Mamut, the SME business software group, delivered revenues of 445.1m Norwegian Kroner (£42.7m) in 2007, a 10% increase on the previous year.

The group also posted fourth quarter revenues of NOK122.6m, a 16.6% rise on the previous period. This is the 52nd quarter of consecutive growth delivered by Mamut.

'We are very satisfied with total turnover in 2007 as we enter into 2008 with an optimised cost structure,' said Mamut chief executive Eilert Hanoa.

The strong growth in 2007 was dampened as the group had to write-off a bad debt from Active 24. The group forecast that without this one-off hit to is numbers it will be able to grow turnover by 20% in 2008.

A key part of the growth strategy is Mamut's investment in a software-as-a-service model.

The company will introduce the concept to its 350,000 European customers through the 'Mamut Business Platform'.

This is a single platform connecting all Mamut business applications and hosted services, in addition to enabling new solutions and services from partners.

Further reading:

Read more about the results here

Mamut unveils fully hosted 'virtual accounts office'