Revenue growth of 24% and increased earnings (EBT) of 80%

August 28, 2014

cBrain's Board of Directors has considered and approved the interim report for the first half of 2014.

The interim report shows revenues of 27.3 million dollars in the first half of 2014 compared to revenues of 22.1 million dollars in the first half of 2013. This represents a revenue growth of 24% compared to revenue growth of 16% in H1 2013. 

Profit before tax (EBT) was 8.3 million dollars against 4.6 million dollars in the first half of 2013. This corresponds to earnings (EBT) of 30% in H1 2014 against a profit (EBT) of 21% in the first half of 2013 and growth in earnings of 80%.

Activities according to plan
The cBrain management is extremely pleased with the result which is the best ever measured in revenue as well as earnings. The activities of cBrain are developing well and according to plan in Denmark as well as international. 

cBrain managed to improve growth, while the company maintained its earnings and a positive cash flow. Given a large liquidity and no longterm debt the company has solid financial strength and freedom. 

The first half of 2014 showed a good development in the Danish market. Sales to existing customers continued to grow, including both software licenses and services. cBrain managed to get several important new orders, including The Danish Business Authority, The State Administration and the The Danish Medical Association. 

G-Cloud in UK
cBrain has intensified the international focus. In a public tender the British Government included cBrain in a framework agreement named G-Cloud. As part of the G-Cloud cBrain offers F2 as a cloud solution for public authorities in the UK without competitive tendering. 

DVZ in Germany
In July cBrain announced a partner agreement with DVZ in Mecklenburg-Vorpommern. The partner agreement means that F2 is now offered as a cloud solution for public organizations in Germany. This is another milestone in the company's international growth plan.