Sirius IT causes positive surprise

After just one year on the Nordic IT market Danish Sirius IT A/S causes positive surprise with an operating profit (EBITDA) of 24 million DKK for the Danish part and 39.6 million DKK on concern level.

Hellerup, 10 April 2008 – Today, the Danish IT company, Sirius IT – with just one year under its belt in the Nordic IT market – can publish its first full annual result ever. And the shareholders are not disappointed. The revenue for the Danish part in 2007 ended on 154,6 million DKK, and EBITDA on 24,0 million DKK.

“We are very satisfied with the result – both in Denmark and on concern level. Especially considering the fact, that in 2007 the company has been in an establishing phase and has used quite a few resources on internal projects such as implementing business systems and a row of new processes within HRM and finances. It is promising for the company, which is growing in spite of a market, that in general experiences some recession”, says managing director Michael Houghton-Larsen, Sirius IT Denmark.

Especially the operating profit (EBITDA) of 39,6 million DKK for the Sirius IT group in total for Denmark, Sweden and Norway is somewhat above the expected level:

”The improvement is particularly due to the increase in new large customers, a higher productivity in general together with a substantial reduction of overhead- and personnel costs. All positive circumstances which we hope to carry on in the financial year 2008”, says CEO Kim Winther Jensen, Sirius IT Holding.

Organic growth in 2008

As a starting point the growth in 2008 shall be organic, and there will be a healthy focus on profitability through a strong financial control and follow-up in all of the concern.

The financial aim for the Sirius IT group for the next three years is, for the turnover to grow with at least 16 per cent, and the EBITDA-margin must be at least 12 per cent.

During its first year as independent companies company the Sirius IT group has been capable of sustaining existing customers. The prime focus for 2008 will be to strengthen sales to new customers, and at the same time develop the existing core customers further.

Furthermore, the Sirius IT group has succeeded to establish itself with development resources in Lithuania in 2007. In 2008 it is a goal to intensify the cooperation with the Lithuanian partner.

The Sirius IT group experiences a large interest from potential employees, and in Denmark alone the company has hired more than 40 new, highly qualified employees in the past year.

”We are especially proud of our newly built and strong HR function, which has contributed to maintain and attract new employees in 2007 – an area which many IT companies struggle with. In 2007 we have made a great effort to build a common culture taking its starting point from our values: Closeness, pro-activity, value creation and enthusiasm. It is our impression that this has contributed to increase employee satisfaction and a strengthened affiliation to the company. In 2008 we will continue to work with the HR area, and the aim is to continue to increase the employee satisfaction and work focused on competence development”, says CEO Kim Winther Jensen, Sirius IT Holding.

Financial accounts for Sirius IT A/S 2007

Sirius IT A/S amount in DKK’000	2007	2006*
Revenue	154,634	26,222
Result of the year	2,640	(473)
EBITDA	24,034	3,4
EBITDA-margin	15%	13%

Financial accounts for the Sirius IT group 2007

Sirius IT group amount in DKK’000	2007	2006*
Revenue	445,538	85,177
Result of the year	9,931	(728)
EBITDA	39,594	5,007
EBITDA-margin	8.9%	5.9%

* The company was established on 20 October 2006, and the activity was acquired on 1 November 2006. The entries of the income statement for 2006 therefore cover two months operation activities alone, whereas the figures for 2007 cover a 12 months period.

For further information, please contact

CEO Kim Winther Jensen

Telephone: +45 40 73 21 93

E-mail: kim.winther.jensen@siriusit.com

Managing director Michael Houghton-Larsen
Telephone: +45 23 23 59 01
E-mail: michael.houghton-larsen@siriusit.com