Tuesday, software testing and quality management services provider SQS Software Quality Systems AG (SQS.L) reported a sharp decline in profit for the first half of fiscal 2009, with a modest 2% downslide in revenues, amid the current economic downturn.
Profit attributable to the shareholders plunged to EUR 1.10 million or EUR 0.04 per share from EUR 4.26 million or EUR 0.19 per share in the first half of fiscal 2008. On a per share basis, adjusted earnings were EUR 0.08 per share as against EUR 0.23 per share a year ago.
Adjusted results exclude acquisitions amounting to EUR 0.2 million and amortisation on intangible assets of acquired companies totaling EUR 0.8 million.
For the first half, the company's pre-tax profit was EUR 1.71 million, compared with EUR 5.94 million in the prior-year period. Adjusted profit before taxation slumped to EUR 2.7 million from EUR 6.7 million a year ago. The company said its adjusted profit before tax includes one-time restructuring costs of EUR 0.6 million.
The company's revenues for the half-year period declined 2% to EUR 67.50 million from EUR 68.87 million in the same period last year.
On a geographical basis, revenues from Germany were EUR 32.40 million versus EUR 33.94 million, while revenues from UK-based business plummeted to EUR 16.13 million from EUR 23.91 million last year. Switzerland generated revenues of EUR 9.93 million compared with EUR 6.88 million, and revenues from other countries surged to EUR 9.04 million from EUR 4.14 million last year.
Looking ahead, chief executive officer Rudolf Megen expects the company's margins to return to more normal levels in the second half of the year.
SQS is currently trading at 167.38 pence per share, down 4.08%, on the London Stock Exchange.
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