Wirtek publishes semi-annual report with a positive outlook

Wirtek, a First North company, maintains the expectations for the annual result for the fiscal year 2008 in company’s semi-annual report.

“Wirtek has worked on strengthening the sales efforts, streamlining the organization as well as reducing costs, resulting in a positive EBITDA in the second quarter of 2008. Compared to the first half of 2007 the management is satisfied with the positive development.” it is stated in the semi-annual announcement from the company.

During the first six months of 2008 the company experienced an increase in turnover of 14 percent while the costs were reduced by 22 percent compared to first half-year of 2007. The turnover for fiscal year 2008 is expected to be between 28 and 30 million Danish kroner, a growth of 15 percent to 23 percent. Wirtek anticipates the result before taxes for 2008 to be between -1 and -3 million Danish kroner. The result before taxes for fiscal year 2007, containing 15 months, was a deficit of -14 million Danish kroner.

In the longer run Wirtek expects to maintain a high growth rate, especially through the continuing expansion of company’s outsourcing center in Romania. The Management’s explicit goal is that the initiated activities will result in a considerable long-term positive result.

Further information:

Michael Aaen, Managing Director, WirTek A/S, Tel.: +45 2529 7575
Niels Jernes Vej 10, 9220 Aalborg, Denmark, www.wirtek.com

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.

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