P&I Personal & Informatik AG

EANS-News: P&I Personal & Informatik AG
Best half-year ever at P&I

- Two-digit sales growth - 21.4 per cent EBIT margin

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6-month report

Subtitle: - Two-digit sales growth - 21.4 per cent EBIT margin

Wiesbaden (euro adhoc) - P&I Personal & Informatik AG generated an increase in sales as compared to the previous year of 10.5 per cent to 33.4 million euros in the first half-year of fiscal 2010/2011 (April 1, 2010 to September 30, 2010) and consequently recorded the best half-year in the history of P&I. The result before taxes and interest (EBIT) was 7.1 million euros, which corresponds to an EBIT margin of 21.4 per cent that remains at the previous year´s level. Unplanned extraordinary costs reduced the Company´s earning power in the first half-year. The result before depreciations amounted to 8.3 million euros. The P&I Group announces a result of 5.2 million euros after tax (EAT).

"The first quarter was the best in the history of P&I and we have managed to continue this positive development during the second quarter and have therefore realised the best ever half-year recorded by the Company", said Vasilios Triadis, Chairman of the Board of Directors of P&I AG. "Our intuition regarding trends, our sensitivity to the requirements of our customers and our answers in the form of innovative, sustainable solutions combined with the extensive range of services that we provide are the foundations on which our sustained growth is built."

The software licensing business increased by 5 per cent to 8.7 million euros during the first half-year as compared to the same period in the previous year and this corresponds to a 26 per cent share of the Group´s overall sales. Less growth was recorded in the software licensing business when compared to the overall Company growth and this was a direct consequence of the economic crisis, in which investments made by customers were clearly reduced. The latest positive development in the new customer business is also extremely gratifying.

The weak growth in the software licensing business was more than compensated by the huge increase in the consulting business sector, in which sales increased by 15.2 per cent to 10.7 million euros. The consulting business generated 32 per cent of the P&I Group´s overall sales. Revenue of 12.9 million euros was generated in the Maintenance business. This is a year-on-year increase of 1.0 million euros or 8.6 per cent and represents a virtual 39 per cent share of overall Group sales. P&I realised 26 million euros (previous year: 23.9 million euros) worth of our sales domestically. International sales developed positively to 7.4 million euros (previous year: 6.3 million euros).

The operative result of 7.1 million euros remains constant when compared to the previous year, despite the high growth rate. This was due to a one-off cost effect that was incurred that totalled 2.2 million euros. This covered the personnel costs arising as a result of Dr. Voß, a member of the Board of Directors, exercising his special resignation rights on September 30, 2010 and the resulting Company payment liabilities as well as the legal and consultation costs incurred by the Company in conjunction with the disagreements between the members of the Supervisory Board and disagreements between various shareholder groups. The Company had no choice but to seek legal advice to defend itself against putative Supervisory Board resolutions.

All in all, P&I can restate its forecasts for fiscal 2010/2011: Growth in sales compared to last year with an increase in licensing sales of up to 10 per cent should lead to an EBIT margin equal to the high level recorded in fiscal 2009/2010.

end of announcement                               euro adhoc
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Further inquiry note:

Andreas Granderath
+49 (0)611 7147-267
agranderath@pi-ag.com

Branche: Software
ISIN: DE0006913403
WKN: 691340
Index: CDAX, Prime All Share, Technology All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
Original-Content von: P&I Personal & Informatik AG, übermittelt durch news aktuell

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