Visma delivers strong profitable growth with solutions in the Cloud

11.7.2012

Visma maintains the solid growth rate and did almost reach revenue of 1,5 billion NOK, according to the number of the 2nd quarterly report 2012. Visma continues to grow organically with the strongest growth materializing in software and SaaS (Software as a Service) related revenues. The SaaS related revenue increased by 26% during the second quarter, and the growth will most likely continue. During the second half Visma will launch Visma.net – a ground-breaking business solution in the Cloud.

In the second quarter 2012, Visma delivered revenue of NOK 1 433 million, compared with NOK1 232 million during the same period last year. This resulted in a revenue increase of 16,4 percent. The EBITDA came in at NOK 256 million, compared with NOK 183 million in the second quarter 2011, representing an increase of 40,2 percent. It is the strongest profit growth in EBITDA for Visma since before the financial crisis, measured both in actual and percentage increases. Visma has not delivered higher EBITDA growth since 4 quarter of 2007. Net cash flow from operations after tax at the end of the first half of 2012 was NOK 690 million compared with NOK 498 million first half of 2011, representing an increase of 38,6 percentage.

Acquisition activity
Visma continues its strategy of expanding the business within the Nordic countries and in the Netherlands, and continues to expand within the existing lines of business. This quarter Visma has completed the acquisition of Agda Lön AB, the market leader in the Swedish private sector in the field of payroll and HRM software. Visma also agreed to acquire the Norwegian ERP software provider, DI Systemer AS. The acquisition of DI Systemer represents further product and services portfolio for the SME market in Norway.

“The combination of goal-oriented acquisitions and an extension of already existing products and services is a good strategy for growth. This is beneficial both for Visma and our customers,” says Øystein Moan, CEO of Visma. 

Growth despite financial turmoil
Continued uncertainty surrounding the debt situation in the Eurozone has a negative impact on some parts of Visma's business areas, including Denmark and the Netherlands, while the Swedish and Norwegian markets still show economic strength. In light of the prevailing macro-economic outlook is still likely to expect a weaker trend in most European markets, which probably also indirectly influence the economic climate in Sweden and Norway.

“Europe is still facing major economic challenges and as a result, we see somewhat slower growth in some of Visma's business areas”, says Øystein Moan.

Demand for Cloud solutions
Visma is experiencing a continuous demand for SaaS/On-Demand services, and the growth in SaaS revenue was 26 percent in the second quarter 2012 compared to Q2 2011. The SaaS revenue in Visma continues to be higher than new On-Premise software license sale.

“The market and Visma are in a transition phase from On-Premises software to Cloud solutions and Visma will, during the second half of 2012, launch several ground-breaking Cloud services. Visma.net will be our flagship. This is a pure cloud based business solution suitable for the SME-market.  In addition to the natural accessibility and user-friendliness of this business solution, Visma.net is fast and efficient to satisfy the most demanding professional users. As such, Visma.net is probably the fastest and most scalable Cloud based business solution that is ever launched,” says Øystein Moan. 

 
2nd Quarter 
2012
2nd Quarter 
2011
Growth
Revenue  1433 1232  16,4%
EBITDA  256 183  40,2%
EBIT  174 115  50,4%
Profit before tax  122 77  58,0 %

All fgures in NOK million

For more information, please contact:
Øystein Moan, CEO of Visma, +47 920 80 000