Oslo, Saturday, January 1, 2000
Stock Exchange Notification
REPORT 1ST QUARTER 2008 - RESULTS ACCORDING TO PLAN
Blom started 2008 with higher than expected revenues and earnings. The company reports operating revenues of NOK 200 million for the 1st quarter, compared with NOK 137 million for the corresponding period last year, and an EBITDA result of NOK 29 million, compared with NOK 17 million for the 1st quarter of 2007.
This corresponds to an EBITDA margin of 14.7% for the period this year, compared with 12.8% for the 1st quarter last year. The comparable figures for 2007 are exclusive of the Scan Subsea business, which was demerged in 2007.
Revenue growth of 46% and an EBITDA improvement of 69% compared with the 1st quarter last year were achieved primarily through organic growth, based on
strong operations in the traditional areas in all countries, at the same time as our investments in databases and navigation started to show good results.
In the 1st quarter the company depreciated NOK 18 million and invested NOK 17 million in databases and advanced technology. NOK 25 million was used to purchase the company`s own shares. The equity ratio has remained stable at 55% since the start of 2008.
The company maintains its strong financial foundation for future growth with cash reserves of NOK 269 million and low net interest-bearing liabilities. The company possesses a high level of competence, unique databases and proprietary applications. The 1st quarter earnings show that the company`s focused efforts to build up unique databases and develop proprietary solutions for navigation and other location-based services for use on the Internet and in handheld mobile units are starting to bear fruit. Blom received strong feedback from the market that the company`s solutions provide a better user experience shortly after they were launched. The market for navigation and location-based services has shown strong growth in recent years, and this growth is expected to continue.
The report can be downloaded here