SINGULARLOGIC S.A.
Successful Turnaround and Profitable Growth with accelerated performance outlook on a full year basis.
Athens, November 30 2007. SingularLogic is announcing its consolidated financial results for the first nine months of 2007.
- Consolidated Turnover Euro 51.2 Mio vs. Euro 21.1 Mio the first nine months of 2006, 2.4 times the turnover of 2006.
- Consolidated EBITDA Euro 4.4 Mio vs. Euro 0.4 Mio the first nine months of 2006, tenfold growth vs last year.
- Consolidated EBT Euro -0.2 Mio vs. Euro -2.6 Mio the first nine months of 2006.
SingularLogic is the leading IT company in SE Europe in software development and software integration services and is strategically aiming at the consolidation and restructuring of the IT space in Greece and the region. This strategy has been pursued through the acquisition of two historic leaders, namely Singular and LogicDIS groups, both of which had been suffering from continuous top line erosion and negative EBITDA for extended periods.
The successful merger of the two groups at the end of 2006 and subsequent restructuring and focus on operating performance improvement has led to an impressive turnaround in 2007, with significant top line and EBITDA performance improvements.
Earnings after tax and minority rights in the first nine months of 2007 were Euro -2.5 Mio vs. Euro -3.1 in 2006, mainly due to significant deferred tax charges.
Company results are also in the same direction:
- Turnover of Euro 34,9 Mio vs Euro 17,6 Mio in 2006, twofold growth vs last year.
- E.B.I.T.D.A. of Euro 2,5 Mio vs Euro 0,1 Mio in 2006.
- EBT of Euro -0,9 Mio vs Euro -2,8 Mio in 2006
The strong seasonality of the fourth calendar quarter in the IT sector in Greece, combined with a strong orderbook built-up in the first nine months of this first post merger year, are driving expectations of doubling the EBITDA on a full year basis versus nine month actuals. Νet income after tax is expected to be positive despite the significant non cash deferred tax charges against our P&L.
The successful merger, restructuring, and consolidation effort as evidenced by SingularLogic's progress in 2007 in combination with an impressive orderbook built-up is expected in 2008 to produce further strong Revenue, EBITDA, and Net Income growth.
Note : This announcement is regulated information in accordance to Law 3356/2007 and published in accordance to 1/434/3.7.2007 decision of the Hellenic Capital Market Commission.
- Consolidated Turnover Euro 51.2 Mio vs. Euro 21.1 Mio the first nine months of 2006, 2.4 times the turnover of 2006.
- Consolidated EBITDA Euro 4.4 Mio vs. Euro 0.4 Mio the first nine months of 2006, tenfold growth vs last year.
- Consolidated EBT Euro -0.2 Mio vs. Euro -2.6 Mio the first nine months of 2006.
SingularLogic is the leading IT company in SE Europe in software development and software integration services and is strategically aiming at the consolidation and restructuring of the IT space in Greece and the region. This strategy has been pursued through the acquisition of two historic leaders, namely Singular and LogicDIS groups, both of which had been suffering from continuous top line erosion and negative EBITDA for extended periods.
The successful merger of the two groups at the end of 2006 and subsequent restructuring and focus on operating performance improvement has led to an impressive turnaround in 2007, with significant top line and EBITDA performance improvements.
Earnings after tax and minority rights in the first nine months of 2007 were Euro -2.5 Mio vs. Euro -3.1 in 2006, mainly due to significant deferred tax charges.
Company results are also in the same direction:
- Turnover of Euro 34,9 Mio vs Euro 17,6 Mio in 2006, twofold growth vs last year.
- E.B.I.T.D.A. of Euro 2,5 Mio vs Euro 0,1 Mio in 2006.
- EBT of Euro -0,9 Mio vs Euro -2,8 Mio in 2006
The strong seasonality of the fourth calendar quarter in the IT sector in Greece, combined with a strong orderbook built-up in the first nine months of this first post merger year, are driving expectations of doubling the EBITDA on a full year basis versus nine month actuals. Νet income after tax is expected to be positive despite the significant non cash deferred tax charges against our P&L.
The successful merger, restructuring, and consolidation effort as evidenced by SingularLogic's progress in 2007 in combination with an impressive orderbook built-up is expected in 2008 to produce further strong Revenue, EBITDA, and Net Income growth.
Note : This announcement is regulated information in accordance to Law 3356/2007 and published in accordance to 1/434/3.7.2007 decision of the Hellenic Capital Market Commission.