The implementation of the company’s growth and internationalization strategy is progressing as planned
The expansion of the company’s development centre in Cluj, Romania, is continuing and the first customer projects are in place. The establishment of a sales and project office in Germany is on the way and the possibility of an acquisition is being investigated. The turnover for the first nine months of the fiscal year amounts to DKK 17 million (EUR 2.3 mill.) and the result before tax amounts to DKK 2.2 million (EUR 295,000).
Quarterly statement – third quarter 2006
The company’s third quarter covers the period April 1, 2006 to June 30, 2006. As the company published a detailed and up-to-date business description on 7 June 2006 in connection with the admission of the company’s shares on the First North market place, only a few changes have taken place with regard to the business description since then. Below is the status of a number of important items:
- The implementation of the company’s growth and internationalisation strategy with focus on international sales and outsourcing of software development services to Rumania is progressing as planned.
- The establishment of the development centre in Cluj, Rumania, was an important milestone in the company’s growth and internationalisation strategy. A major expansion of the development centre in Rumania has been initiated and the number of staff members increased from 5 to 15 from the beginning of June to the end of June. The first customer projects to be performed by the development centre are in place and the expansion continues.
- An important element of the company’s growth and internationalisation strategy is the establishment of sales and project offices in selected Western European countries. The company is presently investigating the possibilities for establishing a department in Germany, where the company’s turnover amounts almost to 10 % of total turnover. A company acquisition is an obvious possibility that is being pursued actively.
- As planned, the company has increased its activities with existing clients and has attracted new clients. The turnover of DKK 17 million (EUR 2.3 mill.) achieved during the first nine months of the fiscal year thus meets the expectations. The result before tax of DKK 2.2 million (EUR 295,000) is somewhat higher than the Management’s expectations. The positive deviation is partly due to good cost management and partly to changes in the time schedule for payment of certain costs associated with the implementation of the company’s growth and internationalisation strategy.
The company’s unrevised accounting figures for the period October 1, 2005 to June 30, 2006 are as follows (figures in DKK 000’s):
|
Net turnover |
17,039 |
|
Result of primary operations |
2,046 |
|
Financial items, net |
160 |
|
Result before tax |
2,206 |
|
Total assets |
29,492 |
|
Total equity capital |
25,214 |
The development of the company’s net capital is as follows (figures in DKK 000’s):
|
Net capital as of October 1, 2005 |
5,396 |
|
Dividend payment |
(2,060) |
|
Capital increase, net |
20,150 |
|
Sale of own shares |
75 |
|
Dividend, own shares |
108 |
|
Result for the period |
1,545 |
|
Equity capital as of June 30, 2006 |
25,214 |
Further Information
Michael Aaen, Managing Director, WirTek a/s, Phone: +45 7214 6660
Niels Jernes Vej 10, 9220 Aalborg Ø, Denmark
About Wirtek
Wirtek A/S is a Danish consultancy services company with strong competences in outsourcing of software development product testing services. We provide our customers with flexible services of high quality at competitive prices from our Development and Test Center in Romania. Our competencies include web-based solutions and portals, mobile solutions as well as embedded systems. Wirtek focuses on building long-term customer partnerships and a win-win relation that creates added value for our customers.
