Dunstable, England, United Kingdom
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."
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
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Source: Business Wire (Business Wire India)