CAPELLE AAN DEN IJSSEL, the Netherlands, Nov. 15, 2016 (GLOBE NEWSWIRE) -- AND International Publishers NV realized a strong increase in revenue during the first nine months of 2016 compared to 2015. Net profit for the same period in 2016 limitedly decreased compared to previous year. AND maintains its expectation to realize, as a minimum, a significant increase of revenue for 2016 compared to 2015 ( € 6,0 million).
AND Chief Executive Officer Hugo van der Linde: "The year 2016 has been excellent so far. This allows us to continue to invest in our technology, digital maps and new products. In October Barry J. Glick is appointed as member of the Supervisory Board of AND by the Extraordinary General Meeting of Shareholders. His knowledge, experience and network is a valuable contribution to our plans to further grow in the United States."
Course of events During the third quarter AND has decided to develop a new product, a database with detailed postal code areas of the United States. For this product, a multi-year sales contract has already been signed with a prominent customer. From 2017 this product will contribute to the revenue and results.
In addition, AND has executed several customized orders during the third quarter. Together with a part of the Dutch government a so called tile server was delivered. Also, AND worked on and successfully completed various custom projects which involved accepting total confidentiality with respect to the client, the work involved and the financials of the project and is therefore unable to disclose any further details.
In the third quarter Barry Glick was formally nominated to strengthen the Supervisory Board. The Extraordinary General Meeting of Shareholders of 10 October officially appointed Mr. Glick as member of the Supervisory Board. He has been appointed for a period of four years. The Supervisory Board now consists of three members.
Financial AND realized a profit in the first nine months of 2016. During the first nine months of 2016 revenue increased strongly, profit limitedly decreased and EBITDA showed a significant increase compared to the same period in 2015.
In the third quarter revenue decreased sharply compared to the same period in 2015 and a limited profit was realized. In the third quarter of last year a large order was realized and for that reason revenue in the third quarter of 2016 is sharply lower compared to the third quarter of 2015. In the press release of the half-yearly figures AND already noted that AND is highly dependent on a few large customers and new orders to be acquired and the timing in the financial year. For this reason, during a given period revenue can strongly fluctuate compared to the same period in the previous financial year. AND has no bank debts and a strong cash position.
Strategy AND is the only independent company in the global map market for digital maps for location based services. This offers opportunities and AND will continue to improve and extend its existing maps more effectively. In addition, AND will increase its added value by offering its maps and data as customized services. Our plans to realize additional growth through an own office in the United States are a logical next step to further execute our strategy successfully.
Outlook for 2016
AND is positive about the new opportunities presented by today's rapidly changing technological possibilities and market developments, including the automotive sector. Based on the realized revenue AND maintains its expectation to realize, as a minimum, a significant increase of revenue for 2016 compared to 2015 (€ 6,0 million).
Note for editor, not for publication: For further information please contact Hugo van der Linde on 0031-10-8851200 or visit www.and.com
The qualifications used in this press release are based on the terminology from the scale of Mock.
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
This is an English translation of the Dutch press release. In the event of any disparity between the Dutch original and this translation, the Dutch text will prevail.
