SingularLogic is announcing its Consolidated Financial Results for 2006.
- Consolidated Sales of Euro 45.7 mln versus Euro 37.1 mln in 2005, corresponding to an increase of 23.2%.
- Consolidated Earnings before Interest, Taxes and Depreciation (E.B.I.T.D.A.) of Euro 1.0 mln versus Euro -2.3 mln in 2005, an increase of 3.3 mln Euro.
- Consolidated earnings/losses before Taxes of Euro -4.5 mln versus Euro -7.3 mln in 2005.
The consolidated performance of 2006 signifies the return to operational profitability, as 2006 EBITDA is turning positive after a long term of negative performance.
EBT was substantially improved even though remains negative mainly due to the effect of significant restructuring charges within the year as well as the consolidation of only few months of Singular.
2006 was milestone year since during its course a successful restructuring and the consolidation of Singular and LogicDIS was achieved. Key points towards the creation of SingularLogic was:
-Extensive restructuring towards the creation of one homogeneous entity with clear structure and direction.
-Strengthening of management resources and human capital across all operating units.
-Exploiting synergies and economies of scale, resulting to significant cost reduction for the future (facilities unification, organisational restructuring, rightsizing, re-branding, etc).
-Substantial Investment in revamping technology and platforms, expanding and upgrading our product portfolio.
-Successful completion of the 56 mln EUR rights issue bringing consolidated Equity at the level of 52 mln EUR vs -10.5 mln EUR in 2005 corresponding today to a Net Asset Value on Share Capital ratio of 400%.
The successful unification effort resulted in the significant expansion of the customer base and the substantial improvement of the cost structure creating a momentum which in combination with the product and technology revamping effort and the strong capital adequacy makes SingularLogic well poised for profitable growth starting from 2007.