Mamut continues double digit growth

Accountancy software providers Mamut posted double-digit growth figures today
in spite of the economic downturn.

Mamut, listed in Norway, posted its revenue figures today in Million Norway
Kroner(MNOK), operating profits of 502.1, (£50.6m) in 2008 compared to MNOK
445.1 in 2007 a growth of 13%.

Eliert Hanoa, chief executive at Mamut, said: ‘While the fourth quarter of
2008 was more demanding than we expected, market conditions improved at the end
of the quarter. We are pleased with the record high revenues and result for
2008. We will use this momentum to increase profitability, even with moderate
growth in 2009.’

The company has said it is conducting a strategic review and is in the final
stages of a due diligent investigation. A statement made by the company also
says that it is in discussions with parties interested in making cash offers for
Mamut shares.

Mamut is currently investigating a venture into software as a service, with
the first availability of products expected later this year.

Further reading:

Mamut snaps up MYOB UK

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