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Emailvision announces full year results
revenue growth acceleration and gross margin improvement
Continued improvement in gross margin, reaching 73 per cent in 2009
2009 was a year marked by strong growth with sales increasing by 35 per cent (+38 per cent at constant exchange rates) to €29.3 million, in accordance with the company’s growth strategy.
Revenue growth was accompanied by an improvement in gross margin which reached 73 per cent of revenues (71 per cent in 2008), driven by the pooling of IT resources and economies of scale from its SaaS platform. This is the fourth consecutive year that gross margin has improved significantly.
Bookings growth led to an increase in backlog of 55 per cent, reaching €39.3 million compared to €25.4 million in 2008, providing strong visibility into Emailvision’s future revenues. Of the total backlog as at December 2009, €17.9 million will be recognized in 2010 and €11.1 million in 2011.
Sales growth acceleration impacted profitability, as expected
During 2009, Emailvision intensified its strategy of market share growth in Europe and in the USA with the opening of two new subsidiaries (Sweden and Italy) and an increase in headcount (67 new staff recruited in 2009, representing an increase of 45 per cent). By end 2009, the group had subsidiaries in 10 countries. Emailvision won more than 900 new clients during the year.
As previously announced, investments in people, mainly in the sales team (56 sales staff present at the end of 2009 compared to 36 at the end of 2008) and the R&D team, temporarily impacted the company’s profitability.
Adoption of IFRS (International Financial Reporting Standards)
Starting in 2009, and as part of the process of transferring to Euronext, Emailvision has decided to present its accounts in IAS/IFRS format.
The effect on the profit and loss account of adopting IFRS mainly concerns the inclusion of a charge for stock options & warrants granted to staff and managers. These changes, which negatively impact the EBIT by €0.79 million, have no cash impact for the Group.
The EBIT for 2009 is €0.73 million (2.53 per cent of revenues) compared to €1.89 million in 2008 (restated for the adoption of IFRS). Adjusting for the impact of stock option and warrant charges, EBIT for the year was €1.52 million (5.2 per cent of revenues), representing a decrease of 27% compared to 2008.
Adjusted net income for the year was €1.24 million, increasing by 18 per cent compared to 2008, due to low corporation tax rate. The good short-term and medium-term outlook for the Group has allowed it to benefit from tax credits carried forward from previous losses.
The Group’s financial structure remains robust, with cash of more than €3.1 million at the year end and low levels of debt (gearing 17 per cent).
2010 Outlook
Retention e-mail marketing, one of the most profitable marketing channels, is being adopted by an increasing number of companies of all sizes, in all industry verticals.
In order to respond to the increasing demand for its Campaign CommanderTM software service, Emailvision will continue its market share growth strategy by further accelerating its recruitment and international expansion.
The Group’s target is to achieve a revenue growth of at least 30 per cent in 2010.
The market share growth strategy will involve further significant investments in its sales force, its technical infrastructure and in R&D.
Taking into account the company’s target of recruiting 100 new staff in 2010, of which three quarters will be during the first six months of the financial year, the Group is likely to report an operating loss for the first-half of 2010. For the full year, the Group expects to report an EBIT lower than that achieved in 2009, although maintaining profitability.
Emailvision has been profitable since 2005.
About the company
About Emailvision (www.emailvision.co.uk)
Founded in 1999, Emailvision has grown to become the global market leader in software as a service for email marketing. The Emailvision mission is to provide excellence in software & service for our clients to reach their email marketing goals.
The Emailvision software service, Campaign Commander™, has become the industry standard email marketing tool for eCommerce and publishing. Emailvision has over 4500 users worldwide.
Campaign Commander™ is used by marketers worldwide to plan, design, deliver and analyze their email marketing campaigns. This software service allows marketers to execute advanced tactics with minimal technical skills.
In 2009, Emailvision delivered over 24 Billion messages on behalf of 2000 clients and achieved a record 96.5% delivery rate. This quality of service is driven by over 10 years of research and development in global email delivery and deliverability.
In addition to its pioneering technology platform, Emailvision offers a global network of support and professional services. Passionate account managers provide clients with best practice advice, training and professional services.
The company has a growing staff of over 240 and offices in the major international markets including the USA, UK, France, Germany, Switzerland, Belgium, Netherlands, Scandinavia, Spain and Italy.
Next announcement - publication of 2010 Q1 revenues: 20 April 2010
Emailvision is listed on the NYSE Alternext - Code ISIN : FR0004168045 / MNEMO: ALEMV
Contact details
For further press information and photography please contact:
Patrick Hussey / Lauren Hoult at LEWIS, the PR agency
Tel: +44 (0) 161 601 7740
Fax: +44 (0) 161 601 7741
Email: emailvision@lewispr.com
Website: www.lewispr.com
Supporting materials
|
€ millions |
2009 IFRS |
2008 IFRS |
YOY % change |
2009 French GAAP** |
2008 French GAAP |
YOY % change |
|
Backlog as at 31/12 |
39.3 |
25.4 |
+ 55% |
39.3 |
25.4 |
+ 55% |
|
Revenues |
29.3 |
21.8 |
+ 35% |
29.3 |
21.8 |
+ 35% |
|
Gross margin % |
73% |
71% |
|
73% |
71% |
|
|
EBIT |
0.73 |
1.90 |
-62% |
1.43 |
2.22 |
-36% |
|
EBIT % |
2.5% |
8.7% |
|
4.9% |
10.2% |
|
|
Adjusted* EBIT |
1.52 |
2.08 |
-27% |
1.43 |
2.22 |
-36% |
|
Adjusted* EBIT % |
5.2% |
9.5% |
|
4.9% |
10.2% |
|
|
Net income |
0.45 |
0.87 |
-48% |
1.07 |
0.93 |
+15% |
|
Adjusted* net income |
1.24 |
1.05 |
+18% |
1.07 |
0.93 |
+15% |
Related links
http://www.emailvision.co.uk/
Technorati tags: Emailvision | email marketing | software as a service | Campaign Commander | 2009 financial results |
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