CompuGroup posts strong sales growth

German health IT company CompuGroup has announced a 61% increase in sales in the second quarter of 2009 compared with 2008.

The company’s sales rose to €75m compared to €46m for the corresponding quarter last year.

Earnings before interest, taxes, depreciation and amortisation were up from €11.1m to €13.2m, a rise of 19%.

The Koblenz-based company attributed the increase to the firm’s health provider services division. The services include software and solutions for doctors, dentists and hospitals, which accounted for €57.5m of the total amount.

The second quarter report also states that the health connectivity services segment, which provides intelligent software solutions to deliver efficiency increases, also displayed “high degree of stability,” with revenues of €16.6m.

However, the electronic patient services segment, which provides web-based personal health records, only accounted for €0.6m of the total revenue.

Frank Gotthardt, chief executive officer of CompuGroup Holding AG, said: “We are delighted with the second quarter results, although we still need to achieve a significant improvement in the profitability of some recent acquisitions in order to bring them up to the level achieved by comparable companies within the group.”

Over the past few months the company has won several significant contracts including a three year deal worth €1.2m with Turkish insurance company Axa to support claims handling and processing. CompuGroup also signed a contract with the Ministry of Health in Malaysia in June to implement a hospital information system at the 284 bed Bintulu Hospital.

Last month CompuGroup acquired Italian company FimeSan SPA and said it had plans for further Italian acquisitions.

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