Further growth results in a good first quarter for Visma 

First quarter 2010 came in as the best ever first quarter in the Group’s history.

Visma continues the positive development after delivering strong growth throughout the last years. First quarter 2010 came in as the best ever first quarter in the Group’s history. At the same time Visma now capitalizes further on the great potential for cross-selling within the Group.  

In first quarter 2010 Visma achieved revenue of NOK 953 million compared with NOK 877 million in the same quarter last year. The organic revenue growth was 7.1 percent adjusted for currency effects. EBITDA came in at NOK 173 million, compared with NOK 157 million in first quarter last year. This represents a profit improvement of 10.6 percent. Net cash flow from operations after tax was at NOK 597 million at the end of the quarter, compared with NOK 567 million the same time previous year, resulting in an increase of 5.2 percent.
 
“Actually, this is the best first quarter for Visma ever, both in terms of revenue and profit. The financial performance reflects Visma’s strong market position and the solid demand for our products and services, in a market showing signs of improvement following a couple of years with economic turmoil” says Øystein Moan, CEO of Visma.

Expects increasing demand for ERP and CRM

Visma expects a moderate economic recovery in 2010 with increasing demand for solutions covering enterprise resource planning and customer relationship management.

“Although many businesses still focus on cost control, an increasing number now look for solutions that promote and support new business opportunities through growth” says Øystein Moan.  

In first quarter Visma successfully launched the online accounting solution Visma eEkonomi in Sweden. Additional ground-breaking solutions are expected to be offered as “Software as a Service” throughout 2010.       

Growth through cross-selling and complete solutions

Visma has a comprehensive portfolio of products and services within software, outsourcing of financial processes, procurement solutions, collecting services and retail solutions. Øystein Moan sees a great potential for creating increased value through cross-selling and combined solutions.

“We still have much to gain from selling additional solutions to each customer as well as combining products across our business areas. We also expect further growth as a result of new acquisitions” the CEO comments.

In first quarter 2010 Visma acquired Opic, which is one of Sweden’s largest suppliers of solutions for procurement and competitive tendering. Visma also acquired the accounting agency TietoKate in Finland.

Services to larger businesses

Based on Visma’s strong position among small and medium businesses the Group now increases its focus on gaining additional market shares also within other customer segments.

“We already deliver solutions to many larger businesses, as we have done for a long time. In first quarter 2010 we signed several new contracts with major customers comprising deliveries of both business process outsourcing and retail solutions” says Øystein Moan in conclusion. 

 

1st quarter 2010

1st quarter 2009

Increase

Revenue

953

877

8,7 %

EBITDA

173

157

10,6 %

EBIT

137

121

13,0 %

Profit before tax

106

50

112,6 %