Ibas maintains two-digit growth rate
"We're very pleased with developments, which have been in line with our
expectations," says Bjørn Arne Skogstad, president and CEO of Ibas Holding
ASA.
"They're a positive confirmation that we are doing the right things. Through
a strengthened market position, we're even better equipped to handle future
demand and continued growth."
Results
- Operating revenue rose by 10.8 per cent to 23.2 million (2004: NOK 20.9 million).
- EBITDA (earnings before interest, taxes, depreciation and amortisation) came to NOK 1.6 million (2004: NOK 2.3 million).
- The EBITDA margin was 6.9 per cent (2004: 11 per cent).
- Pre-tax profit amounted to NOK 0.9 million (2004: NOK 1.5 million).
Operating expenses in the first quarter were higher than in the same period of 2004 are a result of increased activity and new recruitment needed to handle the company's growth. Compared with the fourth quarter of last year, such costs declined by 7.5 per cent.
Ibas achieved growth in all its business areas and in every geographical region. Expansion was at its strongest in the data erasure and computer forensics divisions, and geographically in important markets such as Germany, Finland and Sweden.
Implementing the IFRS
The International Financial Reporting Standards (IFRS) are being applied by
Ibas from 1 January 2005. All figures have been restated in accordance with
the new accounting standards. The transition to the IFRS has primarily
involved changes to the assessment of pension liabilities, goodwill and
capitalisation of research and development costs. The net effect of these
changes on equity has been modest.
Go to Market
Ibas launched a new "Go to Market" strategy during the first quarter,
involving a stronger commitment to partners and a clearer segmentation of
customers. As part of this market approach, a new partner programme has been
launched in the Nordic region. New agreements have been concluded with such
partners as Fujitsu Siemens and Computerland.
Acquisition of Vogon International Ltd
Ibas announced on 11 April 2005 that it had acquired Vogon International
Limited, a leading UK-based European specialist in computer forensics and
data recovery. In addition to subsidiaries in Germany and Norway, Vogon has
a subsidiary in the USA. It and Ibas complement each other very well in
terms of business areas, technology and geographical spread. Vogon had 2004
revenues of NOK 72 million, and a merger with Ibas will create the European
leader for computer recovery and computer forensics.
Capital and prospects
Cash in hand at 31 March totalled NOK 26 million, a decline of NOK 1 million
from 1 January. NOK 2 million in interest-bearing debt was repaid during the
quarter. Equity at 31 March was 45.7 per cent as against 44.6 per cent at 1
January.
With the acquisition of Vogon, Ibas has taken an important step towards
fulfilling its strategy and will continue to focus on profitable
growth.
Further information from:
Svein Ramsay Goli, chairman, Ibas Holding ASA, mobile: +47 90 75 67
57
Bjørn Arne Skogstad, president and CEO, Ibas Holding ASA,
tel: +47 62 81 01 00, mobile: +47 48 14 90 70
www.ibas.com
