Exact Holding N.V. (“Exact” ) is off to a solid start of the year 2013. Total revenue declined as the impact of the restructuring from 2012 was clearly felt, and market circumstances remain challenging. Our cloud business showed a healthy growth and the international roll-out is on schedule.
- Reported revenue € 52.2 million, compared to € 54.0 million over Q1 2012 (decline of 3.4%, or 3.2% on an operational1 basis). Adjusted for the divestiture of Orisoft, revenue declined 2.6% on a reported basis.
- Turnaround completed, execution of new strategy in progress. Business Solutions revenue decreased in line with expectations due to significant restructuring in Q3 2012. Cloud Solutions continued strong growth. Specialized Solutions experienced a difficult quarter.
- Cloud Solutions continued to grow Annualized Recurring Revenue for Exact Online with over 40% to € 18.7 million.
- EBITDA increased by 11.1% to € 12.9 million from € 11.6 million in Q1 of 2012 as savings accomplished by last year’s restructuring now materialize; expenditures expected to ramp-up in the course of 2013.
Business highlights
Market circumstances remain difficult as we experience continued postponement of investment decisions by customers across most of our markets. Total revenue suffered as a result, showing an overall negative development. However, we clearly saw a positive development within cloud solutions, our main growth area for the coming years.
After the restructuring and integration of the Benelux and International organizations last year, the new organizational structure of Exact is operational. The adjustment of our cost structure has resulted in the expected cost savings, which will be reinvested in our future growth. Expenditures are expected to ramp up leading to an increase>>
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