Year-end 2010 H1 Group:
"H1 has in 2010 achieved very strong growth and has significant increased its market shares, which have been our focus during the year. We have more than doubled our sales in comparison to 2009.
In three years we have grown from zero to an annual revenue rate of more than 100 MSEK, this shows H1's ability to grow and achieve set growth targets. This aggressive growth rate has been necessary to create the critical mass needed to in order to establish a sustainable Nordic competitiveness over time.
The rapid growth has resulted in a high share of restructuring costs of acquisitions which had negative impact on profitability during the year. This fact has obviously been tough and challenging, where we worked hard to create conditions for a sustainable and profitable H1. A number of restructuring measures in order to adjust production and cost structures have been implemented during the year. In addition, we launched a major restructuring program in order to increase the flexibility of the overall production of our services in the Nordic countries, we calculate that the outcome of these actions will generate savings of approximately 10 MSEK annually beginning in the third quarter of 2011 .
We will continue the work with cost synergies over the next year, the measures already taken in combination with the current restructuring will provide significant positive impact on our profitability during the coming year, focusing on generating profitability and positive cash flows. The first phase of the H1's development is now completed and we now have a size and the conditions necessary to continue our journey towards creating the leading actor in the Nordics. The future of the H1 group is considered very good."
Said Jörgen Larsson, CEO H1 Group.
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