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Cambridge Solutions Ltd announces results for the Second Quarter, 2007
Greenwich, CT USA – October 26, 2006: Cambridge Solutions Ltd. (“Cambridge”), formerly known as Scandent Solutions Corporation Ltd today announced its results of operations for the second quarter ended September 30, 2006. Total revenues for the second quarter were Rs 3,617 Million (Rs 7,251 Million for the year to date). Total EBITDA for the second quarter was Rs 434 Million (Rs 895 Million for the year to date). Total Profit after Tax for the second quarter was Rs 172 Million (Rs 322 Million for the year to date). On a pro forma basis, the current quarter’s revenues grew 20% over the same quarter of the previous year, while Profit after Tax grew 122% versus a year ago. In the Second quarter, the Company’s BPO operations contributed 67% of the revenues (70% for the year to date) and its IT operations contributed 33% of total revenues (30% for the year to date). Top ten clients contributed 37% of the firm’s revenues. The number of clients who were at an annualized run rate of greater than Rs 46 Million (US$ 1 Million) per year was 50. During the last quarter, Cambridge offshore BPO continued to gain significant traction. Some of the major wins included a 10-Year Rs 4,600 Million ($100 Million) contract from Xchanging/ Aon and an Rs 230 Million ($5 Million) contract from a Large US Insurance brokerage firm. Cambridge also completed and moved into a brand new facility with a capacity of 600 seats for its Chennai operations. Plans are on track for completion of a 3,500 seat facility in Bangalore by the end of the year to augment the offshore BPO and IT growth. Chris Sinclair, Chairman and CEO of Cambridge Solutions said, “We have made good progress in refining our offerings and go-to–market strategy, which is evident from our top line growth. As we have now successfully created a good platform for growth, our focus over the next 6 months will be to improve our operating margins by optimizing our cost structure. Our goal is to generate significant annualized cost savings from cost optimization initiatives which will enhance our operating performance in the next fiscal year.” About Cambridge Solutions Ltd. IT business consulting, application implementation, software engineering, maintenance and support services Business process outsourcing (BPO) for insurance, banking and financial services companies; process consulting; transaction processing, finance and accounting back office support; claims and risk management services; inbound and outbound contact centers to support all of these activities; and other processes that require knowledge-based decision making. The Company employs over 3,600 professionals serving customers on 4 continents through over 70 locations worldwide. With offices in the USA, UK, India Singapore, and Australia, Cambridge serves Fortune 500 firms, insurance and financial services companies, and public entities around the world. The company’s BPO subsidiary was named one of the top three performing BPO companies by Global Services media and neoIT in 2006, and was recently ranked as the 28th leading outsourcing company in the world in the International Association of Outsourcing Professionals (IAOP)’s “2006 Global Outsourcing 100” list, that appeared in a special advertising section in Fortune Magazine. The Company is listed on the major stock exchanges of India (BSE, NSE, MSE & ASE) under the ticker “CAMBRIDGE”. For more information, visit: www.cambridgeworldwide.com. Safe Harbor Media Contacts: Melissa Arulappan Pradeep Chaudhry, CFO |
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