
(+57.5% to EUR 1.3 million). It was attributable mainly to the
depreciation and amortisation of fixed and intangible assets (order
backlog, customer base and usage rights for the "Comparex" brand)
taken over as part of the Comparex acquisition.
Earnings before taxes (EBT) were also affected by the accounting
factors outlined above, as well as being influenced to a lesser
extent by net interest expense. On balance, EBT rose by 26.8% year on
year.
Net profit for the period (after minority interests) amounted to EUR
1.8 million, an increase of 22.4% on the figure posted for the same
period a year ago. The Group tax rate was 31.6% for the quarter just
ended.
Despite what is generally considered a weaker period of trading
during the summer months, the Management Board is confident that
business will continue to progress in the months of July, August and
September. This is expected to be followed by significant growth
impetus in the third quarter, a period of the financial year that is
regarded as particularly dynamic due to the seasonality of PC-WARE's
business. The Management Board has reaffirmed its forecasts for the
financial year as a whole, with the primary target of EBITDA set at
EUR 18-20 million and the secondary target of revenue at EUR 830-860
million.
The full quarterly report is available at the company's website
www.ir.pc-ware.com ("Reports" section).
Contact:
Investor Relations
Dr. Ingmar Ackermann
PC-Ware Information Technologies AG
Blochstrasse 1
04329 Leipzig
Phone: +49 (0)341 25 68-148
ir@pc-ware.com
WKN: 691090; ISIN: DE0006910904; Index: CDAX, Prime All Share, TECH
All Share, GEX; Listed: Regulated Market of the Frankfurt Securities
Exchange, Prime Standard of the Frankfurt Securities Exchange,
Regulated Unofficial Market (Freiverkehr) of the Berlin Bremen
Exchange, Regulated Unofficial Market (Freiverkehr) of the Düsseldorf
Exchange, Regulated Unofficial Market (Freiverkehr) of the Stock
Exchange of Lower Saxony Hanover, Regulated Unofficial Market
(Freiverkehr) of the Stuttgart Exchange; http://www.pc-ware.de
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PC-WARE Information Technologies AG
Blochstr. 1 Leipzig
WKN:
691090; ISIN: DE0006910904; Index: CDAX, Prime All Share, TECH All
Share, GEX;
Listed: Geregelter Markt in Frankfurter Wertpapierbörse, Prime
Standard in Frankfurter Wertpapierbörse,
Freiverkehr in Börse Berlin, Freiverkehr in Börse Düsseldorf,
Freiverkehr in Börse Stuttgart, Freiverkehr in Bayerische Börse
München,
Freiverkehr in Frankfurter Wertpapierbörse;