Nýherji hf. - Financial Statement Release

Nýherji hf. First Quarter Results for 2011 - English translation of an announcement published 2011-04-29 18:18:52

Highlights of Q1 2011 performance



  -- EBITDA was ISK 160 million in Q1 2011, as compared to ISK 35 million for
     the corresponding period last year.
  -- Net profit totalled ISK 64 million, as compared to a loss of ISK 130
     million in Q1 2010.
  -- Foreign subsidiaries performed well, with EBITDA improving by ISK 52
     million year on year.
  -- A new structure for the domestic operations of the Nýherji Group was
     implemented on 1 April 2011.
  -- Demand for software consultancy services is robust and the project pipeline
     for software consultants is strong.


Thórdur Sverrisson, CEO:

“The operations of Nýherji were successful in the first quarter, with the Group
performing largely in line with expectations and achieving EBITDA of ISK 160
million for the period. Foreign operations yielded good results, posting EBITDA
of ISK 55 million as compared to ISK 3 million last year. 

The structural changes which were made to the Group's domestic operations on 1
April 2011 will enable us to further improve our operations with fewer, more
capable units to meet the ever changing needs of our customers.” 





Further information

For further information contact: Thórdur Sverrisson, CEO of Nýherji, Tel. +354
893 3630.

Attachments:

Nyherji hf First Quarter Results 2011- 29 4 2011.pdf