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The IT Distributor EET Nordic Group delivers another record result.The IT Distributor EET Nordic Group delivers another record result Copenhagen 21 September 2009: EET Nordic Group A/S has just released the financial statement for 2008/09 which shows another improvement in the operating profit, the seventh consecutive improvement. Despite the current general financial crisis and a very competitive industry, EET Nordic Group has succeeded in improving the operating profit (EBITA) by more than 26% to DKK 39.9 million. At the same time EET Nordic Group has focused on optimizing the working capital and the financial statement shows a strong development with a cash flow from operations of DKK 55,8 million The Chairman of the Board of Directors Erik Balleby Jensen, who is also the Managing Director of the Danish Capital Fund Capidea, expresses his satisfaction with the financial result and the strategic development of EET Nordic Group in recent years. “ EET Nordic Group has now for the seventh consecutive year improved operating profit. This has been achieved through a consistent focus on establishing EET Nordic Group as the leading distributor in Europe within the product areas of parts and upgrade products for computers and printers”. To the question whether EET Nordic Group has achieved its maximum potential Erik Balleby Jensen replies: “We have progressed a great deal in many countries, however, I am confident that EET Nordic Group in the coming years will show further growth both in terms of new geographical areas and also in new product areas. Accordingly, I would not be surprised if EET Nordic Group doubles its earnings in the course of the next 3 to 4 years”. Furthermore, Group CEO John Thomas states:” It has been another great year for EET Nordic Group, and we are very pleased to see, that the investment of recent years, establishing new offices in additional countries, is paying off . We have high expectations to further grow especially in the larger markets such as UK, Germany and France. We have today more than 30,000 different annual buying customers in Europe, and we expect to increase that number to more than 40,000 annual buying customers within the next two years”. The IT industry experiences a declining demand, also on parts and upgrade products, and accordingly, its remarkable that EET Nordic Group achieve such a positive development with an increase in the underlying transactions by more than 22%. To this John Thomas states: “ Yes, it is correct that the market size has declined this year, however, EET Nordic Group has gained market share in most markets and we have introduced several new product areas. We have in recent years invested heavily in our IT infrastructure, which supports the market’s demand for an easy and effective purchase process of IT parts. Furthermore, we have today the best availability of parts in Europe, with more than 17,000 different part numbers available in our warehouse at any time. During the financial crisis, whereas general unemployment has grown, EET Nordic Group has increased their work force by more than 12%. It is not only a question of having the best IT infrastructure and acquisitions process but also a question of appointing the best people in the industry”. EET Nordic Group has during the last 18 months acquired 5 companies, most recently the two Danish distributors Novendo and SafeVision. The acquisition of Novendo is a further strengthening of EET Nordic Group sales to the retail and etail sectors . The acquisition of SafeVision is the basis of the planned pan-European strategy to become the leading pan-European surveillance distributor within the next 3-5 years. To the question on whether further acquisitions are planned, John Thomas replies:” Yes, we do expect to carry out 1 or 2 more acquisitions within the next 12 months. Such acquisitions will be of surveillance distributors or distributors carrying products within our scope”. For further information, please contact John Thomas at phone +45 20 10 85 10 or e-mail at jst@eet.dk. Please also see www.eetnordic.com. About EET Nordic |