12.05.2015 10:06:00
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Interim Report Orc Group Holding AB January 1 – March 31, 2015
Regulatory NewS:
Orc Group (STO:ORC):
INTEGRATION OF TBRICKS NEARLY COMPLETE
> Operating revenue for the period from January to March 2015 was SEK 114,236k (97,789), an increase of 17% compared to the same period of 2014. Adjusted for foreign exchange effects, revenue has increased by SEK 9,447k, most of which was contributed by the acquisition of Tbricks.
> Adjusted EBITDA was SEK 44,090k (41,274) and adjusted EBITDA-CAPEX was SEK 12,815k (16,301). Operating expenses and CAPEX, adjusted for one-off effects, were higher than in the corresponding period of last year, which is mainly explained by the acquisition of Tbricks and a weaker Swedish krona.
> Due to the acquisition of Tbricks, Orc has decided that the majority of future product development will derive from Tbricks trading platform. This has resulted in an impairment of the carrying value of technology related to Orc’s trading platform of SEK 148,000k.
COMMENTS FROM CEO TORBEN MUNCH:
"During the first quarter, Orc has, in addition to our ongoing business activities, been focused on implementing the integration of Tbricks. The first 100 days since the acquisition have passed, and we are pleased to almost have completed the integration in that time.
To ensure that our clients retain our full attention, significant emphasis has been put on a swift integration. We continue with great intensity to demonstrate the many advantages of our new platform to customers across the globe, with very positive reactions.
As a result of the acquisition, revenue increased significantly in the first quarter. The cost side was however negatively affected by the weakening Swedish krona. In addition, full synergies from the acquisition are yet to be reflected in the figures. The result therefore declined compared to the previous quarter. We are however confident with regard to the acquisition’s positive effects on the cost base over time.”
ABOUT ORC GROUP
Orc is the global market leader in trading technology for listed derivatives. We serve the trading and electronic execution needs of premier institutions worldwide, who rely on Orc to stay ahead in increasingly dynamic and competitive markets. Building on our commitment to long term partnerships and technology innovation that delivers result, our next-generation app-based trading platform empowers professional traders and market makers.
With 200 customers in more than 30 countries, access to over 150 trading venues and offices in each of the world’s key financial centers, we offer true global capabilities.
Combining our technology and financial industry expertise, including a solid understanding of regulatory issues, Orc also provides expert advice and services that help reduce complexity and cost, while enabling clients to stay focused on value creation in their core businesses.
Orc is owned by Orc Group Holding AB which in turn is majority-owned mainly by Nordic Capital Fund VII.
For more information visit: orc-group.com
The information in this interim report is subject to the disclosure requirements of Orc Group Holding AB under the Swedish Securities Exchange and Clearing Operations Act and the Financial Instruments Trading Act. The information was released for publication on May 12, 2015, 8:00 a.m. CEST.
N.B. The English text is a translation of the Swedish text. In case of discrepancy between the Swedish and the English text the Swedish version shall prevail.
This information was brought to you by Cision http://news.cision.com
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