Basware: Out of the Sauna, Into the P2P Fire (Part 1) [PRO]

We’re in the heart of company results season now and one of the big players in our market announced their 2012 figures recently. Basware, the P2P and e-invoicing firm came in with results that – in classic hedging our bets fashion – we could take as glass half-full or half-empty. At a headline level, sales of 113.7M Euros, up 5.5M on last year, were pretty static if we take into account the additional revenues that must have flowed from the acquisition of the German firm First Businesspost GmbH in early 2012. And operating income of 8.3M Euros, down a third (from 12.3 in 2011), was the smallest profit number since 2007.

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