BusinessCorporate FinanceMamut revenues slip

Mamut revenues slip

Operating revenues decline and expenses increase at Mamut

Operating revenues for the first nine months of 2009 saw just a slight drop
on the same period last year.

Mamut generated millions Norwegian Kroner 365.2 (£40m) for the first three
quarters of 2009 compared with MNOK 367.5 in 2008.

Operating revenues for Q3 2009 fell to MNOK 113.8 in comparison to MNOK 116.2
for Q3 2008.

More specifically operating revenues in Western Europe including the UK,
Netherlands, Germany and France, declined 8% to MNOK 23.9 compared with the same
period last year.

Operating expenses increased from MNOK 95, 746 in Q3 2008 to MNOK 95,890 in
the third quarter of this year and profit before tax fell from MNOK 3,133 in Q3
2008 to MNOK 1,076 in Q3 2009.

A total of ten employees left the company in the last quarter pushing up the
total reductions in staff numbers to 15 for the year.

The company launched Mamut One, a business package, earlier this year to tap
into the small and medium sized businesses selling 1,000 licences to date.

A company statement said Mamut is expecting growth in the future from recent
partnerships and the introduction of Mamut One.

Further reading:

Mamut launches hybrid online and traditional package

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