Exact Software is a global solutions provider, serving the needs of companies across the world with their business software products.
In the first quarter of 2010, Exact Holding N.V. (‘Exact’) experienced a stabilisation of revenues in the Netherlands and Americas regions whilst market conditions in the EMEA and APAC regions continued to be challenging, reflected in revenues for this period.
Due to the cost saving measures executed in 2009 as well as management’s ongoing focus on profitability and cash flow, the revenue shortfall was completely offset by lower costs resulting in a slightly higher EBITDA on a group level.
Total revenue in the first quarter amounted to € 52.9 million, reflecting a decrease of 7.1%.
Organic license revenue in the Netherlands and Americas regions in the first quarter 2010 was almost flat compared to Q1 2009, while license revenues in EMEA and APAC did not show a similar trend.
Maintenance revenues across all regions showed a slight improvement, despite lesser new license sales, reflecting higher retention rates.
With lesser new licenses sold in the previous quarters, service revenues across all regions remained relatively soft.
The cost saving measures executed in 2009 worked through in the first quarter of 2010 and compensated the revenue decline completely.
The EBITDA amounted to € 11.2 million, an increase of 1.2% compared with Q1 2009.
The cash position increased to € 68.2 million, an increase of 3.7% compared with Q1 2009.
Exact Online continued to grow with approximately 40% growth in the Netherlands and Belgium compared to Q1 2009.
The total number of customers of Exact Online in the Netherlands exceeded 12,500 in addition to 1,600 in Belgium.
Management believes that the effect of the global economic downturn has reached its bottom and that the recovery of the economy will be gradual over the next 18 to 24 months.
For the rest of 2010, Exact’s ambitions and plans are geared towards top line development and profitable growth, but until an improvement of the current economic situation results in structural revenue growth, the main focus remains profitability and cash flow.
Exact. And it all comes together.
With approximately 2,200 employees in 40 countries, Exact serves over 100,000 local and international companies in more than 125 countries and provide their business software solutions in more than 40 languages. The information technology company has been listed on the NYSE Euronext Amsterdam since June 1999 and their revenues amounted to € 232.5 million in 2009.