Higher turnover and increase in EBITDA achieved in the first six months of 2011

During the first six months of 2011, Mermaid reached a turnover of DKK 34 million. Similarly, the company’s EBITDA increased from DKK 1.8 million during the first six months of 2010 to DKK 3.9 million during the same period of 2011. The increase in turnover and EBITDA is primarily a consequence of the company’s incoming orders and the continuous focus directed towards the company’s recurring business strategy.

On the 30th of June, Mermaid’s equity totalled DKK 36.9 million as opposed to DKK 30 million at the end of 2010. Mermaid has a positive cash balance of DKK 14.9 million with short-term debts totalling DKK 6.4 million. This positive cash situation in combination with a total of 760,000 own shares in the company’s portfolio ensure that Mermaid is in an ideal position to consolidate the market via further acquisitions.

During the first six months of 2011, Mermaid has signed several considerable agreements within the field of digital signage. Within the transport sector especially, the deals with Arriva (240 buses), City Trafik (50 buses), Man Bus & Last (30 buses) and a renewed agreement with Color Line are important to emphasise.

Within the retail sector, Mermaid delivered 200 systems to Fiskars alongside several smaller orders. Mermaid has also renewed its agreements with several large retail partners.

Although the company’s pipeline continues to show positive development, we also see extended lead times on our projects. Within our four focus areas - Retail, Corporate and Services, the Public sector and Transport - Mermaid is working on a series of projects that will be concluded by the end of 2011. However, a new global financial crisis may become a negative factor and may delay some of the projects. Based on the performance of the first six months of 2011, Mermaid expects to reach a turnover between DKK 75-85 million and an EBITDA of DKK 7-10 million.