Hubwoo announces Q4 2014 Revenues

PARIS, Jan. 29, 2015 /PRNewswire/ -- Hubwoo (Euronext: HBW.NX), a leading provider of comprehensive spend management and business process collaboration solutions, today announced financial information for Q4 2014, in accordance with the "European Transparency Obligations Directive" financial disclosure requirements.

Gregory A. Mark, Hubwoo Chairman and CEO commented: "As compared to the previous three quarters,  it is evident the positive effect our improved sales performance is having on our financial results. Although the churn in our legacy SAP business is, and will continue to have a negative effect on growth, we remain confident in our ability to provide, to the market, innovative solutions that expand savings while leveraging our customers' existing investments in sourcing, procurement and accounts payable technologies. Our focus remains spend visibility, contract compliance and source-to-settle business process automation whilst always remembering that usability drives adoption, adoption drives compliance, and compliance delivers savings."    

Revenues:

Q4 2014 total revenue was EUR 7.1 million, significantly up in comparison to the previous quarter of the year by 9%, and down 8% in comparison to the same quarter of 2013. The full year Revenue performance shows a decline in comparison to 2013 of 11%.

The improvement of Q4 over Q3 2014 is mainly the consequence of a strong performance in Services (+38%), with various new client implementation and existing customer expansion projects being delivered.  SaaS (**) increased as well (+3%), due to new Buyer contracts and increased usage across the existing customer base. This increased usage is particularly visible within our Catalog Management solution as more customers leverage the link between catalog management and contract compliance. Additionally, automation, involving service field tickets especially within the Oil, Gas and Chemical industries, and invoice approval processing is also showing fast adoption within a selected and more limited number of existing customers.  

As indicated in previous communications, sales activity for the year 2014 has shown a strong improvement (more than +100% in terms of SaaS orders) in comparison to 2013.  The Company regards this improvement as encouraging, but remains cautious on future developments related to Revenue due to a continued reliance on legacy products.

Communication on profitability indicators, balance sheet and cash flows is expected at the end of March 2015. Advanced indicators show EBITDA (***) at a similar level, in terms of percent of revenue, as in 2013, and a cash position very close to the opening of 2014 (EUR M 6.3 at the time).

(***) EBITDA: Operating result before depreciation and non-recurring items.

About Hubwoo (www.hubwoo.com)

Hubwoo connects companies by providing comprehensive spend management and collaborative business process automation solutions for both goods and services, in the cloud, through The Business Network.

Our solutions integrate with any ERP or procurement system, providing our customers with an easy to use solution which drives adoption, compliance and savings.

Significant Customers Include BASF, Honeywell, Shell, Evonik, EDF, Nokia, Nationwide, Michelin, Henkel, Statoil, CONSOL Energy, EcoPetrol, Campbell's, Burton's Foods, and The Dow Chemical Company.  Hubwoo's global partnerships include GEP, SAP, IBM and TrustWeaver.

Hubwoo has major operations in Paris, Houston, Chicago, Bonn, London, Manila, and Leuven.  Hubwoo is listed in Compartment C on the Euronext Paris Eurolist.

ISIN: FR0004052561, Euronext: HBW, Reuters: HBWO.PA, Bloomberg: HBW:FP

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SOURCE Hubwoo

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