Independent software testing and quality management services provider SQS Software Quality Systems AG (SQS.L) on Wednesday reported a decline in full-year profit on IFRS basis.
Profit for the year attributable to owners of the parent was EUR 3.63 million, lower than EUR 6.69 million a year earlier. Earnings per share fell to EUR 0.13 from EUR 0.29 in the earlier period. Pre-tax profit for the year ended 31 December 2009 dropped to EUR 4.90 million from EUR 10.84 million last year.
Adjusted pre-tax profit for the year was down 46.6% to EUR 7.0 million from EUR 13.1 million a year ago. Adjusted earnings per share decreased to EUR 0.21 from EUR 0.43 in 2008.
Revenue for the year declined to EUR 134.34 million from EUR 142.9 million in the comparable period. Revenues from Germany amounted to EUR 63.6 million, a decline of 7.4% from EUR 68.7 million in the previous year period.
Operations in Switzerland witnessed strong organic growth during the year, generating revenues of EUR 18.7 million, an increase of 32.1%, compared with EUR 14.1 million in the previous year period.
United Kingdom/Ireland/South Africa/India geographies witnessed a 27.4% decrease in revenues to EUR 33.4 million from EUR 46.1 million last year.
Revenue in 'Other Countries', which consists of Austria, the Netherlands, the Nordic countries and Egypt increased by 33.3% to EUR 18.6 million from EUR 14.0 million in 2008.
The new German and French language offshore centre in Egypt, established in 2008, resulted in losses of EUR 0.4 million during the year, compared with loss of EUR 0.4 million due to further investment in staff and training.
SQS proposed a dividend for the full year of 7 euro cents per share, payable on May 27, 2010 to all shareholders on the register at May 21, 2010.
SQS Software is currently trading at 215.00 pence, down 9.50p or 4.23%.
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