SimCorp posts first quarter revenue revenue rise

Source: SimCorp

SimCorp's business performed satisfactorily in the first three months of the year.

Q1 revenue was up by 14% compared with the year-earlier period to EUR 36.9m. EBIT for the three-month period was EUR 2.3m. SimCorp upholds its projections for 2008 of revenue in the EUR 175 - 185m range with an EBIT margin of 22 - 25%.

SimCorp's Board of Directors today considered and approved the Group's interim report for the three months ended 31 March 2008. Highlights of the report are:
  • Q1 revenue was up 14% y/y to EUR 36.9m.
  • Income recognised from licences and add-on licences amounted to EUR 9.7m in the three-month period, an increase of 16% y/y. Q1 order intake was EUR 2.8m compared with the unusually high quarterly order intake of EUR 10.2m in Q1 2007. The order book decreased by EUR 7.0m in Q1 to stand at EUR 18.0m at 31 March 2008.
  • The level of sales and supply of professional services remained high. Professional fees for the first three months of the year were EUR 13.1m, up 6% relative to the year-earlier period. Maintenance income was up by 24% relative to the same period of last year.
  • Q1 EBIT was EUR 2.3m, which was better than planned but a decline of EUR 3.2m, or 58%, relative to the same period of last year. This was mainly attributable to scheduled higher costs related to the intake of new staff in 2007.
  • SimCorp upholds its full-year projections of revenue in the EUR 175 - 185m range with an EBIT margin of 22 - 25%. At 31 March 2008, contracts equalling EUR 108.0m of the revenue projected for 2008 had been secured, EUR 3.8m more than at the same time last
    year. The Group's pipeline of potential licence contracts is performing satisfactorily, and the Group expects the total intake of new licence contract orders for 2008 to be in the same range as for 2007.

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