Yet another record for Visma: Best quarter ever – despite recession 

Visma, the leading provider of business software and accounting services in the Nordic countries, continues its strong development from 2008.

First quarter 2009 is Visma’s best ever, showing improvements in both revenue and profit compared to all previous quarters.

EBITDA, at MNOK 156.9, was up 17.8 percent compared to MNOK 133.2 in the first quarter of 2008 and up 4 percent from fourth quarter 2008.

In the first quarter of 2009 Visma achieved revenues of MNOK 876.8 (755.4), corresponding to a growth of 16.2 percent compared with the same period last year.

“Organic growth of 6.8 percent in the first quarter shows the demand for Visma’s products and services despite the financial recession,” says CEO of Visma, Øystein Moan. “A strong first quarter is partly explained by the fact this year Easter falls in the second quarter and that many companies still have not fully felt the effects of the recession.”

Net cash flow from operations after tax was MNOK 566.4 at the end of the quarter, versus MNOK 420.7 for the same period a year ago.

Acquisition in Finland

In the first quarter 2009, Visma acquired the well known Finnish accounting firm Teemuaho Yhtiöt OY. This acquisition makes Visma the second largest provider of accounting services in Finland and strengthens Visma’s position in the Nordic region. The Teemuaho group is consolidated from 1 January 2009 and the revenue for the year is expected to be approximately MEUR 18.6. The Finnish acquisition contributes to Visma’s revenue growth of 16.2 percent in the first quarter. Teemuaho is now part of the division Visma Services.

Cost control and efficiency

”Although we are in the midst of a financial crisis,” says Moan, “the world has not stopped. There is no doubt that many companies are struggling, but at the same time many still perform well. Either way, for most companies it is now more important than ever to reduce and control costs and become more efficient. Visma delivers software and services that are important tools for achieving this.”

Moan continues, “Like our customers, we in Visma also concentrate on cost control in times like these. We believe the financial crisis is still going to last a while. Therefore, it is most important to make the necessary moves to ensure good operations. Then we have to make sure that the organization is capable of exploiting the growth in the markets that will come when the recession ends.”

 

1st quarter 2009

1st quarter 2008

Growth

Revenue

877

755

16,2 %

EBITDA

157

133

18,0 %

EBIT

121

103

17,5 %

Profit before tax

50

84

-40,5 %

All figures in NOK million. The decrease in profit before tax is due to accounting issues related to the exchange rate and the changed value of debt in foreign currency. This has no effect on cash.

For more information, contact

Øystein Moan, CEO of Visma, +47 920 80 000

About Visma

Visma is the leading provider of efficiency increasing solutions in the Nordic Region based on a broad range of software, outsourcing solutions and administrative services. Visma simplifies and digitalize core business processes within private and public sector. The group has more than 3 400 employees and the company reached revenues of approximately EUR 340 million in 2008. The group’s websites are available at visma.no and visma.com.