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GK SOFTWARE AG increased 2009 EBIT and Sales Revenues by a Huge Double-Digit Amount
Best year in the history of the company / Management and Supervisory Boards suggest a dividend is paid for the first time
Sales revenues rose by more than 50% from EUR 15.0 million to EUR 23.3 million. The EBIT figure at approx. EUR 4.9 million exceeded the previous year's level by 76% (EUR 2.8 million in 2008). Based on these results, the Management Board will suggest to the main shareholders' meeting that a dividend is paid for the first time.
Fiscal 2009 was easily the best year in the 20year corporate history of GK SOFTWARE AG.
As a result of gaining major new customers, the successful completion of current projects and the smooth integration of Solquest GmbH, sales revenues rose to EUR 23.3 million.
Organic growth accounts for more than two thirds of the increase of more than 50%. The takeover of Solquest GmbH accounted for approx. 12.5% of growth. Another element in sales revenue growth is based on the revenue recognition of unfinished work according to the accounting updates published by IFRS. In line with the individual project structures in 2009, a figure of EUR 1.4 million was not allocated to inventories of unfinished work, but was entered as additional sales in comparison with 2008.
The significant increase in sales revenues was accompanied by an even stronger increase in the EBIT figure by 76% to EUR 4.9 million (EUR 2.8 million in the previous year). This enabled the company to achieve an EBIT margin on operating performance of 20.1% (18.5% in the previous year). The earnings per share rose to EUR 2.11 in fiscal 2009 after a figure of EUR 1.22 in the previous year.
The company is once again expecting double digit growth in sales revenues in the coming year with an EBIT margin that is similar to previous years. As a result of the outstanding results, the Supervisory and Management Boards are going to propose to the annual shareholders' meeting that a dividend of EUR 1 is paid from the balance sheet profits of GK SOFTWARE AG.
The complete annual report will be published at the corporate website www.gk-software.com in the Investor Relations section during the course of today.
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