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Entersoft SA 2010 Financial Results: Improved Revenues and Liquidity, decreased Profits

Entersoft Group realized improved revenues during 2010 despite the economic downturn. Group’s total revenues amounted to 7.319 million Euros, increased slightly up compared to 7.227 million Euros of last year.

The consistent credit policy applied by the Group resulted to zero bank loans and liquidity of more than 1.04 million Euros, providing a strong advantage over its main competitors. Liquidity ratio was considerably improved at 7 against 3.5 last year! The company’s strategy to preserve all its personnel, losses from the subsidiaries in Bulgaria and Romania, the increased goodwill amortization of Retail Link’s and Nova Consulting’s acquisitions, the extra tax on 2009 profits imposed by the Greek Government and some minor bad debt provisions, affected Earnings Before Tax which decreased by 66% and amounted to 0.354 million Euros against 1.046 million Euros last year.

During 2010 Entersoft was awarded by Microsoft U.S. as Microsoft Country Partner of the Year because of its high-tech products and its leading market share in the Greek market. Accordingly, it was assessed by ICAP Group as one of the “Strongest Companies in Greece” group.

Entersoft increased its customer portfolio with important customers, despite the reluctant business environment towards information technology investments. ALFA WOOD S.A. Group, SELMAN S.A., MILLS K SARANTOPOULOS, PSICHOGIOS EDITIONS SA VIOMAL SA, HELLAMCO SA GEFSINOUS SA, VIOKALLIERGITES SITEIAS SA THANOPOULOS DIMITRIOS SA ARMAOS SA GREEK FOOD COOP AE, VERMA DRUGS A. BEE., OPTICAL SYKARAS, OK Bread, SPANOS ULYSSES SA, DUROPLAST ABEE, among others joined its customer base.

For 2011, Entersoft aims at increased revenue and profits making the most out of its strong liquidity, recent investments in new products CRM, E-Commerce, Retail and Mobile, participation to Digital Convergence projects of the Greek Government, steadily enlarging its customer base and to the expected business growth of electronic invoicing through its subsidiary, Retail Link.