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Vienna (pte035/07.05.2003/13:59) - Listed CRM specialist update software AG http://www.update.com has started the new business year with improved results.
Operating earnings in the first quarter improved by 70 per cent to minus 423.015 euros, the company announced today. Net losses were reduced by 39 per cent from 1.3m euros to 809,767.41 euros.
This is the best quarter for update since the company's stock market listing in 2000, in spite of the fact that turnover fell 27 per cent from 4.29m to 3.13m euros.
Operating costs were reduced by 42 per cent to 2.57m euros and positive cash flow increased by 125 per cent. Liquid assets were estimated at 4.884m euros at the end of the first quarter - an increase of 1.4m euros compared to the end of 2002.
"We are on the right track," said CEO Thomas Deutschmann. Thanks to efficiency-improving measures, the company has been able to reduce maintenance and service costs by 23 per cent. update expects to achieve turnaround this summer.
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