PARIS, July 31, 2014 /PRNewswire/ -- Hubwoo (Euronext: HBW.NX), a leading provider of comprehensive spend management and business process collaboration solutions, today announced financial information for Q2 2014, in accordance with the "European Transparency Obligations Directive" financial disclosure requirements.
Gregory A. Mark, Hubwoo Chairman and CEO commented: "We have made good progress this quarter in kicking off new customer engagements, continuing the global rollout and expansion of our solution footprint at existing customers, and increasing our global sales team organization by attracting and training world-class talent. We are currently living through a planned season of declining SaaS revenue whilst maintaining a close eye on earnings. Our expectations are that we will experience a turnaround on our top line performance in the not too distant future."
Revenues:
| in EUR million |
Q1 2013 |
Q2 2013 |
Q1 2014 |
Q2 2014 |
H1 2013 |
H1 2014 |
% Change |
% Change |
% Change |
|||||||||
| Consolidated Revenue |
7.5 |
8.0 |
6.9 |
6.9 |
15.5 |
13.8 |
-14% |
-11% |
1% |
|||||||||
| SaaS (**) |
6.4 |
6.5 |
5.7 |
5.6 |
12.9 |
11.3 |
-15% |
-12% |
-2% |
|||||||||
| Services |
1.1 |
1.4 |
1.1 |
1.3 |
2.5 |
2.4 |
-9% |
-5% |
16% |
|||||||||
| (H1 2014 Figures non audited) |
||||||||||||||||||
| (*) Percentages calculated on exact numbers, not the rounded numbers shown |
||||||||||||||||||
| (**) SaaS is a model of delivering technology where a software solution is hosted (cloud computing) as a service for its customers. |
||||||||||||||||||
| Clients do not buy the technology but pay a subscription fee to use it. |
Q2 2014 total revenue was EUR 6.9 million, stable in comparison to Q1 2014. The recurring SaaS component of revenue was EUR 5.6 million, down from the same quarter of 2013 as a consequence of the end of customer contracts as part of the technology transition that the company has been experiencing over the last seven quarters.
The level of order intake of the first half, however, showed upward trending, and the company envisages to progressively offset these revenue losses in the next coming quarters. This is visible from the positive evolution of Services in Q2 in comparison to Q1 2014.
Advanced indicators show that, in spite of the revenue decline, the company will maintain over the first semester satisfactory levels of profitability, on Gross Margin, EBITDA (***) and EBIT. The full set of accounts for the first semester will be issued on August 28th 2014.
Major Q2 2014 events
Board of Directors update
The Hubwoo General Assembly held on June 19th 2014 has voted the renewal of Gregory A. Mark Director mandate, and he was subsequently appointed by Board as Chairman of the Board and General Manager of the company.
The General Assembly has also appointed Mrs. Deborah Fay, Hubwoo Senior Vice President of Human Resources and General Counsel, as Director.
About Hubwoo (www.hubwoo.com)
Hubwoo connects companies by providing comprehensive spend management and collaborative business process automation solutions for both goods and services, in the cloud, through The Business Network.
Our solutions integrate with any ERP or procurement system, providing our customers with an easy to use solution which drives adoption, compliance and savings.
Significant customers include BASF, Honeywell, Shell, Evonik, EDF, Nokia, Nationwide, Michelin, Henkel, Statoil, CONSOL Energy, EcoPetrol, Campbell's, Burton's Foods, and The Dow Chemical Company. Hubwoo's global partnerships include GEP, IBM, and Dun & Bradstreet.
Hubwoo has major operations in Paris, Houston, Chicago, Bonn, London, Manila, and Leuven. Hubwoo is listed in Compartment C on the Euronext Paris Eurolist.
ISIN: FR0004052561, Euronext: HBW, Reuters: HBWO.PA, Bloomberg: HBW:FP
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SOURCE Hubwoo
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