NOVESTRA – UPDATE H1 2009
The indications for the first the first six months of 2009 show continued good profitability in Novestra’s portfolio companies. All companies are expected to have positive cash flow for 2009. Despite the current market situation, Novestra’s portfolio companies in both the US and in Sweden have continued to have a positive trend during the first half of 2009. At the same time, most of the competition has faced downturn in sales, resulting in Novestra’s portfolio companies continuously increasing their market shares and strengthening their positions.
MyPublisher continues to show growth, and a strong improvement in profitability. For the second half of 2009 the company expects strong sales and continued improvement in profitability. Explorica reports continued growth, with a substantial profit improvement. The focus on high-margin products in Strax has shown result, and the gross margins have improved significantly compared to last year. Revenues in Qbranch are in line with last year, with continued good profitability. Netsurvey reports a decrease in sales, with a retained profitability. The switch to a new technical platform in Diino was very successful, and revenues have increased significantly during the first half of 2009.
“The general economical environment continues to offer both threats and opportunities for the portfolio companies. In general we have no reason not to be very satisfied with the development, and we continue to be quite optimistic about the remainder of 2009. It is especially satisfying noting that the portfolio companies continue to increase market shares and strengthen their positions” says Johan Heijbel, Managing Director, AB Novestra.
For further information please contact Johan Heijbel, Managing Director, AB Novestra, phone no. +46 8 545 017 50.
About AB Novestra
Novestra is an independent investment company with a portfolio of investments in a number of privately held growth companies including Diino AB, Explorica, Inc., MyPublisher, Inc., Netsurvey AB, Qbranch AB and Strax Holdings, Inc.
The Novestra shares are listed on NASDAQ OMX Stockholm, under the symbol NOVE, in the Small Cap section. For further information regarding AB Novestra, reference is made to www.novestra.com
The information in this press release is such that AB Novestra is required to disclose pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instrument Trading Act and/or the NASDAQ OMX Stockholm rules. AB Novestra released the information for publication on July 14, 2009 at 09.00 AM (CET).
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