Interim report as of 30 September 2010 – SimCorp A/S
Nov 16, 2010 - Announcement
SimCorp’s business growth for the first nine months of the year was lower than projected. At EUR 123.5m, 9M revenue was unchanged from the year-earlier period. After increased costs of expanding sales and distribution activities and non-recurring costs, 9M EBIT was EUR 9.4m against EUR 18.6m in the year-earlier period.
SimCorp has on this background revised its projections for revenue growth and overall business growth for 2010. Based on the prevailing exchange rates SimCorp projects revenue growth in terms of EUR of 5% to 10%, against previously around 10% and overall business growth of around 10%.The projections are based on the assumption that the prevailing exchange rates for SimCorp’s key currencies to EUR as of 15 November stays at the same level for the remainder of 2010, which compared with the exchange rates for 2009 has had a positive impact on SimCorp’s projected overall revenue. It should furthermore be noted that growth is in part based on new licence orders being won in 2010, which is subject to some uncertainty in respect of timing and recognition in the income statement. As costs are not fully affected by changes in revenue, the EBIT margin might vary significantly, but is expected to be between 20% and 22%, against previously around 22%.
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