Mamut increase revenue despite fall in profit

FINANCIAL SOFTWARE COMPANY Mamut has increased its revenue despite a drop in earnings and profit.

Revenues increased to Norwegian Krone (NOK) 128.6m for the first quarter of the year compared to NOK 123.7m (£14.1m) for the same period in 2010.

However, earnings before tax and interest dropped to NOK 6.9m compared to 7.7 for Q1 2010. Profit before interest, tax, depreciation and amortisation also fell to NOK 21.7m in for the first quarter of 2011 compared to NOK 22.4m in the first quarter of 2010.

Mamut expects a slight overall improvement for the first six months of 2011 compared with t2010.

"We are pleased to see an improvement in revenues for the latest quarter, we have achieved a solid cash flow from operations and improved important key metrics. The cost level is sustainable based on current activity levels and we maintain our current ambitions of achieving improved results and a considerably higher growth margin for 2011," says Eilert Hanoa, CEO of Mamut.

The company had 440 employees and NOK 68.9m in cash and cash equivalents at the end of 1Q11.

To date, more than 4,400 customers have chosen Mamut One, its flagship European SME product.