High growth rates, strong profitability and significant cash reserves for SingularLogic Group during the fiscal year 2008. These are the key highlights of the financial results announced today by the SingularLogic group.
Specifically:
-Consolidated Turnover euro 107,0 Mio vs. euro 81,9 Mio of 2007, showing an increase of 31 %
-Consolidated EBITDA euro 17,0 Mio vs. euro 10,1 Mio of 2007, showing an increase of 69 %
-Consolidated Earnings before Tax (EBT) were increased by euro 8,0 Mio, amounting to euro 11,5 Mio
-Consolidated Earnings after Tax increased by 370 % amounting to euro 9,5 Mio
-Earnings after tax and minority interests increased by euro 7,2 Mio (+510 %) amounting to euro 8,7 Mio.
-Total Cash Reserves amounted to euro 36,9 Mio, or euro 9,6 Mio higher than total debt.
Commenting on the results, Chairman and CEO Mr. John Karakadas stated: "During 2008 SingularLogic Group maintained its strong growth momentum registering significant gains in all measurements - both quantitative and qualitative - and reinforcing its leading position in the IT Software and Services sector in SE Europe.
During the year we made significant progress through substantial investment in new technologies, in the development of new innovative products, in the strengthening of our cooperation with international technology and software vendors and importantly in further strengthening our human capital while adding 99 new positions in our organization.
It is important to note that during 2008 our Group managed to successfully complete 40 projects for the Public Sector, 207 projects for the Large Enterprise Segment in which we gained 63 new customers, and further extended our leading presence in the Small Medium Enterprise Sector by adding 3.405 new customers whilst activating 6.614 new software installations. Also, during the last year, we introduced in the market 8 new products alongside new services and business offerings, most important of which has been the Outsourcing Services that allow us and our customers to maintain a competitive advantage by significantly reducing operating costs. Important event during the year has also been the announcement of the beginning of our cooperation with WIND which is another major step in the implementation of our Group?s strategy that aims at new offerings in the space where information and telecommunications technologies converge.
The extraordinary growth of the Group during 2008 is further underpinned by the reinforcement of the existing relationships with our international Software and Technology Partners. During the year SingularLogic accomplished partnership upgrade and international recognition for championing new technologies by 6 international leading companies namely AVAYA, HP, IBM, MICROSOFT, ORACLE and SAP.
Looking to the future we believe that we are particularly well prepared to meet the challenges ahead as well as to exploit the opportunities that the current economic and business environment presents us. Having completed the restructuring of the Group, the technological upgrade of our products and services, and having invested in outstanding Human Resources alongside new state of the art technologies, we believe that SingularLogic Group is a truly exceptional partner for organizations both in Public and Private domain in providing solutions that help them meet the challenges of the current business environment.
Our Group's strong dynamic in conjunction with a very strong cash position - a total of euro 36,9 Mio cash reserve compared to euro 27,3 Mio total debt - secure significant competitive advantage in our efforts to sustain our continued growth".