Scandinavian IT services leader, WM-data Nordic AB, has reported a 20% increase in half-year 1999 profits of SEK 490m ($59m) on revenue up 14% to SEK 6.2bn ($746.1m). Margin was up slightly at 7.9% from 7.5% in the first half last year. WM-Data’s Finnish revenue showed strongest growth, rising 46% in the first half to SEK 1.1bn ($133.5m). Growth in Sweden’s domestic market jumped 11% due largely to the acquisition in January 1999 of Gothenburg, Sweden based application development specialist Caran AB. The Caran buy accounted for the tripling of revenue in WM-Data’s Technical IT division, while other divisions reported increases of between 2% and 4.5%. The company is bullish about the prospects for 1999 as a whole believing that Y2K will have only a limited effect upon growth and is reporting strong demand for internet related services.
