Cloud success: SaaS Revenues increase 22%
Continued organic growth: 3% increase year-to-date
| Sidetrade Group Turnover € 000's | 2012 | 2011 | Change |
| 1st Quarter | 3,466 | 3,300 | + 5.0 % |
| 2nd Quarter | 3,418 | 3,271 | + 4.5 % |
| 3rd Quarter* | 2,978 | 2,977 | + 0.1 % |
| Nine months ended Total | 9,862 | 9,548 | + 3.3 % |
* Consolidated and unaudited
ORGANIC GROWTH LED BY cloud COMPUTING SUCCESS
SaaS subscription revenues of €5.68 million posted double digit growth of 21.9% over the first nine months (2011 Q1-3: €4.66 million). The Sidetrade Cloud business continues to be the primary source of growth for the Group.
Although business volumes typically slow down for Sidetrade Group during the third quarter, turnover of €2.98 million is largely unchanged year-on-year. At the close of the 2012 third quarter period, Sidetrade Group generated consolidated Turnover of €9.86 million, representing year-on-year growth of 3.3%.
Unsurprisingly, the product mix bias towards Cloud computing has resulted in stronger growth in this area, in contrast with services revenues (implementation, training, consultancy, business process outsourcing). The Group advised of this development in the announcement of 2012 half year turnover. The slowdown in growth is accounted for partly by an unfavourable year-on-year comparison (2011 Q1-3: +18%), as well as services results of €4.19 million, a decrease of 14.3% (2011 Q1-3: €4.89 million). These results reflect the effects of the general economic slowdown and the loss of a business process outsourcing contract which generated significant turnover but with low operating margin.
