AUTONOMOUS REVENUE GROWTH AND STABLE RESULTS
DIVESTMENT GERMAN ACTIVITIES, FOCUS ON GROWTH AND STRATEGY EXECUTION
Key developments:
- Revenue in H1 2014 up 7.3% at € 32.4 million, as a result of more licence sales and more direct employees in the Netherlands.
- H1 2014 result from continuing operations in line with H1 2013 at € 2.3 million.
- On 11 August ICT announced the divestment of its German activities to ALTEN.
- Partnership with LogicNets strengthened through a broadened exclusive distribution agreement for Western-Europe and the acquisition of a 20% strategic stake by ICT
Key figures (*)
(*) In conformity with IFRS 11, effective 1 January 2014, InTraffic (as a joint venture) is no longer consolidated in the statement of comprehensive income in revenue, costs and EBIT but is presented as a single line item in the consolidated statement of comprehensive income under financial income. The 2013 figures have been accordingly restated for comparison purposes.
In conformity with IFRS 5, ICT Germany classifies as “Discontinued operations” following the decision to divest the operations and is presented as a separate line item in the income statement, being the total loss post tax of the German operations for the period as ‘result from discontinued operations
(**) Based on the average number of outstanding ordinary shares.
Jos Blejie, CEO of ICT Automatisering N.V.: “Our focus has been on the execution of our strategy. We have taken additional steps to get our house in order of which the sale of our German based activities is the most significant. We are creating a stable platform from which we can roll out our strategy and can grow the business on a sustainable basis. We did succeed in realizing autonomous growth in the Netherlands and were able to keep profitability at the same level as in the first half of 2013 despite the considerable outlays on marketing and sales and on the recruitment of young professionals. The strategic stake we intend to take in our partner LogicNets will create attractive commercial opportunities in Western Europe. In the foreseeable future we will remain focused on the further execution of our strategy, combining autonomous growth and growth through strategic acquisitions. We reiterate our outlook that we expect to improve profitability in the year 2014 compared with 2013.”
*** Please find attached the full and original pdf version of the press release. ***