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2007-09-11 13:00:00 CEST 2007-09-11 13:00:00 CEST REGULATED INFORMATION Affecto Oyj - Company AnnouncementAFFECTO UPDATES ITS FINANCIAL TARGETSAFFECTO PLC STOCK EXCHANGE RELEASE 11 SEPTEMBER 2007 AT 14:00 AFFECTO UPDATES ITS FINANCIAL TARGETS The Finnish IT service company Affecto has decided to update its financial targets reaching into the year 2009. This is due to the positive development of the business and the recent acquisition of Component Software Group ASA from Norway. Long-term targets The growth target for the company for 2007-2009 is that net sales exceed 160 million euros in 2009. (Previous goal: 100 million euros in 2009.) The profitability targets are not changed and the company still seeks to be one of the most profitable IT services companies within its market region. Year 2007 Affecto seeks to reach net sales of over 90 million euros in 2007, including Component Software's net sales since 1 September 2007. (The previous goal was 70 million euros and did not include Component Software.) Profitability is expected to improve from year 2006. There is no change with this estimate. CEO Pekka Eloholma: "During 2007 the company has acted according to its vision to become a clear market leader in Nordic and Eastern European countries in Business Intelligence services. The Component Software acquisition in Norway was a significant step for us in implementing our growth strategy, and increased our annual sales over the 100 million euro milestone. The updated financial targets reflect the company's current performance and our confidence in our possibilities to continue developing the company favorably," states CEO Pekka Eloholma. Affecto Plc Board of Directors Further information: Pekka Eloholma, CEO, Tel. +358 205 777 737 Hannu Nyman, SVP M&A,IR Tel. +358 205 777 761 |
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