SQS Software Quality Systems AG AGM Statement and Trading Update (1529I)
May 28 2014 - 2:00AM
UK Regulatory
TIDMSQS
RNS Number : 1529I
SQS Software Quality Systems AG
28 May 2014
28 May 2014
SQS Software Quality Systems AG
("SQS" or the "Company")
AGM Statement and Trading Update
SQS Software Quality Systems AG (AIM: SQS.L), the world's
largest supplier of independent software testing and quality
management services, is pleased to provide an update on trading
ahead of its annual general meeting to be held at the Company's
headquarters, Sophienstraße 5, 51149 Cologne, Germany at 10am (CET)
today.
SQS is currently trading in line with market and management's
expectations as we continue to deploy our stated strategy. The
Company continues to win market share and experiences solid growth
across the majority of the geographies in which it provides its
services.
We continue to expand our share of business in long term managed
services engagements, which now represent 44% of our total revenues
(up from 41% in the full year ended 31 December 2013) and are
confident to achieve our stated ambition of 45% for 2014.
Our recent acquisition of a majority stake of Thinksoft Global
Services Ltd ('Thinksoft' or 'the acquisition') is now wholly
integrated and our sales teams across the Company are fully aligned
in their go-to-market strategy. Whilst we will be consolidating
Thinksoft earlier than anticipated from the start of 2014, the
additional benefit of approximately EUR600,000 deriving from this
will be offset by one-off costs arising following the integration
of Thinksoft.
SQS, as a combined entity with Thinksoft, has increased global
scale and offshore delivery capabilities, as well as a presence in
new geographies such as Australia, Singapore and the Middle East
and greater penetration of key existing markets such as the US.
These benefits, along with Thinksoft's deep domain expertise in the
banking, financial services and insurance sector, have already
provided us with a number of strategic new client
opportunities.
Our enlarged sales force in the US, which more than doubled in
size as a result of the acquisition, has recently won a specialist
banking client on the West Coast. In addition, our presence in
Australia has resulted in us winning our first Australian client, a
utilities provider, with services being delivered by SQS India.
Diederik Vos, CEO of SQS, commented: "We are delighted to report
that the acquisition of Thinksoft has progressed in line with our
plans and is now fully integrated into the Company. Our increased
scale, capabilities, domain knowledge and geographic presence
provided by the acquisition have already resulted in an increasing
number of new opportunities expected to generate additional
business in the next six to nine months. Global demand for our
services remains strong and we are confident that this will
continue going forward."
Enquiries:
SQS Software Quality Systems AG Tel. +49 (2203) 91 54 0
Diederik Vos, Chief Executive Officer
Rene Gawron, Chief Financial Officer
Canaccord Genuity - Nomad and Joint Tel +44 (0) 20 7523 8000
Broker
Simon Bridges / Peter Stewart / Cameron
Duncan
Westhouse Securities - Joint Broker Tel. +44 (0)20 7601 6100
Robert Finlay / Antonio Bossi / Paul
Gillam
Walbrook PR Limited Tel. +44 (0)20 7933 8780
Bob Huxford bob.huxford@walbrookpr.com
Helen Cresswell helen.cresswell@walbrookpr.com
About SQS
SQS is the world's leading specialist in software quality. This
position stems from over 30 years of successful consultancy
operations. SQS consultants provide solutions for all aspects of
quality throughout the whole software product lifecycle driven by a
standardised methodology, offshore automation processes and deep
domain knowledge in various industries. Headquartered in Cologne,
Germany, the company now employs approximately 3,900 staff (incl.
Thinksoft). SQS (incl. Thinksoft) has offices in Germany, the UK,
Australia, Egypt, Finland, France, India, Ireland, Malaysia, the
Netherlands, Norway, Austria, Singapore, Sweden, Switzerland, South
Africa, UAE and the US. In addition, SQS maintains a minority stake
in a company in Portugal. In 2013, SQS generated revenues of 225.8
million Euros.
SQS is the first German company to have a primary listing on the
AIM (Alternative Investment Market) in London. In addition, SQS
shares are also traded on the German Stock Exchange in Frankfurt am
Main.
With over 7,000 completed projects under its belt, SQS has a
strong client base, including half of the DAX 30, nearly a third of
the STOXX 50 and 20 per cent of the FTSE 100 companies. These
include, among others, Allianz, Beazley, BP, Centrica, Commerzbank,
Daimler, Deutsche Post, Generali, JP Morgan, Meteor, Reuters, UBS
and Volkswagen as well as other companies from the six key
industries of SQS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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