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ReadSoft: Interim Report January-March 2014

Very strong license growth

· License revenue for January-March increased with 27 percent to SEK
53.4 (42.0) million

· Sales for January-March increased with 9 percent to SEK 176.8
(162.6) million

· Operating profit EBITDA for January-March was SEK -9.3 (-17.6)

· Earnings per share after tax for January-March were SEK -0.39

· Cash-flow from operating activities for the period was SEK 54.2
(30.4) million

CEO comment:
Very strong license growth
"ReadSoft continues to take steps in the right direction and we are
following up the strong fourth quarter with a first quarter showing
growth and improved margins. Our total sales grew 8 percent, adjusted
for currency effects, compared to the corresponding period last year.
It is gratifying to see that the vital license sales is very strong
and that it increased by 27 percent in constant currencies compared
with the same period last year. Our cash flow from operating
activities continues to be very strong.

All our regions have performed well and the growth we had during the
first quarter is not based on any single major deal. We are already
seeing positive results from the change we made in the fourth quarter
of the sales organization for XBOUND. XBOUND had good growth in the
quarter and we have closed a number of new deals in markets where we
previously did not have any XBOUND sales, such as in Australia. The
Invoice Portal, our e-invoicing solution, has also contributed with
good growth and it is satisfying to note that we in a good way have
been able to exploit the upselling opportunities that our existing
customers represent.

The work on increasing our recurring revenues continues to develop
positively. The recurring revenues increased by 14 percent during the
quarter compared with the same period last year and represented more
than 50 percent of our total sales. On a rolling 12 months basis the
recurring revenues increased by 13 percent and accounted for
approximately 47 percent of total sales. The positive development of
the recurring revenues is very important for our future revenue mix.

Our EBITDA result and our margins have taken clear steps in the right
direction. Corresponding period last year we experienced a decrease
in our consulting revenues, which affected our results and prompted
some actions. These actions have led to a streamlined organization
and to fewer consultants this quarter compared to last year, but we
still report an improved result. A gradual change in the reporting of
our revenues from our support and maintenance agreements has affected
this quarter's result negatively compared to first quarter last year.
This effect means no lost revenue but only a time delay in the
reporting of these revenues.

During the first quarter our markets in Germany, USA, France, Spain
and Sweden have shown the way with good growth and profitability. On
the product side of the business we presented, at the global
conference Convergence 2014 in Atlanta, USA, that our invoice
automation solution now is available to all Microsoft Dynamics users,
regardless of which platform they use. We also launched and presented
the latest version of our invoice automation solution for Oracle,
PROCESSIT (7.3.1), at the international conference COLLABORATE 14 in
Las Vegas, USA.

We have improved our result and margins during the quarter and we will
continue to work for growth and to prioritize improving our profit
margin. We have strong license growth which guarantees further
revenue for our organization, our recurring revenues continue to grow
and our growth areas develop positively. This shows that ReadSoft is
well positioned for the future and we are optimistic about our
potential for continued good development."

Per Åkerberg
President and CEO
Read the entire report in the attached PDF.
Invitation to telephone conference / audiocast for the presentation of
ReadSoft's Interim Report for January-March 2014

On Tuesday, April 29, 2014, at 9:30 CET, are analysts, investors,
media and other interested parties invited to attend a telephone
conference where ReadSoft's President and CEO Per Åkerberg will
comment on the published report and answer questions. The
presentation will be held in English.

Link to webcast: click here (
Day and time: Tuesday, April 29, 2014 at 09.30 CET
Phone number: +46 8 519 99351 alt. +44 20 7660 2078
You can also access the presentation via our website

This is information of the type that ReadSoft AB (publ) is obligated
to disclose in accordance with the Swedish Securities Markets Act
and/or the Financial Instruments Trading Act. The information was
submitted for publication on April 28, 2014 at 13:45 CET.

For additional information please contact:
Per Åkerberg, President and CEO
Phone+46 42 490 21 00
Johan Holmqvist, Vice President Corporate Communications
Phone: +46 42-490 21 98 or +46 708-37 66 77
Jan Bertilsson, CFO
Phone: +46 42-490 21 43 or +46 708-37 66 16

About ReadSoft
ReadSoft is a leading global provider of applications for automating
business processes in the cloud
on premise. ReadSoft is by far the world's number one choice for
invoice processing automation
especially into business systems from SAP
( and Oracle
( ReadSoft's
software enables companies to automate document processes such as
accounts payable processing
and mailroom automation
Since the start in 1991, ReadSoft has grown to a worldwide group with
operations in 17 countries on six continents and a network of local
and global partners. The head office is located in Helsingborg,
Sweden, and the ReadSoft share is traded on the NASDAQ OMX
Stockholm's Small Cap list. For more information about ReadSoft,
please visit


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