Visma reports good results also in second quarter 

Second quarter 2009 was another strong quarter for Visma. Both revenues and profit improved compared to the same period last year, indicating that Visma’s products and services still are in demand despite the financial crisis.

EBITDA of MNOK 153.5 was up 13.2 percent from MNOK 135.5 in the second quarter 2008. In second quarter 2009 Visma achieved revenues of MNOK 830.9 (782.6), corresponding to a growth of 6.2 percent compared to the same period last year.

Net cash flow from operations after tax was MNOK 485.4 in the quarter, versus MNOK 367.7 in the same period last year.

Profits on outsourcing

The division Visma Services delivered the Group’s best result in the second quarter. The organic growth reached 4.1 percent, and the division continues the strong development from last year.

- The demand for outsourcing services within accounting and payroll has increased. This is partly due to a lack of qualified accountants in the Nordics. It is, however, also a result of the financial crisis, as more companies now choose outsourcing to reduce costs and make a shift from fixed to variable costs.. In particular we are experiencing that many large companies decide to outsource their economy functions, says Visma CEO, Øystein Moan.

Increased earnings on running agreements

Visma Software achieved a strong improvement in the EBITDA margin, partly because of a 17 percent growth in revenues relating to running license-, support- and maintenance agreements. Another reason for the EBITDA margin rising to 24.4 percent from 20.7 percent in second quarter 2008, was lower sales of third party products with lower gross margins, as well as a strong focus on cost control, says the CEO.

Slower market for parts of the business

Visma experienced lower demand for its training and staffing services. This is part of the reason why the third division, Visma Financial & Productivity Services, showed a negative organic growth of 5.8 percent in second quarter 2009.

- Some parts of Visma have experienced that the financial crisis slow down their revenue growth, while other areas are experiencing increased demand. For the entire group we expect lower revenue growth in 2009 than in 2008, but by focusing on cost control and increased productivity it should be possible to maintain margins, concludes Øystein Moan. 



2nd quarter 2009

2nd quarter 2008





6,2 %




13,2 %




4 %

Profit before tax



19 %

 All figures in NOK million

For more information, contact

Øystein Moan, CEO, 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 and