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SimCorp posts interim results

20 November 2008  |  1712 views  |  0 Source: SimCorp

In a turbulent market environment, SimCorp's business performed satisfactorily in the first nine months of the year.

9M revenue was up by 9% compared with the year-earlier period to EUR 118.1m. The scheduled staff intake of 26% over the past 12 months has increased the cost by 20%, bringing EBIT for the nine-month period to EUR 17.1m, down EUR 6.2m y/y. SimCorp upholds its full-year projections of revenue in the EUR 170 - 180m range with an EBIT margin of 21 - 24%.

SimCorp's Board of Directors today considered and approved the Group's interim report for the nine months ended 30 September 2008. Highlights of the report are:

  • 9M revenue was up 9% y/y to EUR 118.1m. Q3 revenue was up 6% compared with Q3 2007 to EUR 36.4m.
  • Income recognised from licences and add-on licences amounted to EUR 33.2m in the nine-month period, a decrease of 5% y/y. In Q3, income recognised from licences and add-on licences amounted to EUR 7.5m. 9M order intake was EUR 25.0m which was 29% less than in the year-earlier period, while Q3 order intake decreased 65% y/y. The order book decreased by EUR 2.5m in Q3 to stand at EUR 17.0m at 30 September 2008.
  • The level of sales and supply of professional services remained high. Professional fees for the first nine months of the year were EUR 41.2m, up 9% relative to the year-earlier period. Maintenance income was up by 23% y/y.
  • 9M EBIT was EUR 17.1m, which was EUR 6.2m, or 27%, lower relative to the same period of last year. This was mainly attributable to scheduled higher costs related to the intake of a total of 185 employees in 2008.
  • In the first nine months of 2008, SimCorp acquired 154,308 treasury shares for a total amount of EUR 17.4m.
  • SimCorp upholds its full-year projections of revenue in the EUR 170 - 180m range with an EBIT margin of 21 - 24%. At 30 September 2008, contracts equalling EUR 144.8m of the revenue projected for 2008 had been secured, EUR 7.3m more than at the year-earlier date. Contractually secured full-year revenue accounted for the same proportion of the projected full-year revenue as at the same time last year. The Group's pipeline of potential licence contracts continues to perform satisfactorily.

Read the full statement here:

» Download the document now 302.3 kb (PDF File)

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