WKN: A2G8X3 ISIN: DE000A2G8X31 Serviceware
DGAP-News: Serviceware SE / Key word(s): Half Year Results
Serviceware reports a significant disproportionate increase in the adjusted EBITDA for the first half-year 2018/2019
- Sales revenues plus 21.3%
- Adjusted EBITDA plus 27.0% and adjusted EBIT plus 26.2%
- Strategic growth strategy is successful
- Full-year forecast is confirmed in all respects
Bad Camberg, 26 July 2019. Serviceware SE ("Serviceware", ISIN DE000A2G8X31) has recorded a significant disproportionate increase in the adjusted EBITDA and the adjusted EBIT with rising sales revenues during the first half-year 2018/2019 (1 December to 31 May) and has, above all, reached its strategic growth objectives. Sales revenues for the reporting period increased by 21.3% to EUR 32.8 million after EUR 27.0 million during the prior year period. The EBITDA, adjusted for the expenditure involved in the programme for the acceleration of future growth, rose by 27.0% to EUR 4.1 million after EUR 3.2 million during the prior year period. The adjusted EBIT increased by 26.2% from EUR 3.1 million to EUR 3.9 million. The subsidiary SABIO, taken over last year under strategic aspects, has made for the first time a slightly positive contribution to the consolidated result during the reporting period after two years in deficit.
Programme for the acceleration of growth on schedule
For the achievement of its long-term growth objectives Serviceware has implemented with the funds from the 2018 IPO, as is known, a programme for the acceleration of future growth. During the first half-year 2018/2019 a total of EUR 2.7 million was invested as planned on the EBITDA level and recognised as expense. This sum included investments in internationalisation, temporary integration costs within the framework of inorganic growth and the orientation towards a strategic key account business as well as other costs and amortisations related to acquisitions. The non-adjusted EBITDA, taking into account these expenses, amounted to EUR 1.4 million after EUR 2.3 million a year before and the EBIT was at EUR 0.9 million after EUR 2.2 million during the prior year period. The growth driver for sales revenues was Software as a Service (SaaS), which amounted to EUR 12.5 million and was 70.0% above the prior year level.
On a Group level, 82 new customers were gained during the first half-year 2018/2019, a development which was also supported by the knowledge management specialist SABIO, with a double digit number of new customers, including a large European universal bank. Furthermore, it has been possible to leverage cross-selling potentials between the individual modules of the integrated Enterprise Service Management (ESM) platform of Serviceware amongst the customers. The integration of SABIO into the Serviceware Group was almost completed during the reporting period. At the same time the headcount expansion and the internationalisation of Serviceware continued to be pushed. In Great Britain, the current target headcount was reached within three quarters after the market entry. In Sweden, the Netherlands and Spain Serviceware has likewise continued its international expansion and approaches customers with increasing intensity. Serviceware assumes that the activities can be increasingly transformed into economic success during the coming quarters. On a Group level, the headcount rose as at the last day of the half-year to 408 after 293 employees a year before.
The revamping of our brand presence, through which the one-stop shop positioning of Serviceware becomes even more visible for customers, has made good progress. The roll-out has started and first feedback from the market has been positive. Consequently, Serviceware assumes that the brand presence and strategy will provide a highly effective support in sales and at the competitive differentiation.
Extension of the Integrated ESM Platform through the acquisition of cubus AG
The further extension of the ESM platform and the inorganic growth have been expedited by Serviceware through the takeover of cubus AG. The additional Corporate Performance Management / Business Intelligence module of the platform was acquired following a structured process through an extensive market screening in the first half-year immediately after the end of the reporting period. In the meantime the synchronisation of sales activities, the launch of technical integration and the leveraging of synergies have begun. First joint customer appointments have already taken place; the first system integration has been completed successfully and potential cost savings will probably already be possible during the second half-year 2019.
Continuation of profitable growth during the full year
Based on the positive first half-year, the ongoing dynamic market development and the further improved own market position, Serviceware continues to forecast a total rise in sales revenues of at least 15 to 30% for the full fiscal year. As far as the unadjusted result is concerned, a moderate increase is to be achieved versus the prior period for the full year, despite the current high- expenditure expansion phase.
The interim financial report 2018/2019 is available for downloading on www.serviceware.se in the Investor Relations section.
About Serviceware SE
26.07.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|65520 Bad Camberg|
|Phone:||+49 6434 930 76-0|
|Fax:||+49 6434 930 76-300|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange|
|EQS News ID:||847277|
|End of News||DGAP News Service|
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