Finance IT specialists Mamut increase

Financial software company Mamut has seen its profits increase 27%, its latest results show.

The business saw its profit before tax increase 27% in the second quarter of 2010 to millions Norweign Krone (MNOK) 8.4 (£858,488), from MNOK 6.6 in the same period last year. The latest result is also an increase on the previous quarter which saw the business bring in MNOK 7.2 in the first quarter of this year.

Earnings before interest and tax for the business in Q2 2010 were MNOK 1.2 for Western Europe, including the UK, Netherlands, Germany and Spain.

However, operating revenues fell to MNOK 118 in the second quarter of 2010 compared with MNOK 121.7 for the same period last year.

A statement from the company said it had reduced its cost base, headcount and investment level to improve its "financial scalability".

The next major product launch from the business will be Mamut One which is due to have online functions built in. The business hopes to release the software later this year.

Mamut saw its customer base increase dramatically when it won a contract from Microsoft. Mamut inherited more than 9,000 customers when Microsoft announced at the end of 2009 it would cease distribution of its Office Accounting software. Microsoft signed a deal with Mamut for the financial software business to provide five years support to its former customers.

Further reading:

Mamut results show fall in earnings

Microsoft drops small biz accounting software

Mamut results lower than expected