Mamut results show fall in earnings

Mamut, the Norwegian financial software provider, has seen their profits and
earnings before tax fall according to its first quarter results.

Profit before tax at the company in Q1 2009 was million Norwegian Krone
(MNOK) 7,255 (£0.8m) compared to MNOK 7,352 for the same period last year.

The company claims it has improved cash flow through reducing cost base,
investments and headcount to streamline the business. Since the first quarter of
2009 to now, Mamut has reduced its people base from 505 to 460.

In Western Europe, this accounts for the UK, Netherlands, Germany and Spain,
EBITDA was MNOK 2.4. This is a substantial drop from MNOK 4.4 in Q4 2009 but a
growth for the same period last year which was MNOK 1.5. The company has 100,000
customers in this region.

EBITDA for the group dropped from MNOK 25 for Q1 2010 compared to MNOK 26.3
for the same period last year.

“We see that many indicators are pointing in the right direction and are
pleased to see positive results from the streamlining process we have been
through in 2009 and 2010,” said Eilert Hanoa, CEO Mamut.

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