STOCKHOLM, Sweden, Feb. 4, 2002 (PRIMEZONE) -- HiQ is an IT and management consultancy that focuses on high tech solutions in the fields of communication and simulation technology. The company is a leader in these fields, and the Nordic region is its domestic market. HiQ employs some 450 people at offices in Sweden, Norway, Denmark and Finland. HiQ is listed on the Stockholm Exchange. For more information, please visit www.hiq.se
Year-end release for HiQ International AB (publ.), corporate identity no. 556529-3205, for 2001.
HiQ 2001 - Increases Net Sales by 22 per cent With a Margin of 13.4 per cent
-- Net sales increase to SEK 492.0 (404.9) million, which is
equivalent to a growth of 22 per cent compared to the
previous year.
-- The profit before goodwill (EBITA) is SEK 66.1 (73.1) million,
which is equivalent to a margin before goodwill of 13.4 per cent.
-- The operating profit (EBIT) was SEK 54.3 (66.1) million. The
operating margin is 11.0 per cent.
-- HiQ receives a new order in March from the Swedish Defence
Material Administration (FMV) worth SEK 20 million for the
development of training simulators for JAS 39 Gripen.
-- In April HiQ intensifies its collaboration with Ericsson as a
preferred supplier within research and development. In December
the agreement is expanded to include technical documentation
services.
-- In August HiQ signs a frame agreement with the Swedish National
Post and Telecom Agency (PTS) for all areas of expertise in which
the agency requires consultancy help.
-- HiQ signs a two-year overall frame agreement in November with the
Swedish Agency for Administrative Development.
-- In November HiQ enters into a partnership with Multicom, a
technical documentation consultancy with offices in Malmo and
Stockholm, as well as the UK.
-- In the autumn, HiQ completes negotiations regarding a frame
agreement with Ericsson Mobile Platforms to develop and test
mobile platforms in Lund.
-- During the year frame agreements are signed with such companies as
Saab Automobile, Telenordia, Tele2, 3GIS and Telia.
-- The Board of Directors is to propose an unchanged dividend of SEK
0.50 per share, a total of SEK 22 million, to the AGM.
-- The Board reiterates HiQ's long-term financial goal of an organic
growth of 30 per cent and an operating margin before goodwill of
15 per cent.
Market Development
In the beginning of 2001 the economy was booming, but a downturn in the spring was followed by a recession.
In a recession many customers choose to prioritise short-term profitability and postpone investments. Customers think carefully about which projects to implement, and decisions are centralised, which means that the process of awarding contracts takes more time.
Customers are also more careful about their choice of external suppliers and are enlisting the help of fewer suppliers with whom to work closely. We are receiving more inquiries about outsourcing assignments, and more customers, both existing and new ones, want to discuss larger projects.
The concentration of consultants is too high in certain markets, bearing in mind the current market situation, and there is therefore a degree of downward pressure on prices.
Despite the current situation, HiQ increased its share of the Nordic market during the year, and net sales outside Sweden rose to 20 per cent of the total net sales (15 per cent). We feel that this is due to our strong brand, long-term customer relations and experienced and skilled employees.
All of HiQ's markets showed good growth in 2001, despite the fact that the recession caused restraint in the autumn among customers requiring consultancy services.
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The following files are available for download: www.waymaker.net/bitonline/2002/02/04/20020204BIT00080/bit0001.doc The full Year-end report www.waymaker.net/bitonline/2002/02/04/20020204BIT00080/bit0001.pdf The full Tyar-end report