BRAIN FORCE HOLDING AG (Vienna Stock Exchange: BFC, Reuters: BFCG), a leading IT services company operating in Austria, Germany, Italy, the Netherlands, the Czech Republic, Slovakia, and the United States, announces a revenues increase of 9% and an improvement of the operating result (EBIT) by € 1.3 9m in the first quarter of fiscal year 2012/13 (October 1 to December 1, 2012).
In the first three months, Group revenues rose by € 1.75 m to € 21.56 m, with a considerable growth being generated in particular in the already top-selling regions of Germany and Italy. In BRAIN FORCE HOLDING AG’s quarterly report, which was published today, CEO Michael Hofer says that “after revenues could be increased by 7% in the past fiscal year 2011/12, the implemented distribution measures have a positive effect also in the first quarter of the current year”. The financial performance has also developed satisfactorily. The BRAIN FORCE Group’s EBITDA rose from € -0.38 m to € +0.96 m, the BRAIN FORCE Group’s EBIT increased from € -0.91 m to € +0.48 m. Every operating group company generated a positive operating result before depreciation/amortization, interest and tax (EBITDA). “EBIT also showed a consistently encouraging development, except for the Netherlands where a utilization of staff below average still affects the results”, continues Hofer. In the first quarter of the previous year, the restructuring costs of € 0.68 m burdened the Group’s results. A comparison of the operating results (adjusted for restructuring costs) shows an increase in operating EBITDA by € 0.66 m and operating EBIT increased by € 0.71 m.
“It is encouraging that our operating cash flow has picked up by € 1.99 m to € 1.07 m due to an improvement in results and a still consistent working capital management”, CFO Hannes Griesser highlights the positive development. Since the free cash flow reached € 0.78 m in the first three months, net debt could be reduced to € 5.20 m and liquid funds rose to € 7.02 m.
In total, the BRAIN FORCE Group generated a profit before tax of € +0.10 m compared to € -1.73 m in the previous year. The profit after tax (including non-controlling interests) amounted to € +0.07 m compared to a negative result of € -1.56 m in the first quarter of the previous year.
The Group focus in fiscal year 2012/13 is on operational growth with regard to revenues and operating results. “The figures presented for the first quarter show a revenue increase of 9% and an increase of the BRAIN FORCE Group’s EBIT by € 1.38 m to € 0.48 m and, thus, confirm our expectations. We will do everything in our power to continue this positive development also in the upcoming quarters with ongoing intensive market cultivation”, concludes Michael Hofer.
|operating EBITDA 1)||€ million||0.96||0.30||>100|
|operating EBIT 1)||€ million||
|Result before tax||€ million||0.10||-1.73||>100|
|Result after tax||€ million||0.07||-1.56||>100|
Balance sheet data
|Net debt||€ million||5.20||5.98||-13|
1) adjusted for restructuring costs