SYZYGY AG: SYZYGY posts sales of EUR 45.4 million in first nine months of 2017

SYZYGY posts sales of EUR 45.4 million in first nine months of 2017

- Sales of EUR 45.4 million

- Operating income EUR 3.4 million

- Net income of EUR 3.4 million, corresponding to EUR 0.31 per share

- Financial income up 25 per cent

- Hi-ReS! Berlin to close in 4th quarter

- Outlook for 2017: dip in sales with EBIT margin down slightly

The SYZYGY Group generated sales of EUR 45.4 million in the first nine months of 2017. This represents a slight decline in sales of 4 per cent year-on-year, with the other units in the SYZYGY Group being unable to compensate for the loss of a major client. The fall in the value of US dollar and sterling also had a negative impact, depressing sales by EUR 0.9 million. Despite substantial restructuring costs, operating income (EBIT) came in at EUR 3.4 million, with an EBIT margin of 8.5 per cent.

Financial income was 25 per cent above the previous year's level, contributing EUR 1.4 million (previous year EUR 1.1 million) to the results. A high annualised return of 11 per cent was achieved.

Liquid funds and securities declined from EUR 22.2 million to EUR 9.9 million in the nine-month period. This reflects cash outflows for the acquisition of Catbird Seat and diffferent, as well as the dividend of EUR 4.9 million distributed on June 30, 2017.

Earnings before tax amounted to EUR 4.8 million, while net income was EUR 3.4 million.

Earnings per share were EUR 0.31 over the nine months, or EUR 0.11 in the third quarter, since the negative performance mainly affected companies with significant minority shareholdings.

 

The SYZYGY Group expects to see a slight decline in sales for the full year, with the EBIT margin also down slightly. This assessment takes into account the closure of Hi-ReS! Berlin.

Following the acquisition of consultancy diffferent and user experience specialist USEEDS, the SYZYGY Group still has a presence in Berlin comprising two companies and some 150 employees.

The full quarterly report will be available at http://ir.syzygy.de on Thursday, November 2, 2017. And in in English language it will be available from November 9, 2017 at http://ir.syzygy.co.uk.