Sqs software quality systems ireland ltd

Revenue in this segment, our other strategic focus area, saw an increase during the period of 5. Growth for this segment was mainly driven by organic growth and a build up of MC business in the key European markets. Revenue in this segment decreased by 8. Revenue in the "Other" segment amounted to EUR A slight increase in revenue from contractors was the key driver for this development.

Further adjustments are made to the reported finance costs and tax charge as below, in order to derive Adjusted PBT and Adjusted Earnings respectively:. Gross margins in the PS segment also slightly improved to Gross margins in the "Other" segment were at The adj. The profit before tax was driven by the effects mentioned under EBIT above, and a slightly improved finance result from lower net interest costs and better net realised exchange rate gains.

As a percentage of revenue these costs remained flat at The absolute reduction was mainly due to better operational efficiencies and the increased global use of shared services. This investment was focused on the development of our proprietary software testing tools, the PractiQ methodology and new platforms around predictive quality analytics.

Our research technology centre in Belfast was expanded during the period to improve the competitive positioning of SQS services with more intellectual property. Net finance income of EUR0. Cash outflow from operating activities was at EUR 6. This profile of an operating cash outflow during the first half is due to the typical seasonality we have seen in previous first half year periods, reflecting payment of staff bonuses and the usual seasonal increase in debtor days which increased to 81 as compared to 70 at the end of and 77 days at mid We therefore expect an improved cash collection and full EBITDA to operating cash conversion by the end of the full year, as in previous years.

We have also during the period adopted a significantly accelerated month end accounts closing timetable which results in increased levels of work-in-progress and a corresponding decrease in trade debtors. This has no impact on the actual billing of customers or the timing of cash receipts. Cash outflow from investments came down to EUR 4. Total cash inflow from financing activities was EUR9. We closed the period with EUR The increase in borrowings was mainly due to fund the seasonal first half requirements from working capital and dividend payments.

Cash reserves are held in a broader range of currencies and the transfer of funds is restricted in some geographies, such as India. Therefore, the offset between cash and debt positions has become less flexible as we also seek to avoid the realisation of negative exchange rate movements. The resulting net debt position at the period end was EUR SQS has borrowing facilities with four main banks and additionally continues to have local overdraft facilities in some countries.

In total its facilities with the four main banks are now EUR83m and are in place until These facilities are subject to customary covenants, are not secured and the borrowing costs are lower than historically. For the acquired companies Bitmedia, Trissential and Galmont, intangible assets for client relationships and order backlog with a fair value of EUR8.

On average these intangible assets are amortised over a period of up to nine years. In total goodwill and intangible assets from the acquired companies came down to EUR The tax charge of EUR3. The tax rate on local GAAP results was Going forward, we expect an actual tax rate of c. Approximately For the conversion of revenues and costs generated in other currencies into Euro, the relevant official average exchange rate for the first six-month-period of was applied.

For the conversion of the balance sheet items from other currencies into Euro, the official exchange rate as at 30 June was used. Foreign exchange had a EUR0. The SQS Group Consolidated Financial Statements for the 6-month period ended 30 June were prepared in accordance with uniform accounting and valuation principles in Euro.

The interim consolidated financial statements for the six months ended 30 June have been prepared in accordance with IAS 34 Interim Financial Reporting.

SQS is a member company of Innovalia. Device or solution to validate. Type of tests to perform. Reference standards to consider. Full name. Phone number. View CRO company documents and company reports any Irish company or business with ease. Full Credit Rating. Directors details are available to logged in users. Credit Advice.

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