Click here to close now.

SYS-CON MEDIA Authors: Aria Blog, Pat Romanski, Elizabeth White, Peter Silva, Glenn Rossman

News Feed Item

Orc Group AB: Interim Report Cidron Delfi Intressenter AB, May 1 – September 30, 2012

At the beginning of 2012, Cidron Delfi Intressenter AB acquired Orc Group (STO:ORC) through a public tender offer directed to the shareholders in Orc Group AB. Following the sale of Orc’s former subsidiaries and sub-groups CameronTec and Neonet at the beginning of October, continuing operations in the Cidron Delfi Intressenter group now consist solely of operations in Orc. Cidron Delfi Intressenter AB was formed on November 28, 2011, and Orc Group AB is consolidated as of January 1, 2012. There is no historical information for the Cidron group and the comparative figures for 2011 have been taken from Orc’s operations in Orc Group. CameronTec and Neonet are reported as discontinuing operations for all of the periods covered in this report.

  • OPERATING REVENUE FOR THE PERIOD FROM JANUARY TO SEPTEMBER REACHED SEK 391M (432), A DECREASE OF 9%. THE DROP IN REVENUE WAS PARTLY COMPENSATED BY LOWER EXPENSES AND CAPEX. ADJUSTED EBITDA WAS SEK 178M (205) AND EBITDA-CAPEX WAS SEK 96M (115).
  • OPERATING REVENUE FOR THE QUARTER FROM JULY TO SEPTEMBER AMOUNTED TO SEK 127M (140), DOWN BY 9%. THE DROP IN REVENUE WAS LARGELY COMPENSATED BY LOWER EXPENSES AND CAPEX. ADJUSTED EBITDA WAS SEK 60M (64) AND EBITDA-CAPEX WAS SEK 33M (34).
  • A SUCCESSFUL BOND PLACEMENT OF EUR 60M WAS CARRIED OUT IN NOVEMBER.
  • THE LAUNCH OF AN EFFICIENCY IMPROVEMENT PROGRAM WILL REDUCE THE NUMBER OF EMPLOYEES BY AROUND 20 DURING DECEMBER, EQUAL TO JUST UNDER 10% OF THE TOTAL NUMBER OF EMPLOYEES.
  • AS A RESULT OF THE EFFICIENCY IMPROVEMENT PROGRAM, TOGETHER WITH REFINANCING AND RESTRUCTURING OF THE FORMER ORC GROUP, INCOME FOR THE QUARTER FROM OCTOBER TO DECEMBER WILL BE CHARGED WITH SUBSTANTIAL NON-RECURRING COSTS.

CEO TORBEN MUNCH COMMENTS:

“As previously announced during our meetings with investors, revenue for the quarter from July to September 2012 was down somewhat from the preceding quarter as result of challenging market conditions. Although revenue has fallen by nearly 10% during the past year, EBITDA-CAPEX for the last four quarters has held steady at around SEK 30m. This is mainly explained by the wind-up of group-wide functions and successful renegotiation of third-party agreements.

In November Orc launched an initiative mainly aimed at realizing the expected synergies from regionalization of customer service and adapting the sales and service organizations to the current market conditions. The number of employees will be reduced by around 20 and the office in Frankfurt will be closed. At the same time, Orc is continuing to invest aggressively in new products and services. After the reorganization, the number of employees active in the product and development organization will be around 100, i.e. close to half of all employees in the company.

Also in November, Orc successfully placed a EUR 60m five-year Senior Secured High Yield bond. The offering was fully subscribed already before completion of the management’s investor roadshow.

The market climate during the quarter from October to December remained weak. At the same time, the secured long-term financing together with the implemented organizational changes and cost adaptations provide excellent scope to continue developing and positioning Orc as a leading provider of technology and services for the global financial industry.”

About Orc

Orc is a leading provider of technology and services for the global financial industry. Since 1987, Orc delivers trading and market access solutions used by proprietary trading and market making firms, investment banks, hedge funds and brokerage houses worldwide.

Orc develops and provides the tools needed for running profitable trading or brokerage businesses in today’s competitive and ever-changing markets.

With market presence in all major global financial centers, Orc provides sales and support services from its offices across EMEA, the Americas and the Asia-Pacific regions.

Orc is owned by Cidron Delfi Intressenter AB, which in turn is owned by Nordic Capital Fund VII.

www.orc-group.com

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://www.cisionwire.com

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities. In his session at @ThingsExpo, Gary Hall, Chief Technology Officer, Federal Defense at Cisco S...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @Things...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applicatio...
VictorOps is making on-call suck less with the only collaborative alert management platform on the market. With easy on-call scheduling management, a real-time incident timeline that gives you contextual relevance around your alerts and powerful reporting features that make post-mortems more effective, VictorOps helps your IT/DevOps team solve problems faster.
The Internet of Things (IoT) is causing data centers to become radically decentralized and atomized within a new paradigm known as “fog computing.” To support IoT applications, such as connected cars and smart grids, data centers' core functions will be decentralized out to the network's edges and endpoints (aka “fogs”). As this trend takes hold, Big Data analytics platforms will focus on high-volume log analysis (aka “logs”) and rely heavily on cognitive-computing algorithms (aka “cogs”) to mak...
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, will discuss why containers should be paired with new architectural practices such as microservices ra...
Companies today struggle to manage the types and volume of data their customers and employees generate and use every day. With billions of requests daily, operational consistency can be elusive. In his session at Big Data Expo, Dave McCrory, CTO at Basho Technologies, will explore how a distributed systems solution, such as NoSQL, can give organizations the consistency and availability necessary to succeed with on-demand data, offering high availability at massive scale.
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, will explain the best practices of continuous testing at high scale, which is r...
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, de...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
SYS-CON Media announced that IBM, which offers the world’s deepest portfolio of technologies and expertise that are transforming the future of work, has launched ad campaigns on SYS-CON’s numerous online magazines such as Cloud Computing Journal, Virtualization Journal, SOA World Magazine, and IoT Journal. IBM’s campaigns focus on vendors in the technology marketplace, the future of testing, Big Data and analytics, and mobile platforms.
Security can create serious friction for DevOps processes. We've come up with an approach to alleviate the friction and provide security value to DevOps teams. In her session at DevOps Summit, Shannon Lietz, Senior Manager of DevSecOps at Intuit, will discuss how DevSecOps got started and how it has evolved. Shannon Lietz has over two decades of experience pursuing next generation security solutions. She is currently the DevSecOps Leader for Intuit where she is responsible for setting and driv...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @Things...