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Oslo, November 11, 2008: Bouvet had operating revenues of NOK 124.9 million in the third quarter 2008, compared with NOK 97.9 million in the third quarter last year. This represents a growth of 27.5 per cent. Operating profit (EBIT) in the quarter increased 82.6 per cent to NOK 11.5 million compared with the third quarter last year.
For the first nine months, Bouvet can report a revenue growth of 33.1 per cent compared with the same period of 2007, to NOK 409.3 million. The increase in revenues in both the third quarter and for the first nine months is in line with the Group's expectations and the group has so far not been affected by the financial turmoil.
The revenue growth is a result of increased revenues from existing customers as well as new contracts signed in the quarter. Revenues from existing customers were NOK 106.3 million of total revenues for the period, while new customers accounted for NOK 18.6 million. In addition, revenues are positively affected by two more workdays in the third quarter 2008 compared to the same period last year.
- We are very pleased with the development in the quarter. We have always focused on establishing and maintaining long term relationships with our customers.These relations create solidity and predictability for Bouvet. In fact, more than 50 per cent of our customer portfolio, measured in revenues, are customers which we have worked with for more than seven years. We even have customer relations which go back more than 20 years. This gives us reason to be proud, says Sverre Hurum, president and CEO of Bouvet ASA.
Bouvet's operating costs, including depreciation and amortisation, were NOK 113.3 million for the third quarter, up from NOK 91.6 million in the same period of 2007. That represents a growth of 23.7 per cent. This is the sixth quarter when Bouvet has been able to report faster growth in revenues than in costs. This means that gross earnings are rising in both percentage and monetary terms. The increase in operating costs continued to relate particularly to growth in payroll expenses and in other operating costs because the average number of employees increased during the period. Costs increased by 29.3 per cent for the first nine months, while revenues were up 33.1 per cent.
Operating profit (EBIT) for the third quarter came to NOK 11.5 million, compared with NOK 6.3 million in the same period of 2007. This represents an increase of 82.6 per cent. The EBIT margin improved to 9.2 per cent, compared with 6.5 per cent in the same period of last year. EBIT for the first nine months grew by 70.5 per cent to NOK 48.8 million, while the operating margin increased by 2.6 percentage points to 11.9 per cent.
Net profit came to NOK 9.7 million for the third quarter, up by 76.5 per cent from NOK 5.5 million in the same period of 2007, and improved by 71.7 per cent from the first nine months of last year to NOK 38.9 million for January-September.
Earnings per share for Bouvet were NOK 0.97 for the quarter, compared with NOK 0.54 in the same period of last year. That represents an increase of 79.4 per cent.
For more information, please contact: Sverre Hurum, CEO Bouvet ASA, Tlf. +47 913 50 047 Ane Gjennestad, CCO Bouvet ASA, Tlf. +47 905 56 077
About Bouvet ASA: Bouvet ASA is a Scandinavian provider of consultancy and development services within information technology. The company had by the end of the third quarter 455 employees at eight locations in Norway, and provides an integrated service spectrum which comprises services within portals, custom application development, system integration, application management, SAP, Business Intelligence and education & training. Companies like StatoilHydro, ICA Ahold, Statkraft, Avinor, the Norwegian Cancer Society, the Norwegian National Collection Agency and the Norwegian Directorate for Education and Training are among the customers. Bouvet is listed on Oslo Axess with the ticker symbol 'BOUVET'.
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