Athens March 12th 2008: SingularLogic is further strengthening its leading position in the Greek Software Applications and IT Services market, with growth significantly ahead of the sector. This is highlighted by the financial results announced today by the SingularLogic group.
Specifically:
-Consolidated Turnover euro 81.9 Mio vs. euro 45.6 Mio of 2006, showing an increase of 79.4%
-Consolidated EBITDA euro 10.05 Mio vs. euro 1.01 of 2006, tenfold growth vs. last year.
-Consolidated EBT increased by euro 8 Mio versus previous year, amounting to euro 3.5 Mio.
-Earnings after tax and minority interests increased by euro 6.5 Mio versus previous year amounting to euro 1.4 Mio.
During 2007 SingularLogic group succeeded in removing restrictions imposed upon its share trading and has been classified in the Large Capitalization category of the ATHEX stock exchange and is included in the General Index of the FTSE/ATHEX.
Commenting on the results, Chairman and CEO Mr. John Karakadas states:
"During 2007, SingularLogic group made a decisive step towards the realization of our strategic goal of being established as the leading Software Vendor and IT Services provider in SE Europe. The significant revenue increase in this first year post restructuring and merger of LogicDIS and Singular, is underpinned by the technological evolution and quality improvements of our software products and software integration services and is a clear outcome of the confidence shown by our customers in SingularLogic. A notable point is that, during 2007 we won 48 new large private sector customers and 5.000 small and medium market customers whilst activating 8.946 new software applications. Moreover, 20 large scale public sector projects were awarded to us and are already in the phase of implementation. The unprecedented improvement of our EBITDA performance reflects the increased penetration of SingularLogic in all market segments it operates, as well as a significant improvement in productivity.
At the start of 2008 we are benefiting from Order Book increased by 50% in comparison to the same period last year, significant technological and innovative improvements of our software applications, and the introduction of new innovative service offerings. Already in the first two months of 2008 we have achieved growth rates three times greater than that of the IT sector while our EBITDA advances even faster.
We also need to point out our strong Balance Sheet with Cash of 32 million which is 6 million higher than our Bank Debt. This strong Cash position in combination with our growing EBITDA allows us to further enhance our operating growth with strategic initiatives which to a very large extend can be self-funded".