Ibas continued to grow in fourth quarter
- We had our strongest-ever year in 2004, comments Bjørn Arne Skogstad, President and CEO of Ibas Holding ASA.
- With strong and steady growth over time, important partner deals, a successful demerger from Norman and a stock market listing during these 12 months, we're well positioned to reach new customer groups and achieve further growth, says Skogstad.
Results
- Turnover rose by 17.6 per cent in the fourth quarter to NOK 26.2 million (2003: NOK 22.3 million), and by 18.5 per cent for the full year to NOK 91.7 million (2003: NOK 77.4 million).
- Operating profit before depreciation and write-downs (EBITDA) was NOK 3 million in the fourth quarter (2003: NOK 3.6 million) and NOK 13.2 million for the full year (2003: NOK 11.3 million).
- The EBITDA margin was 11.4 per cent in the fourth quarter (2003: 16 per cent) and 14.4 per cent for the full year (2003: 14.6 per cent).
- Pre-tax profit came to NOK 1.2 million in the fourth quarter (2003: NOK 3.4 million), and NOK 4.7 million for the full year (2003: NOK 8.5 million). The results for 2004 is charged with NOK 3.6 million related to the demerger from Norman ASA and listing on Oslo Stock Exchange.
- Ibas achieved growth in all its business areas and in all its important geographic regions. Expansion was strongest for computer forensics.
Operating costs increased in the fourth quarter from the year before as a result of higher activity and marketing efforts as well as new recruitment in 2004. Payroll costs for the fourth quarter also include bonuses paid on the basis of the company's good results for the year.
The accounts show tax costs of NOK 0.7 million for the year. This figure includes the capitalisation of NOK 1.9 million of deferred tax benefit in Norway during the fourth quarter.
Important fourth-quarter events
Ibas secured approval in November from the Communications-Electronics
Security Group (CESG) in the UK for its ExpertEraser data erasure software,
as defined in HMG Infosec standard no 5.
This international standard specifies how government data should be handled
and erased when disposing of computer hardware. The UK approval has
generated new orders for ExpertEraser.
On 4 January, Ibas secured a three-year contract from Sweden's armed forces logistics organisation to supply software and hardware for erasing sensitive information. Negotiated in cooperation with Swedish dealer Atea, this contract is worth SEK 2.2 million for Ibas over its lifetime.
Capital and prospects
Ibas increased its cash in hand by NOK 5 million during the fourth
quarter, and now has NOK 27 million in cash. The company's equity ratio is
48.6 per cent compared with 43.5 per cent at 1 January 2004.
The company will focus on continued profitable growth.
Further information from:
Svein R Goli, chairman, Ibas AS, mobile: +47 90 75 67 57
Bjørn Arne Skogstad, President and CEO, Ibas AS, Phone: +47 62 81 01 00, Mobile: +47 48 14 90 70, e-mail: bjorn.arne.skogstad@ibas.no
Ibas is a world leader in the field of data recovery and erasure services. Computer forensics, which is a fast-growing market, is another important business area for the company. Ibas has a total of 82 employees, working at the main offices in Kongsvinger, Norway and in subsidiaries in eight countries - Sweden, Denmark, Finland, England, Germany, Poland, France and Singapore. The company also has distributors and agents in a number of other countries in Europe, Asia and America.
