LONDON A year that has been characterized by cost cutting and restructuring programs has seen Enea (Stockholm, Sweden) report its year-end results with net sales falling by 15 percent, mainly due to reduced royalties from telecom customers and a downturn in the demand for consultancy services.
Profits have improved over the year from a loss over the first quarter to an operating margin of 8.5 percent before non-recurring items for the fourth quarter.
For the full year to the end of Dec 2009 net sales were SEK 777.7 million (about $107 million).down from SEK 917.6 million (about $126 million) in 2008. Revenues for the software business unit were SEK 339.7 million (about $47 million) while the consulting business unit has revenues of SEK 488.0 million (about $67 million).
The operating loss was SEK -4.1 million (about $0.6 million) with a net profit after tax of SEK 4.2 million (about $0.6 million).
Per Åkerberg President and CEO, Enea AB, said “Our launch of multicore processor support has been the most important improvement of the year. Multicore is the major technology shift in real-time operating systems and is expected to be an important growth area in years to come. Enea is well positioned to play an active part in this development and take new market shares.”
According to Åkerberg the restructuring program is now at an end and the last of the restructuring costs have been included in the fourth quarter.
“We ended the year on a high note by winning our biggest deal ever,” added Åkerberg. “A global finance corporation selected Enea to supply software and consultancy services worth SEK 37 million (about $5 million).
At the end of the year the group employed 633, down from 732 at the end of 2009 with this reduction in staffing levels has mainly affected software developers and consultants in Sweden.
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