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Integralis AG: Record earnings and profitable growth despite the economic crisis / swifter growth in Managed Security Services
Performance in 2008
According to preliminary figures, sales climbed by 6.7% to € 168.9 million (previous year € 158.3 million).
With an increase of over 15 percent to € 11.4 million (previous year € 9.9 million), the strongest growth was achieved in Management Security Services, the high-margin division on which management had particularly focused. In fact, before currency translation, growth in this segment exceeded 26% over the year as whole.
However, sales in Support Services also rose solidly to € 54.4 million (previous year € 49.1 million), while consulting, integration and training sales climbed to € 17.9 million (previous year € 16.3 million). The weakest growth was achieved in technology sales. Even so, the figure of € 85.3 million was still up on the previous year in absolute terms (€ 83.0 million).
In the course of the year, there was a shift in the sales mix, with recurring sales increasing at a swifter rate than non-recurring sales. After strengthening still further in the fourth quarter, this encouraging trend is having a favourable effect on long-term strategic planning as it renders future payment flows more reliable.
At 33.5% (previous year 34.2%), the gross margin was spot on the average for the first nine months, while personnel and other operating expenses rose less quickly than sales. EBITDA widened by 10.9 percent to € 7.8 million (previous year € 7.1 million).
EBIT grew even more quickly by 20.5% to € 6.0 million (previous year € 5.0 million) or more than 32% before currency translation.Net profit rose to € 9.3 million (previous year € 5.2 million) due to the recognition of deferred taxes on available tax losses. At € 0.86, earnings per share exceeded the previous year (€ 0.48) by over 79%.The order backlog climbed to € 21.7 million (previous year € 17.9 million).
Total order volumes stood at € 89.3 million at the end of the year (previous year € 70.0 million), thus reaching a new record for the Group.
At € 48.0 million (previous year € 47.3 million), sales in the fourth quarter were the strongest, following on from steady growth in the consolidated top line throughout the entire year.
There was a clear improvement in the revenue structure compared with the same period one year earlier, with Managed Security Services performing particularly well, growing by a swifter 22.7% over the previous year.
This more favourable revenue structure is also reflected in earnings. With EBITDA of € 3.6 million (previous year € 3.2 million) and EBIT of € 3.0 million (previous year € 2.9 million), Integralis exceeded the previous year’s level despite only a small increase in sales.
At € 9.1 million, cash and cash equivalents were almost double the amount recorded in the previous quarter.
Market conditions and outlook for IT security
Whereas renowned IT research companies such as IDC, PAC and Forrester are forecasting fairly flat IT spending, considerable potential is seen for growth in IT services over the next few years despite the current economic conditions.
With its fast-growing IT services business, Integralis is in fact benefiting from the crisis as many companies are outsourcing IT services to harness swift savings. This business model is so far proving to be stable precisely in the face of difficult economic conditions.
As planned, the full annual report for 2008 will be published on 31 March 2009.
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