P&I: Profits rise with growth in EBIT margin
Wiesbaden (euro adhoc) -
Operating result at 8 million euros EBIT margin climbs to 27.1 per cent
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finances
With sales reaching 29.4 million euros in the first half of fiscal 2008/2009 (April 1, 2008 to September, 2008), P&I Personal & Informatik AG has attained earnings before interest and taxes (EBIT) of 8 million euros (previous year: 6.7 million euros). The 27.1 per cent EBIT margin places the group well beyond its year-on-year margin of 22.5 per cent. Earnings before depreciation rose from 8.5 million euros to the present 9 million euros. The P&I Group can announce an increase in earnings after tax (EAT), rising from 4.7 million euros to 5.9 million euros.
In the first half of fiscal 2008/2009, sales reached 29.4 million euros, year-on-year a decline of 0.6 million euros. However, in the same period in the previous year, the now-sold-off LOGA/400 business accounted for sales of 2 million euros. Adjusting the sales figures for this, they show a rise of 4.6 per cent.
Licensing sales rose year-on-year by 4.2 million euros to a total of 10.2 million euros. In addition to some large-scale strategic projects in the public administration sector - for example, the local IT service provider in Saxony, GISA, and projects with discount supermarkets in the private sector, the sales figures represent an inflow of numerous new undertakings with new SME customers. The share of total Group sales amounts to 35 per cent.
Sales of 10.3 million euros were attained in maintenance business. Year-on-year, this is a decline of 0.6 million euros or 5.8 per cent, also representing a share of total Group sales of 35 per cent. However, in the previous year, revenues amounting to 1.8 million euros from the sold-off LOGA/400 business were included.
With 8.1 million euros (previous year: 8.6 million euros) P&I attained 28 per cent of its sales in the Consulting/SI business area. The slight decline in service business revenues reflects the new strategic orientation, raising Licensing sales in relation to Consulting.
Despite the sell-off of the LOGA/400 business, domestic sales in Germany rose by 8.2 per cent, reaching 24 million euros (previous year: 22.1 million euros). International sales, as expected, were below the previous year's level with 5.4 million euros (7.9 million euros), showing the impact of licensing sales of a large BPO provider abroad.
Notwithstanding the drop in sales due to the sell-off of the LOGA/40 business, we have been able to raise the operating result in both quarters. The year-on-year rise in EBIT is due to cost savings from the sale of the LOGA/400 business, and also from the absence of a negative one-off effect such as in the previous year, which resulted from the early closure of the SAR scheme following Carlyle's exit as major shareholder. "Our EBIT margin of 27.1 per cent means that we count as one of the most successful concerns in the IT industry. We have a solid balance sheet," affirms P&I CEO Vasilios Triadis, "and I am confident that we can ride out the financial crisis very satisfactorily." He adds "For fiscal 2008/2009 overall, we are aiming to set the EBIT margin at 22 per cent. There are more than 300 people who, with their knowledge, high level of commitment and dedication, make P&I a premium provider of integrated software solutions for human resources management across the board - whether payroll, web-based HR management or time management: Our HR software is cutting edge - both technologically and in terms of its functional features. This is confirmed by over 3,000 customers and leading HR-service providers in the international arena. We are proud of this."
end of announcement euro adhoc
Further inquiry note:
Andreas Granderath
+49 (0)611 7147-267
agranderath@pi-ag.de
Branche: Software
ISIN: DE0006913403
WKN: 691340
Index: CDAX, Prime All Share, Technologie All Share
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