IMPROVED RESULTS The company's focus and resources during the quarter have been aimed at maintaining and developing the company's profitable operations further. In addition, the company has focused on the development of a sustainable business model by exploiting its existing expertise in new business areas. Blom entered into an agreement to build a new European map data set during the quarter. The agreement has an initial value of up to NOK 30 million, but it is expected to increase significantly if the project is carried out as planned. This agreement confirms the company's position as a strong expertise and resource centre for large complex jobs. The agreement will give us rights linked to the database, which may offer future earning opportunities. The company reported revenues of NOK 71 million in the 2nd quarter, compared with NOK 69 million for the same quarter in 2013. EBITDA for the quarter was NOK 5 million, compared with NOK 3 million for the corresponding quarter in 2013. This corresponds to an EBITDA margin of 6.7 per cent, compared with 4.5 per cent in the 2nd quarter of 2013. The pre-tax profit was NOK 2 million, compared with a pre-tax loss of NOK -7 million for the corresponding quarter in 2013. Revenues for the 1st half year totalled NOK 113 million, compared with NOK 105 million for the same period in 2013. EBITDA for the 1st half year was NOK -1 million, compared with NOK -4 million for the corresponding period in 2013. This corresponds to an EBITDA margin of -0.8 per cent, compared with -3.3 per cent for the 1st half of 2013. The operating loss for the 1st half year was NOK -5 million, compared with NOK -19 million for the same period in 2013. The company's principal operations are focused now on the Nordic region, where the company has had a strong market position over time. A stronger concentration of the resources combined with a more concentrated focus on special products and customer segments is expected to give more predictable earnings and better margins over time. The challenging macroeconomic conditions in Iberia continue. In 2014, the company has scaled down its operations further through the sale and liquidation of its subsidiaries. The operations linked to the company's database technology will still be managed by a Spanish subsidiary. In the future, the company will focus on increasing sales and measures to develop business opportunities in markets where the company's competence can be exposed to a better risk and earnings profile. The company will also assess new development and business opportunities in which we can exploit the company's expertise to improve the results through various forms of partnership. The company will also continue its work to adapt its structure, cost base and product portfolio. The company has a satisfactory balance sheet. The company's equity ratio is 41 per cent, and the current ratio has improved. For further information please contact the CEO, Dirk Blaauw, on tel. +47 22 13 19 23.
Attachments
Blom Report Q2 2014