Profit Software’s Strong Growth in 2008
Profit Software is pleased to announce that, despite the turbulent and challenging world economy, the company continued to develop and increase its operations successfully during 2008. Overall, Profit Software managed to increase its turnover by 19 percent although the general economy began to spiral downwards during the second half of the year. Profitability improved also and was at a good level. Profit Software continued its unbroken record of accomplishment with positive results since established 17 years ago.
Profit Software in 2008
• Turnover totalled EUR 10.8 million (EUR 9.1 million), increase of 19 percent
• Operating profit (EBIT) 15 percent (8 percent) of the turnover
• Number of personnel 114, change 10.7 percent
• Strong position in life & pension software business in the Northern Europe
• Market leader in Finland and the Baltic countries
Profit Software’s year-on-year turnover increased by 19% and was EUR 10.8 million. Profit for the Group in the accounting period continued on good level, 15% (EBIT) of the turnover. Because of steady growth in Profit Software’s business operations, the domestic market continued to be strong.
Profit Software revised and implemented its corporate strategies during 2008. In accordance with the revised strategy, operational project methodologies were improved and investments were made in performance improvement and quality assurance. Moreover, increased market investments were made in the Nordic countries and Poland. Preparations during 2008 were initiated for entering the insurance markets in the CEE countries and Russia.
The company continued its strong investments in R&D and particularly in delivering new life and pension business offerings. Additionally Profit Software continued to develop its new generation of the property & casualty product family.
Structural changes within the insurance sector continued in the market. Profit Software actively adapted and supported the move towards the use of software products instead of developing customised solutions and was the first provider in enabling Software-as-a-Service with its partners for insurance companies.
Outlook for the future
Profit Software’s President and CEO, Harry Nyroos stated: “Up until now we have delivered our software to nine countries in Europe. We work in a very demanding environment and our clients have given us the responsibility of supporting their core businesses. The current situation in world markets increased the overall challenge, so we have to make right choices. Based on our solid and long-term experience, coupled with our chosen strategies, we are confident that Profit Software will continue to deliver successful and efficient solutions to our clients now and in the future.”
Profit Software’s aim is to be the leading European insurance software and services products provider in selected life & pension markets along with being a strong competitor in the property & casualty businesses. In accordance with its revised corporate strategy, during 2009 the company will focus on expanding its geographical coverage and competencies.
For further information:
Harry Nyroos, President and CEO, tel. +358 9 681 731, Mobile +358 40 503 0812
