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Turnover rose to NOK 710.6 million, an increase of 20.6 per cent from 2009. Te operating margin came to 9.1 per cent, compared with 9.7 per cent the year before.
Bouvet was listed on the Oslo Stock Exchange during the fourth quarter after being included in the Oslo Axess list since May 2007. It thereby became the frst company to secure such a transfer.
Bouvet experienced a positive trend in the market for information technology (IT) services during 2010, with demand growing steadily in its service areas. Te number of inquiries from both public and private sectors is rising. After an aggressive commit-ment in 2009, when the market was more challenging, Bouvet is now well positioned to exploit market opportunities which emerge during 2012.
Te Group is well capitalised, with an equity ratio of 37.3 per cent and no interest-bearing debt.
Operations
Te Group provides services in the felds of portals, system development and integra-tion, application management, SAP, business intelligence, technical infrastructure and courses. User quality is an integral element in its deliveries.
An aggressive commitment has allowed Bouvet to increase its market share in recent years. Tis progress continued in 2010, demonstrating that the Group has an appro-priate business model and a range of services well adapted to client requirements.
Bouvet’s geographic spread through local of-fces provides clear advantages for marketing work and competitiveness. Many enterprises regard it as important that their supplier of business-critical systems has a local con-nection and presence. It has been Bouvet’s experience that local entrenchment generally provides greater understanding of client needs. Establishing long-term relationships with the client and thereby learning its
business and systems is also easier. Tis helps Bouvet to overcome the client’s challenges more quickly.
Clients have increasingly tended to buy services through frame agreements. With its size and references, Bouvet is very well posi-tioned to win such contracts, and a number of them were signed in 2010.
Te Group continued to focus in 2010 on long-term and lasting customer relations. Tat contributed to a high level of repeat orders and low sales costs. Revenues from the Group’s 20 largest clients accounted for 63.3 per cent of total income for the year. Satisfed clients will always be the best am-bassadors, and good references are valuable in sales work.
One of the most important reasons for Bouvet’s progress has been continuity and stability in an organisation with highly qualifed personnel. In addition to ofer-ing challenging jobs, Bouvet has therefore
Highlights
Bouvet further strengthened its market position during 2010, and maintained proftable growth in a steadily improving market. Its implementation capability and expertise mean it is chosen to partner a number of large enterprises. During 2010, the company extended into new service areas which make collaboration with it even more interesting.
Directors’ report
BOUVET ASA
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400 000
500 000
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800 000
2010 2009 2008 2007 2006
OPERATING REVENUE
NOK 1 000
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80 000
2010 2009 2008 2007 2006
OPERATING PROFIT (EBIT)
NOK 1 000
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40 000
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60 000
2010 2009 2008 2007 2006
PROFIT FOR THE YEAR
NOK 1 000
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