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Swedish HiQ CEO expects market improvement in 2010.

NORDIC BUSINESS REPORT-18 August 2009-Swedish HiQ CEO expects market improvement in 2010(C)1994-2009 M2 COMMUNICATIONS http://www.m2.com

18 August 2009 - Swedish IT and management consultancy HiQ International AB (STO: HIQ) expects the market to improve in 2010, CEO Lars Stugemo told local news wire Nyhetsbyran SIX on the occasion of the company's second-quarter report, published earlier on Tuesday.

"There was less available time (in April-June 2009 compared to a year earlier) due to the timing of the Easter holidays. Then, the economic situation is clearly worse this year," Stugemo said as explanation for the negative development for HiQ's profit and margin in the second quarter of 2009.

However, the chief executive considers that HiQ registered a very good price development because it changed its product mix.

Although the weak demand is expected to continue for some time, the economic downturn has hit bottom and the situation will gradually improve in the future, according to Stugemo.

HiQ's operating profit plunged to SEK34m in April-June 2009 from SEK52.2m a year earlier. At the same time sales shrank to SEK272.7m from SEK309.4m. Therefore, the operating margin fell to 12.5% from 16.9%.

The company's second-quarter net profit dropped to SEK24.4m from SEK38.1m.

(EUR1 = SEK10.2)

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Publication:Nordic Business Report
Date:Aug 18, 2009
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