License revenues ended at MNOK 24,8 against MNOK 20,7 in Q1/05, equal to a growth of 20%.

 

Maintenance revenues also developed positively with a growth of 12,6% compared to Q1/05. For Q1/06 total revenues ended at MNOK 68,9 vs. MNOK 62,8 in Q1/05, equal to a revenue growth of 10%. According to the strategic plans of the company the organization was strengthened by 18 persons – primarily in sales – during 2005. This, in combination with an increased marketing activity level, has lead to increased operating expenses compared to Q1/05. EBIT was MNOK 13,8 (13,1). Result before taxes was MNOK 14,1 (13,6).

The company’s net cash flow from operations for Q1/06 were MNOK 95,2 vs. MNOK 79,6, equal to an improvement of 20%.

The company’s strategic effort to build a strong partner channel starts to show results and the software solutions have been positively received both among partners as well as new and existing customers.