UP2 Upwork Inc

In the second quarter of fiscal 2007, update software AG (FWB:UP2) � a leading European vendor of Customer Relationship Management (CRM) solutions � has posted record revenues. For the first time, update, headquartered in Vienna, Austria, and quoted on the Frankfurt Stock Exchange, generated total sales in excess of �8 million, an increase of more than 43 percent compared to the previous quarter. Moreover, the company doubled earnings before interest and taxes (EBIT). Revenues for the second quarter of 2007 amounted to �8.123 million, up 43.3 percent over the same period of fiscal 2006 (�5.670 million). And, significantly for a software vendor, licensing sales rose by 53.8 percent. EBIT climbed to �1.028 million, up 99.6 percent over the second quarter of 2006. Earnings before tax (EBT) were �1.066 million, a year-on-year jump of 90 percent (�0.561 million). On course for the �100 million mark update CEO, Thomas Deutschmann, is understandably upbeat: �The figures speak for themselves. The recent acquisition of Orgaplan, the German CRM specialist for banks, with a particular focus on the publicly-owned Sparkassen, has already had an extremely positive impact. Especially in financial services, update has experienced above-average growth, and considerably increased market share, putting us firmly on track to become the European leader. Our strategy of targeting specific industries, and our commitment to profitable growth, are proving highly successful. What�s more, the development of company results underlines the realism of our �50 million revenue target for fiscal 2009 � to which a further significant acquisition would also contribute. Against this background of growth and profitability, I can easily imagine update joining the ranks of companies that generate annual revenues of �100 million within the next decade.� A string of new customers update gained a number of new customers in the second quarter of fiscal 2007 � such as the K&H Bank Rt in Hungary, a member of the Belgian KBC group, and two leading financial services organisations in Switzerland. The vendor�s clientele also includes Schunk GmbH & Co. KG, a German manufacturer of automation components and tool-/work-holding solutions, and Doka Schalungstechnik GmbH, an Austrian supplier of formwork and a member of the Umdasch group. And the Centrum pro v�dsk� studia (Centre for Vedic Studies) in the Czech Republic, and Diagnosis4Health, a Dutch organisation, are further additions to update�s customer base. Half-year sales 30.5 percent higher than for same period of 2006 In terms of half-yearly figures, too, update has seen impressive year-on-year improvement. Total sales rose from �10.831 million for the first six months of 2006 to �14.138 million for the same period in 2007 � a rise of 30.5 percent. EBIT was �1.425 million for the first six months, up 76.8 percent over the first half year of 2006 (�0.806 million). EBT was �1.571 million, 104.8 percent higher (�0.767 million in the first half year of 2006). update�s cash position climbed to �11.761 million � 30.6 percent higher than for the first six months of 2006 (�9.008 million). Shareholders� equity for update software AG totalled �21.942 million on 30 June 2007 � 66.3 percent higher than at mid-year 2006 (�13.196 million). update financed the purchase of Orgaplan Software GmbH via a share issue in June 2007 � so the increase in the cash position is explained by the positive development of business operations. Orgaplan Software GmbH, acquired by update in April, was fully consolidated in the second quarter of 2007. About update software update software AG (www.update.com) was founded in Vienna, Austria, in 1988. With more than 260 employees, and revenues of �23.4 million in 2006, it is Europe�s leading CRM (customer relationship management) solution provider. It is quoted on the Frankfurt Stock Exchange. update products are used by more than 150,000 employees at over 1,200 leading companies. References include 3M, American Express, BILD newspaper publishing group�s advertising department, AstraZeneca, BAWAG P.S.K., Canon, DuPont, ESTAG, the Hassia Group, UnicreditBank Hungary, Landesbank Rheinland-Pfalz International S.A., LBS Nord, MagnaSteyr, Pernod Ricard, ratiopharm, Sony Deutschland, as well as Sparkasse Bremen, Sparkasse Hamburg, and 200 other German Sparkassen. update cooperates with carefully selected systems integration partners, such as Atos Origin, Hewlett Packard, Sensix, and Steria Mummert Consulting. 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