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PIRONET NDH shows improved profitabilityCologne, )
At the same time as this turnaround, earnings also showed an improvement in quality. While internally produced and capitalised assets still lay at around EUR 2.9 m during the same period last year, during the period under review they were cut by 41% to EUR 1.7 m. This, combined with cutbacks in investment (by -58% to EUR 3.0 m), generated free cash flow. On balance, net liquid assets increased considerably, from EUR 12.0 m at the end of 2009 to EUR 13.7 m on 30 June 2010.
The decision to set up PIRONET NDH as a holding company has proven to be wellfounded and precedentsetting. The five independent units act as standalone brands with the corresponding commercial freedoms required to take advantage of any opportunities for growth that appear on the market. In this respect, there has been some activity in the first six months of the current financial year, especially as regards acquiring new customers and generating new business, with some noteworthy deals being made, particularly in the fields of ITK Outsourcing and Consulting & Design.
In summary, while PIRONET NDH is moving in the right direction, more work needs to be put into software sales. The board is not satisfied with what has been achieved in this field in the first half of the year, although discussions, negotiations and projects with our customers leave us feeling confident that considerable advances will be made as the year progresses.
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