First-half results show continued good growth for cBrain, both in Denmark and internationally.
In Denmark cBrain has seen a good order intake, including the first agreement with the Danish regions and a contract with the Ministry of Finance, meaning that more than half of Danish ministerial departments are now using cBrain’s F2 product.
At the same time the Danish State Administration won an annual digitisation award for their solution based on F2, the second time an authority has won the digitisation award using an F2 solution.
On the international side cBrain has announced a win in Germany for delivery of a case system to an authority in the central administration. This is the second tender cBrain has won in in the authority, and means that cBrain will now be increasing efforts in the german market.
cBrain has made good progress in changing the business model from sales of software licences to sales of software subscriptions through cloud services. The new business model is a central element in cBrain’s growth strategy, and gives cBrain a number of competitive advantages both in Denmark and internationally.
Revenue in the first half 2017 grew to 39.7 million DKr, and earnings before tax (EBT) were 5.9 million DKr. This equates to EBT of 15%, which is somewhat higher than full year expectations previously announced.
Full results can be found (in Danish) on our Danish site.