P&I Personal & Informatik AG

EANS-News: P&I Personal & Informatik AG
P&I continues positive sales performance

- 9.8 per cent sales growth - EBIT margin of 22.8 per cent

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quarterly report

Subtitle: - 9.8 per cent sales growth - EBIT margin of 22.8 per cent

Wiesbaden (euro adhoc) - P&I Personal & Informatik AG increased overall sales in the first nine months of fiscal 2010/2011 (April 1 to December 31) by 9.8 per cent to 51.8 million euros (previous year: 47.2 million euros) and recorded earnings before tax and interest (EBIT) of 11.8 million euros (previous year: 11.5 million euros). This represents an EBIT margin of 22.8 per cent (previous year: 24.4 per cent). Unplanned extraordinary costs reduced the Company´s earning power during the reporting period. The result before depreciations amounted to 13.5 million euros. P&I Group announces a result of 8.6 million euros after tax (EAT).

"Sales of 18.4 million euros in the third quarter means that P&I has once again exceeded the previous best sales first quarter recorded in the history of the Company and we have realized sales of 51.8 million euros during the first nine month," says Vasilios Triadis, Chairman of the Board of Directors of P&I AG. "The additional sales were spread evenly throughout all of our divisions. Permanent Innovative capacity, rapid reaction to enable us to meet our customer´s new requirements and ensuring the safe fulfilment of these increased demands by providing efficient solutions all combine to produce our strategy for success".

The 10.2 per cent sales growth recorded by our licensing business shows a clear increase when compared to the previous quarters. The Company has now implemented investment projects that were previously stopped due to the poor economic situation prevailing in fiscal 2009/2010. Licence sales amounted to 13.2 million euros (previous year: 11.9 million euros) and this figure represents a 25 per cent share of the Group´s overall sales.

Our service business recorded particularly high increase in sales as compared to the same period in the previous year and sales grew by 10.9 per cent to 17.5 million euros and 34 per cent of our overall P&I Group sales were generated from this business sector alone.

Our software support business also recorded a continuous increase in their sales development, which grew by 1.4 million euros to 19.4 million euros when compared to the previous year. This corresponds to a virtual 38 per cent share of overall sales.

Sales in Germany stood at 40.6 million euros, which means that they grew by 10 per cent when compared to the previous year (36.9 million euros), whereas a 9.0 per cent sales increase to 11.2 million euros recorded by our foreign businesses also boosted our Group sales

The operative result of 11.8 million euros showed a slight increase when compared to the previous year, despite the high growth rate. Unplanned extraordinary legal and consulting costs as well as personnel costs accrued as a result of these costs, which totalled approx. 2.2 million euros, were recorded as a one-off effect and this has reduced the Company´s EBIT growth. This sum also covers the unplanned legal and consulting costs that were incurred by the Company as a result of the disagreements between the members of the Supervisory Board and disagreements between various groups of shareholders. The Company had no choice but to seek legal advice to defend itself against putative Supervisory Board resolutions. It also covers the non-scheduled personnel costs that were incurred as a result of the exercising of special resignation rights by a member of the Board of Directors on September 30, 2010 and the resulting Company payment liabilities.

All in all, P&I can restate its forecasts for fiscal 2010/2011: with sales growth exceeding 5 per cent when compared to the year under review and licensing sales at the same level as the previous year then the Group should realise an EBIT margin equal to the high level recorded during fiscal 2009/2010, after adjusting for the non-operative special charges incurred during the current fiscal year.

end of announcement                               euro adhoc

Further inquiry note:

Andreas Granderath
+49 (0)611 7147-267

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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