Torex Retail Holdings Limited (Torex(TM)) the leading
European-based global provider of software and solutions to the
extended retail marketplace, today announced financial results for the
second quarter ended December 31, 2007.
Revenue for the quarter was GBP 56 million, an increase of 10%
from the first quarter. Product sales for the quarter were GBP 18.2
million compared to GBP 17.1 million in Q1, an increase of 6%.
Pro-forma EBITDA, excluding certain non-recurring transformation
costs, was GBP 2.3 million, up from a breakeven position in the prior
quarter. Cash and cash equivalents as of December 31, 2007 was
significantly ahead of plan at GBP 46.8 million with a positive
operating cash flow in the quarter.
"Since our acquisition of the company in June 2007, Torex has
delivered strong and consistent financial performance, which is
supported by our efforts to transform the company into a global retail
solutions provider. We are on track and delivering both positive
earnings and operating cash flow," said Mike Greenough, Chairman and
CEO of Torex.
In line with the company´s new solutions approach, many of the
customer transactions that closed during the company´s second quarter
included a combination of multiple products and services, including
new agreements with Martin McColl, Signet, Condor Ferries and Siebel
Juweliers. The first half of the year also included the previously
announced McDonald´s agreement. "It is increasingly obvious that our
customers recognise this transformation and the increased role that
Torex plays in helping them to enhance and define their customer´s
experience," said Mr. Greenough.
"To provide a necessary springboard for continued growth in
selling to and supporting our customers, the company has transformed
itself in several key areas," added Graeme Cooksley, President and COO
of Torex. "These achievements include a global restructuring of our
executive personnel with sixteen senior appointments; a brand refresh;
consolidating of R&D, services and support efforts to leverage
expertise and best practice across the company; and delivering a
global solutions strategy that customers are clearly endorsing."
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Torex Selected Financial Results
GBP 000´s omitted
Q1 Q2
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3 months ended 3 months ended
9/30/07 12/31/07
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Revenue
Product Sales GBP 17,121 GBP 18,194
Services 16,840 19,011
Maintenance 17,262 18,843
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Total Revenue GBP 51,223 GBP 56,048
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Proforma EBITDA GBP 176 GBP 2,268
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About Torex - www.torex.com
With more than 20 years experience, Torex is the leading
European-based global provider of proven, best-in-class solutions that
help over 7,000 customers provide a defining customer experience in
the retail, petroleum & convenience, fast moving consumer goods, and
leisure, food & beverage markets.
The systems developed by Torex cover every aspect of retailing
from in-store point of sale and merchandising, to back office planning
and scheduling, to head office performance and productivity
management.
Headquartered in Dunstable, UK, Torex employs 2,100 staff across
19 countries and counts among its current and past customers
McDonald´s Corp., Tesco, Selfridges and Argos. For further information
please go to www.torexretail.com.
Forward-Looking Statements
These materials may contain "forward-looking statements."
Forward-looking statements include, without limitation, any statement
that may predict, forecast, indicate or imply future results,
performance or achievements, and may contain the words "believe,"
"anticipate," "expect," "estimate," "intend," "project," "plan," "will
be," "will likely continue," "will likely result," or words or phrases
with similar meaning. All of these forward-looking statements are
based on estimates and assumptions made by our management that,
although we believe to be reasonable, are inherently uncertain.
Forward-looking statements involve risks and uncertainties, including,
but not limited to, economic, competitive, governmental and
technological factors outside of our control, that may cause our
business, strategy or actual results to differ materially from the
forward-looking statements.
