BTS Group AB (publ) - Interim report January 1 - June 30, 2009
Uneven performance development; stronger position in a weak market
- Net turnover increased by 6 percent during the first half year and amounted to MSEK 286.6 (270.5). Adjusted for changes in exchange rates, growth was -14 percent.
- Operating profit before amortization of intangible assets (EBITA) decreased by 16 percent to MSEK 34.4 (41.1).
- Profit before tax for the first half year decreased by 19 percent and amounted to MSEK 28.4 (35.1).
- Profit after tax for the first half year decreased by 21 percent and amounted to MSEK 18.6 (23.6).
- Earnings per share decreased by 21 percent to SEK 1.03 (1.31)
The second quarter 2009
- Net turnover increased slightly during the second quarter and amounted to MSEK 149.2 (148.2). Adjusted for changes in exchange rates, growth was -19 percent.
- Operating profit before amortization of intangible assets (EBITA) decreased by 27 percent to MSEK 20.3 (27.6).
- Profit after tax decreased by 32 percent to MSEK 11.4 (16.9).
- Earnings per share decreased by 32 percent to SEK 0.63 (0.93)
Summary of the first half year
- Demand for training and consultancy services weakened during the first half year compared to the previous year. Demand for BTS' services has been better than the market as a whole, apart from APG which continued to develop negatively during the first quarter. More positive trends were noted on the US market during the second quarter, whereas the market in Europe continued to develop negatively.
- Earnings were positively affected by improved performance in BTS North America, BTS Other markets, parts of BTS Europe and changes in exchange rates. The result has been significantly affected negatively by the performance decreases in two offices in BTS Europe.
- New clients secured during the first half year included Burger King, Deloitte, DSM, Huhtamaki, HSBC, Indra, LRF, McDonalds, MetLife, Munters, SingTel, Sodexo, Vestas and Woolworths Ltd.