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Integralis bookings at highest ever levels

Integralis : 15 August, 2008  (Company News)
First half financial indices for Integralis all up with demand being at an unprecedented high for the company’s managed security services
The financial report for the first half of this year for leading IT security services provider Integralis shows an 18.4 percent increase in revenues with operating profit up 51.1 percent and a substantial increase in cash flow from operating activities to Euro2.6m, and the highest order backlog in the Company’ history.

Graham Jones, UK MD at Integralis, says, “Despite worsening of global macroeconomic conditions in the second quarter of 2008, the IT security market remains robust, with the IT services market set to expand by 9.5 percent this year. These results demonstrate the success of our strategic move to invest in and further develop and expand our managed services operation.”

In the second quarter, Integralis continued its successful start to fiscal 2008 unabated. Thus, consolidated revenues climbed by 18.4 percent to Euro 80.4 million in the first half (previous year € 68.0 million) and by 17.1 percent to Euro 41.1 million in the second quarter (previous year Euro 35.1 million).

This increase was achieved despite the strength of the Euro relative to sterling and the US dollar and the fact that the UK and US markets together contributed almost 59 percent to consolidated revenues.

As in the first quarter, non-recurring revenues grew somewhat more quickly than recurring revenues. The scalable recurring sources of revenues, namely Support Services and Managed Security Services (MSS), accounted for just under 39 percent of consolidated revenues. All sources of revenues were up year on year at the end of the first half of 2008.

The Group’s existing core regions recorded sharp gains in revenues in the first half of 2008. Once again, the lion’s share of consolidated revenues came from the United Kingdom and Germany, Austria, and Switzerland (GAS Region). Whereas the United Kingdom generated an increase of almost 25 percent in revenues in the first half of the year to Euro 34.8 million (previous year Euro 27.9 million), the percentage increase in the second quarter was even higher.

The GAS region recorded a 26 percent increase in revenues, contributing Euro 20.2 million (previous year Euro 16.0 million) to consolidated revenues. US business was also encouraging. With revenues up over 19 percent in the second quarter, the figure for the first half of 2008 stood at Euro12.5 million, up 8.5 percent on the previous year (Euro11.6 million).

Jones concludes, “The dampened global economy has not impeded the Integralis journey towards a sustained improvement in profitability. Total order volumes reached their highest level ever in the Group’s history in the first half of 2008, and Integralis UK has recently gained the largest MSS contract ever in its history.”

Leading IT market research institutes such as Gartner remain bullish about the IT services market. Accordingly, despite the economic challenges ahead, the Management Board reaffirms its previous guidance and expects revenue growth of 10 percent in tandem with a 50 percent improvement in EBIT over the previous year for 2008 as a whole.
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