PARIS, March 23 /PRNewswire/ --
- Revenues: + 35%
- EBIT: + 74%
- EBIT rate: 10.2% of Revenues
Emailvision, the global market and technology leader in software as a service (SaaS) for email marketing announces its full year 2008 results.
In Millions of Euros 2008 2007 Growth Backlog as of 31 December 25.40 14.50 + 75% Revenues 21.76 16.20 + 35% Gross margin Rate 71% 68% EBIT 2.22 1.27 + 74% EBIT rate 10.2% 7.9% Earnings before tax 2.10 1.17 + 79% Net income 0.93 0.46 + 102%
Sales growth and international expansion: 2008 revenues grew by 35%
Full year 2008 revenues reached EUR21.8 million, representing 35% growth (41% at constant exchange rates).
Revenues were up throughout the entire financial year, with the 4th quarter up by 24% at EUR6.2 million. During the 4th quarter, Emailvision won 179 new clients.
In 2008, the group continued its international development, opening four new subsidiaries in The United States (New York), Switzerland (Geneva and Zurich), Spain (Barcelona) and the Netherlands (Amsterdam).
Investments in these four new subsidiaries during the second half of 2008 represented a negative impact of about EUR600k on EBIT.
In the second half 2008, Emailvision also strengthened its sales support positions in historic markets including France, United Kingdom, Germany and Belgium.
EBIT growth of 74%, increasing to 10.2% of revenue
The full year 2008 gross margin rate represented 71% of revenues, an increase of 300 basis points over the 2007 financial year.
The effect of increased volume combined with good cost management led to 74% growth in EBIT, up to EUR2.2 million. It should be noted that this figure includes a EUR311k RD tax credit accounted for as an operating grant. In 2007, the RD tax credit was EUR51k and was accounted for as a reduction in tax expense.
Personnel expenses which make up over 50% of operating expenses grew by only 32%, continuing to drop as a percentage of revenue (46.6% in 2008 compared to 47.5% in 2007). The field sales force grew from 29 people at the end of 2007 to 39 at the end of 2008. The average total number of employees grew from 78 in 2007 to 105 in 2008.
To support the growing global demand for advanced e-mail marketing technology services, Emailvision continued to increase investments in RD (EUR1.0 million) and Marketing (EUR1.2 million).
Earnings before interest and tax and net attributable income grew by 79% to EUR2.1 million and 102% to EUR0.9 million respectively.
A sound financial base to support a global expansion strategy
With a net cash position of EUR3.6 million, EUR12.8 million in capital and no debt, Emailvision has a solid financial footing for continuing to implement its international development strategy.
Business Outlook for 2009
The current economic situation constitutes a new growth opportunity for Emailvision: companies are expected to make more use of retention email marketing to increase revenues and profits from existing customers and prospects.
Emailvision begins 2009 with confidence and will accelerate investments in international market share growth, marketing, RD, support and training. The Group plans to open offices in Sweden in order to extend its geographical coverage to Scandinavia.
As a result, the broadening of Emailvision's customer base and the increasing strength of its new international branches should drive strong revenue growth in 2009.
In terms of results, Emailvision expects to be close to break-even in the first half of 2009 due to the increased rate of its business investments. The staffing plan for 2009 calls for the hiring of 100 net new employees, two thirds of which should arrive in the first half of 2009.
Nevertheless, on a full year basis, the Group is expecting growth in profits over 2008.
Next financial announcement: 1st quarter 2009 Revenues on 20 April 2009 after market close
Emailvision is listed on Alternext - ISIN Code: FR0004168045 / MNEMO: ALEMV
Emailvision is the global market and technology leader for email marketing software services (SaaS). The Emailvision flagship product, Campaign Commander(TM), has become the benchmark software service for the e-commerce and publishing industries. With a staff of over 170 and offices in the major global markets, including the United States, the United Kingdom, France, Germany (Hamburg and Munich), Switzerland (Geneva and Zurich), Benelux (Brussels and Amsterdam), Spain and Scandinavia, Emailvision is driving a market share growth strategy in a very fast-growing market.
Contacts: Emailvision, Nick Heys, CEO, Olivier Candau, CFO, Tel: +33(0)1-41-27-27-17, email@example.com; Global Equities, Listing Sponsor, Stéphane Lefèvre-Sauli, Tel.: +33(0)1-44-43-33-00, firstname.lastname@example.org; ACTIFIN, Financial Communication, Jean-Yves Barbara - Emilie Dèbes, Tel.: +33(0)1-56-88-11-11, jybarbara or email@example.com