TimeLog experienced a growth of 10% in the first quarter in 2014 compared to first quarter last year. This has given a strong start of 2014; and strong numbers to meet this year's challenges.
The revenue is up 10% compared to the same period last year, whereas the profit ratio (EBIT) is on 13%. “We are happy about the good results that show how a strong client and service focus gives good results on the bottom line”, says TimeLog's CEO, Søren Lund.
Growth in number of users
The number of users at our customers’ solutions clearly shows that the financial crisis is coming to an end. From the first quarter of 2014 to the same period in 2014, the number of users has gone up with more than 20% to about 15.000 users, which daily uses the system.
“There is no doubt that even though the economy in Denmark and the rest of the world is still a little shaky, there is cause for optimism in many places, which directly influences TimeLog's key numbers in a positive way", Søren Lund explains.
Ready for future challenges
The financial strength is not realised in profits, but is targeted supporting TimeLog’s ambitious growth plans, which among other things include a 100% re-design of TimeLog Project, and hiring more people for Sales, Customer Service and R&D in the coming months. This is needed to secure continuous growth throughout 2015 and 2016.
“The re-design of TimeLog Project is a huge investment, from which we expect a lot. It has been on the pipeline for three years, and now, finally, it is almost ready for the first of several releases. The plan is to release a beta version after the summer break and have the solution fully released by the end of 2014”, Søren Lund ends.