Basware reports continued strong growth in slightly improved market

Net sales and profitability increased significantly

Basware, the leading provider of purchase-to-pay solutions, disclosed continued strong financial results with the release of its Q2 2010 interim report, with a net sales growth of over 17% from Q2 2009 to EUR 27 million. Operating profit has continued to show significant growth, at EUR 3 million, an increase of 40% from the same period in 2009, representing 11.3 percent of net sales.

Basware has seen further growth on a regional basis, with international operations accounting for 53% of net sales, a growth of 18%. The fastest growth was seen in the North American and Australian territories, with a combined growth of 141%. Net sales are expected to continue their positive growth on the level of 2009, and operating profit (EBIT) is expected to represent 10 to 15 percent of net sales.

“The second quarter of the year was an excellent success. Our net sales increased by 17.1% and our operating profit by as much as 40.1%,” comments Basware CEO Ilkka Sihvo. “During the first two quarters, we exceeded our net sales and operating profit objectives. First half net sales rose to EUR 49.7 million, up 11.9%, while operating profit increased by 37.6% to EUR 5.1 million. An excellent first half of the year provides a solid basis for the rest of the year.”

During the reporting period, the fastest growing areas were Basware Connectivity services and Software as a Service (SaaS) operations, with an increase in net sales of 33%, and license sales, up 27%.  During the quarter, Basware signed a major Connectivity services agreement with one of Europe’s leading energy suppliers, Vattenfall as well as agreed to deliver purchase-to-pay and scan and capture services to a university sector service provider UNINETT FAS in an agreement exceeding EUR 3.5 Million over the next 8 years.

The overall H1 results showed an 11% growth in net sales, to EUR 49 million, with an operating profit of EUR 5 million (a growth of 37%). International operations grew by 14% to 53% of net sales, and automation services grew by 50%.

Click here to download the full interim report.

About Basware

Basware is the global leader in purchase-to-pay solutions with more than 1,500 customers and 1,000,000 users in over 50 countries around the world. With Basware, organizations can reduce the cost of buying and paying for goods and services and gain visibility and control of their entire spending process by automating manual processes, from sourcing, contract management,  purchasing and supplier collaboration to invoice automation.  Basware solutions and services enable substantial cost reductions across businesses and deliver value by providing compliance and control, as well as fast return on investment. The solutions are distributed and implemented, either on site or as a service, in Europe, the US, and Asia-Pacific through an extensive network of Basware offices and business partners. www.basware.com