July 1, 2008 -- Lisse, The Netherlands. Royal Swets and Zeitlinger today announced that its Annual Accounts for 2007 were adopted by the General Meeting of Shareholders and have now been published. The company’s strong performance in 2007 shows a healthy Operating Profit increase compared to 2006 and is in line with its expected outcome for 2007.
"Our healthy performance in 2007 highlights the continued strength and adaptability of Swets," said Siebe van Elsloo, Swets’ Chief Financial Officer. "We have a stringent working capital management process in place at Swets and the positive results of previous years have provided us with a robust balance sheet and liquidity. This solid financial base gives us the foundation on which to build and maintain our position as the world’s leading subscription services company."
Swets has realized a 2007 Net Profit, after taxation, of € 21.5m. In 2006 the company’s Net Profit was € 21.7m. The company reported revenues in 2007 of € 755.2m, around 6.9% lower than in 2006. This development has been caused by a number of factors: a weakening US dollar and GB pound rate against the euro; Swets’ strategy to maintain and increase market share in more profitable market segments; as well as a process of publishers selling direct to customers.
Swets has successfully countered these developments by generating revenues with new electronic products and value added services, contributing to the strong growth of Operating Profit (before extraordinary items, net interest expenses and tax). In 2007, Swets realized an Operating Profit of €25.0m, some 20% higher than in 2006 (€ 20.4m).
"Our ability to counter the downturn in the global economy, as well as other pressurizing trends and factors within our own industry, has been made possible thanks to the highly effective strategic management of the company, and by the innovative ways we have been able to expand and improve the range and value of our services to customers and publishers alike," said Siebe van Elsloo. "We have a proven track record in delivering material improvements in the performance of the business over time and are convinced that the solid performance of 2007 will give us the stability to continue to operate at the forefront of this dynamic and challenging industry."
Printed copies of the 2007 Royal Swets & Zeitlinger Annual Report, published in English and Dutch, are available on request. PDF electronic versions may be downloaded from www.swets.com
Swets is the world's leading subscription services company. We build on more than 100 years of experience to maximize the return on investments in time and money for clients and publishers in today's complex information marketplace. With clients in over 160 countries and more than twenty offices around the world, Swets is a true "long tail" powerhouse that provides the most comprehensive and sophisticated e-commerce platform currently available in its field.
Swets has been included in E-Content Magazine's "100 Companies that Matter Most in the Digital Content Industry" for the past five years, and is consistently featured in the top 25% of FEM Business' "Top 500 Companies in The Netherlands". We are the only subscription services company that is ISO 9001:2000 certified on a global basis for 10 years running--a testament to our stringent operation and client service procedures.