The good development for Visma from first quarter of this year continues in the second quarter. Visma capitalizes further on the great potential for cross-selling and delivers double-digit growth in both revenue and profit in first half of 2010.
In particular, organic growth is very good in second quarter, which the company combines with an aggressive focus on structural growth through acquisitions.
In second quarter 2010 Visma achieved revenue of NOK 954 million compared with NOK 831 million in the same quarter last year. This corresponds to a revenue growth of 14.8 percent. The organic revenue growth was 12.3 percent adjusted for currency effects. Visma delivered EBITDA of NOK 169 million in second quarter this year, compared with NOK 153 million in second quarter 2009. This represents a profit improvement of 9.9 percent. Net cash flow from operations after tax was NOK 499 million at the end of the quarter, compared with NOK 485 million the same time previous year.
“The strong organic growth in first half of 2010 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. During this period, Visma has focused on growth, both through organic development of the existing business as well as through acquisitions. At the same time, we have focused on delivering solid profitability through efficient operations and cost control” says Øystein Moan, CEO of Visma.
Visma expects an increasingly positive market development in second half of 2010 with increasing demand for solutions covering enterprise resource planning (ERP) and customer relationship management (CRM).
“Although many businesses still focus on cost control, an increasing number are beginning to look for solutions that promote and support new business opportunities through growth” says Øystein Moan.
Visma experience an increasing demand for On Demand services or so-called Software as a Service (SaaS). In first half of 2010, Visma successfully launched the online accounting solution Visma Avendo eEkonomi in Sweden, and Visma expects to offer additional ground-breaking SaaS solutions during this year.
According to Gartner Group, Visma is now the largest supplier of ERP solutions in the Nordic region. Following several years of growth, Visma has passed the competition in the Nordic ERP market.
“As the largest ERP vendor in the Norwegian and Nordic region, Visma is experiencing a solid development in the individual key markets. Following three consecutive years of substantial growth, Visma is now without doubt the largest ERP vendor in the Nordic region. Not only has Visma won large market shares, but compared to the competition, Visma appears to be the preferred partner for Nordic companies looking for effective ERP solutions. We are very pleased with the development in the Nordic ERP market” says Øystein Moan.
With a comprehensive portfolio of products and services within software, outsourcing of financial processes, procurement solutions, collecting services and retail solutions, Visma has 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. In addition, we also expect continued growth as a result of new acquisitions" says Moan.
In second quarter 2010 Visma acquired Invoicia AS in Norway, which is a leading provider of outsourcing services for billing, ledger, invoice management and debt collection. The announced acquisition of Sirius IT A/S, with its approximately 400 employees in Scandinavia, will be carried out during July 2010. Thus, this acquisition is not included in Visma’s figures for second quarter 2010. Annual revenue from Sirius IT is expected to be approximately DKK 520 million.
For further information, please contact:
Øystein Moan, CEO of Visma, + 47 920 80 000