OMX up on order backlog

OMX up on order backlog

Shares in Swedish technology group and exchange operator OMX have moved ahead as a strong order backlog in the technology division is interpreted as a return to spending by potential clients.

OMX shares rose by 4.51% to €8.80, despite the firm posting significantly reduced revenue of Skr742 million (Q1 2004: Skr918m) and operating income of Skr207 million (Q1 2004: Skr326m). The steep year-on-year decline is attributed to one-off gains from the sale of NXG and higher technology and exchange revenues in the comparaitve quarter.

Markets were cheered however by falling expenses - the group reported a Skr150 million annual cut in pre-merger costs - and favourable bookings in the Technology division. Typically a seasonally sluggish period, OMX reported external order bookings of Skr274 million, compared with Skr192 million for the year-earlier period.

Says CEO Magnus Böcker: "We now see increasingly firm signs of higher activity among our clients worldwide."

Comments: (0)