2/5/2009 10:19:00 AM
FotoWare makes finding the file a profitable business!
Despite many negative reports from the market, the employees at FotoWare a.s. are delighted because 2008 ended with the highest turnover in the history of the company, with December being the best month on record.
FotoWare, a leading manufacturer of software for retrieving and managing the workflow of images and other visual information, supplies solutions through independent partners all over the world and through subsidiaries in Germany and England. Over 80% of the company’s turnover is generated outside Norway. In 2008 the value of FotoWare’s software and services amounted to just over NOK 100 million on a global basis.
Ever since FotoWare set up operations in 1994 the company’s main market has been newspapers and magazines, although in 2008 sales to these target groups were exceeded for the first time by sales to companies and public administrative bodies.
“The world recognises the need for administration and retrieval of valuable information for use by all kinds of organisations. People are realising that this need applies to all types of files, including files with a visual content, and that the need is growing at an explosive rate,” says the company’s CEO Ole Christian Frenning. “Last year more than 50% of our sales were made to small and large companies, marketing departments and municipal and government administration. It is obvious that our strategy has been successful," says a satisfied Mr. Frenning.
This increase has not been at the expense of the company’s traditional customers. Newspapers and magazines are still the largest customer group, and they have been able to satisfy their rationalisation and automation requirements by using FotoWare’s solutions. The company also has a large group of loyal customers who pay for annual maintenance agreements that are designed to provide them with access to a continual stream of new, improved versions.
FotoWare has announced that a new, major upgrade will be released to its customers during the course of this autumn. “We are delighted about our high turnover and our fantastic profits in 2008. FotoWare is a rock solid company that is in a position to make further investments in 2009 in order to capture new market shares. Our excellent financial situation allows us to make bold choices that will enable us achieve further increases in the company's turnover and earnings”, says Mr. Frenning.
Key figures for 2008
Turnover: NOK 38,000,000
Pre-tax profit: NOK 11,000,000
Net profit margin: 29%
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