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Swifter increase in revenues and strong cash flow
In fact, the second quarter saw a return to the record level last attained in the fourth quarter of 2008. At the same time, business was up year on year in all solution segments in the first six months of 2010. At over 23 percent, growth in the consulting, integration and training segment was particularly dynamic. The more than 15 percent increase in cyclical technology sales is a trend indicator pointing to a general recovery in the IT security market.
In the country breakdown, the UK was able to impressively extend its lead with an increase of almost 35 percent to € 39.9 million (previous year € 29.6 million). US business was also up sharply. In fact, at € 22.3 million (previous year € 17.5 million), it exceeded the GAS region for the first time, which posted revenues of € 22.1 million, i.e. spot on the previous year's level. At € 30.0 million (previous year € 28.1 million), the gross margin was up on the previous year; however, the gross margin contracted to 32.1 percent (previous year 34.1 percent) all due to the relatively high proportion of technology sales and the higher sourcing prices on account of the stronger US dollar. Despite the somewhat smaller headcount at the end of the period under review, which dropped to 495 (previous year 520), personnel expenses climbed to € 20.8 million (previous year € 19.2 million) primarily as a result of nonrecurring expenditure in connection with the adjustments implemented in France and the United States. With operating expenses down slightly (€ 8.4 million; previous year 8.5 million), EBITDA widened to € 1.5 million (previous year € 0.9 million).
After amortisation/depreciation expense, which rose slightly to € 1.2 million (previous year € 1.1 million), EBIT came to € 0.3 million (previous year loss at the EBIT level of € 0.2 million). Net finance expense stood at € 0.6 million (previous year 0.0 million). Consequently, a pretax loss of € 0.3 million, unchanged over the previous year, was sustained. Net finance income includes the nonrecurring adjustments of € 0.5 million made in Sweden.
However, a posttax profit of € 0.7 million was recorded (previous year posttax loss of € 0.4 million) due to the mandatory recognition of deferred income tax assets of € 1.0 million in accordance with IFRS.
At € 28 million, the Integralis Group's order backlog was up more than 45 percent on the previous year (€ 19.2 million) at the end of the first half. Although the total contract volume of € 99.0 million was up on the yearago figure of € 96.7 million, it fell short of the absolute record which had been achieved at the end of the first quarter.
Cash flow from operating activities widened substantially to € 4.2 million at the end of the first six months (previous year net cash outflow of € 1.3 million). In the second quarter alone a figure of € 4.5 million was achieved, reversing the net cash outflow of € 0.3 million recorded at the end of the first quarter.
The necessary adjustments made in the individual countries exerted pressure on earnings in the first half of the year. However, as the year unfolds, the cost benefits gained should gradually feed through to improved earnings. Accordingly, management remains confident of achieving revenue growth of around 10 percent in tandem with EBITDA of over € 5 million for 2010 as a whole.
"What is remarkable is that we were able to return to the record Q4/2008 revenues in the second quarter of 2010. However, I consider the quality of these revenues to be all the greater given the seasonality of the IT security market, in which revenues typically rise towards the end of the year," says CEO Georg Magg.
The full interim report on the first half of 2010 can be downloaded from http://www.integralis.us/Q210Results.html.
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