Contact:
Zlata Kovacevic
Phone: +43 (0) 1 367 80 88 - 1029
E-Mail: zlata.kovacevic@snt-world.com
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Vienna (pts009/28.07.2010/10:00) - * In the middle of a turnaround
* Change of CEO - Thomas Streimelweger succeeds Christian Rosner
* 10% sales growth in Q2/2010 comparing to Q1/2010
* Dynamic infrastructure and outsourcing business
* Consulting business still unsatisfactory
* Looking for over 100 new employees
* New management at S&T Austria
In the middle of the turnaround and after the decline in sales in the recent quarters, the S&T Group reports significant improvements in terms of both revenues and expenses. Total Group revenues in the second quarter 2010 rose to EUR 91 million compared to the first quarter (Q1/2010: EUR 82.7 million). EBITDA of the S&T Group improved in the second quarter to EUR -2.2 million (Q1/2010: EUR -4.5 million), whereas EBIT was up to EUR -3.5 million (Q1/2010: EUR -5.9 million).
Since taking over the leadership of the company at the beginning of July, Thomas Streimelweger has been focusing on an improved strategy to speed up the turnaround. "We will intensify our large account strategy to the maximum and, above all, work to attract new and large customers. Long-term contracts, an expanded service offering, even more personalized customer care and sophisticated projects will give S&T the required entrepreneurial drive", says Thomas Streimelweger, CEO of the S&T Group. "We plan to strengthen the equity capital basis of the company and are proactively monitoring the sales process of AvW's 29% shareholding in S&T", he adds.
A new management team, including Eduard Bugelnig and Patrick Schnebel as the managing directors, was appointed at S&T's Austrian subsidiary, the biggest in terms of total sales. The move was made in response to the unsatisfactory development of the subsidiary and is designed to quickly develop and implement the strategic positioning.
The number of employees in the Group decreased to 2,406 people (30 June 2010) down from 2,581 employees (31 December 2009), at the same time the staff costs were reduced. In addition, the costs relating to write-downs and provisions for projects were reduced, due to tight receivables management and improved project management.
Infrastructure Solutions, the larger of S&T's two business segments, posted revenues of EUR 71.3 million (Q1/2010: EUR 64.9 million) in the second quarter 2010. Q2 revenues of the Business Solutions segment also improved by 10.7% compared to Q1, rising to EUR 19.7 million (Q1/2010: EUR 17.8 million).
Stable order situation
The order situation in the second quarter was considerably stronger. Total Q2 Group revenues amounted to EUR 91 million (Q1/2010: EUR 82.7 million).
The long-term development of S&T's service offering should bring further long-term customer contracts with high margin and know-how dominated projects, thus increasingly filling S&T´s order book. The priorities will be on promoting projects in the fields of workplace management/virtual desktop, data center services, outsourcing and cloud computing. Large international customers expanding to Central and Eastern Europe will benefit from the enlarged service offering.
Large projects and outlook
S&T succeeded in concluding several large strategic projects in the first half of the year. These included an initial Cisco networking project with the Ukrainian company Kyivstar, as well as a new border access control system for Croatia's Ministry of Internal Affairs. Telekom Srbija selected S&T to coordinate the backup and recovery of data. CNAS (National Health Insurance House), a longstanding S&T customer, continues partnership with S&T for the successful delivery of the European Health Insurance Card (EHIC) to Romanian citizens. Magyar Telekom is also strengthening its networking security with the help of S&T. Steiermärkische Krankenanstalten GesmbH (KAGes) is optimizing work processes in cooperation with S&T.
"Our pipeline is getting increasingly stronger. In the near future, we will attract new clients in the Business Solutions segment following our deep know-how in our focus industries. That´s why we envisage to hire further sales and delivery executives. We are searching for over 100 highly qualified consultants for the entire group", says Thomas Streimelweger.
S&T expects a strong improvement in both business areas for the second half of the year, above all a strong Q4 in the Infrastructure Services segment. The goal is to maintain long-term contracts and push ahead with services such as outsourcing and cloud computing in German-speaking Europe and in the more mature markets of Central and Eastern Europe.
"My personal ambition is the quickest possible return to operational and overall profitability, which we are determined to achieve by the fourth quarter of 2010", Streimelweger concludes.
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