• Staff&Line announces sales figures for the first half of 2008
St. Albans, UK, 2nd October 2008 – Staff&Line, a major European IT Management player, today published its consolidated financial statements for the first half of 2008.
€m H1 2008 H1 2007
Sales 5.79 5.03
Operating profit (loss) (0.47) (1.70)
Net financial profit (loss) (0.06) (0.02)
Net exceptional profit (loss) (0.01) (0.03)
Tax (including deferred tax liabilities) - (0.01)
Goodwill provision (0.13) (0.13)
Net profit (loss) (0.67) (1.89)
In the first half of 2008, traditionally affected by negative seasonality, Staff&Line posted sales of €5.79 million, up 15.1 per cent from the same period in FY2007.
The core software publication business recorded more than 32 per cent growth to €5.30 million. In line with the group's strategy, management continued to withdraw from the non-strategic services business (down 52 per cent).
During the first six months of the year, operating income broke even for the first time in France. The consolidated operating loss came to €0.47 million, an improvement of more than 72 per cent. The first-half loss was €0.67 million, down from a loss of €1.89 million during the first half of 2007, owing to lower operating charges.
The financial structure remained sound with equity of €5.64 million as at the end of June and token debt. The cash flow came to €1.28 million, up from €0.77 million on 31 December 2007.
CONTINUATION OF OPTIMISATION STRATEGY
In the first half, management continued the optimisation strategy to reduce charges and to raise profit margins. The French arm of the business continued to cut back subcontracting services. Management maintained the target of €1 million in savings on a 12-month basis.
As part of the ongoing strategy to withdraw entirely from services, the last employees of the service business in Southern Europe were laid off in the third quarter of 2008, generating non-recurrent expenses which will be charged to the second half. Staff&Line will therefore have the Business Model of a pure publishing player from the start of 2009. This will allow management to rally the teams behind one common strategy.
Staff&Line's activity has not yet been affected by the economic slowdown. With businesses focusing on rationalisation and cost cutting measures, management expects future growth to be driven by the efficiencies made possible by its products. The second half is traditionally better than the first and likely to generate good sales and margins.
The recently launched EasyVista Outsourcers product line for IT facilities managers will be fully operational in 2009, creating a new growth path for the group. Available in SaaS mode (Software as a Service), it provides IT facilities managers with a new consumption-based billing method without front-end subscription fees and can be expected to boost the group's recurrent sales and profit margins.
INFORMATION ON OWNERSHIP STRUCTURE
The managers increased their share in Staff&Line's capital after Société Générale Asset Management (SGAM) divested its stake on 30 July 2008. SGAM's 11.3 per cent interest in the capital was bought by FINATEC, a société civile patrimoniale (civil property holding company) in which Sylvain Gauthier, Chairman and CEO, and Jamal Labed, General Manager, hold interests, demonstrating the founders' confidence in the company's future.
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Publication of Q3 sales on 22 October 2008 after trading hours.
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Since its creation in 1988. the company has positioned itself as a specialist in the IT management market. The company offers a range of software packages. EasyVista. designed for organisations of all sizes and covering the whole life-cycle of IT assets: Incident Management, Problem Management, Event Management, Change Management, Release Management, Availability Management, Service Continuity Management and Service Level Management, Inventory Management and Configuration Management, automated inventory and user portal.EasyVista is certified ITIL® compatible by PinkElephant. With operations in France. the UK. Italy. Spain. Portugal and USA. Staff&Line boasts over 3.300 clients in the banking. insurance. industrial. office. public administration. IT outsourcing and advisory sectors. Staff&Line is a founding member of itSMF. Staff&Line is listed on the Paris Stock Exchange (Alternext).
For more information www.staffandline.fr
For further information:
C8 Consulting Ltd for Staff&Line
+44 (0) 7894 339645 / +44 (0) 118 9001132
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