11880 Solutions AG publishes financial results for the first half of 2017:

• EBITDA improved considerably in both segments
• Costs reduced further
• Strong customer growth in the digital business

Essen, 17 August 2017 - 11880 Solutions AG today announced considerably improved EBITDA for the first half year of 2017 in both the Digital and the Directory Assistance segment, despite extraordinary restructuring costs. The non-recurring restructuring expenses also include a large portion of the costs incurred for closing the Company's Munich site. EBITDA after six months came to EUR -0.7 million, compared with EUR -1.3 million in the prior-year period.
 
In the Digital segment, the Company was able to improve earnings from EUR -1.1 million to EUR -0.6 million year-on-year in the first six months of 2017.
In the Directory Assistance segment, EBITDA as of 30 June 2017 amounted to EUR -0.1 million, compared with EUR -0.2 million in the prior-year period.
 
11880 Solutions AG also made visible progress on the cost side: Selling and distribution costs in the first half of 2017 totalled EUR 7.7 million, a year-on-year decrease of
18.2 percent (H1 2016: EUR 9.4 million). The general administrative expenses fell by 17.0 percent, from EUR 5.8 million in the first half of 2016 to EUR 4.8 million in the first half of the current 2017 financial year.
 
11880 Solutions AG generated revenue of EUR 20.4 million in the first half of 2017 (H1 2016: EUR 23.0 million). Of this amount, the Digital business accounted for EUR 13.2 million
(H1 2016: EUR 14.7 million) and the Directory Assistance business for EUR 7.2 million
(H1 2016: EUR 8.2 million). This marked the first time that the decline in revenue was slowed down considerably.
 
The successful restructuring shows initial results. "Business performance in the first half of 2017 clearly exceeds our internal planning, even though we won't be seeing the results until next year. Our cash position is better than planned, which is encouraging for the further development of our company. Under new management, we will further optimise our Finance unit from September," explains Christian Maar, Chief Executive Officer of 11880 Solutions AG. The introduction of new products such as job ads and advertising banners for SMEs is also proceeding according to plan. "In the next weeks, we will be further expanding the success of the specialist portals by introducing three new industry sectors. After having experienced six years of continuous customer loss, we expect to see net customer growth of at least 4,000 customers in the current financial year alone. We had around 21,000 customers at the start of the year; this figure has gone up to 24,000 already. This development will lead to significant revenue growth next year."
 
 
The full 2017 half-yearly report is available at: https://ir.11880.com/english/reports
 
 



Contact:
Anja Meyer
11880 Solutions AG
Tel.: 089/ 8954-1188
Fax: 089/ 8954-1189
E-Mail: anja.meyer@11880.com