COPENHAGEN, Denmark, Aug. 23, 2006 (PRIMEZONE) -- Today, Maconomy's Board of Directors has discussed and approved the Group's interim report for the 1st Half of 2006.
Summary
Today, Maconomy's Board of Directors has discussed and approved the Group's interim report for the 1st Half of 2006. Highlights of the period include:
With total revenue of DKK 46.2 million, the 2nd Quarter of 2006 gave Maconomy the highest revenue of any quarter since the 1st Quarter of 2002. Revenue for the 1st half of 2006 was DKK 86.2 million and is also at the highest level since 2001. Compared to the 1st half of 2005, the first six months of 2006 showed 34% growth.
The pre-tax earnings for the 2nd Quarter of 2006 was a loss of DKK 0.9 million compared to a pre-tax loss of DKK 7.3 million in the 2nd Quarter of 2005. The pre-tax loss at the 1st half of 2006 was DKK 6.7 million compared to a loss of DKK 20.6 million in the 1st half of 2005. This was, however, affected by one-off costs of DKK 7.3 million in connection with executive changes. Adjusting for this one-off cost, a considerable improvement in earnings is still present.
On May 1, Maconomy launched its newest product version -- Maconomy X -- with a co-ordinated and massive marketing effort in Denmark, Sweden, Norway, United Kingdom, The Netherlands and the United States. The main message of the campaign was "Catch Time - on Time" and introduced Maconomy X as the answer to a major challenge for management in advertising agencies and consultancies -- correct time registration on time.
At the August 23, 2006 board meeting it was decided to grant 317,500 warrants for a nominal total of DKK 635,000, of which 250,000 warrants were for CEO Hugo Dorph. The warrants can be exercised two years after they are granted and expire four years after they are granted. The subscription price is the average trading price on the OMX Copenhagen Stock Exchange five trading days after the grant with an increase of 5%.
Management maintains its expectations for 2006 as expressed in the Annual Report for 2005, with revenue growth of 20% which is equivalent to revenue in the region of DKK 170 million and a pre-tax loss of DKK 10 million.
This announcement has been prepared in Danish and English. The Danish version is to be considered the original version for official purposes and in case of any discrepancies between the two versions, the Danish version shall prevail.
Please find the Interim Report for the 1st half of 2006 here: http://hugin.info/133731/R/1070854/182493.pdf