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December 29, 1999

ECsoft Warns Y2K Concerns Will Hit Q4 Revenue

By CBR Staff Writer

ECsoft Group Plc, the UK application services provider listed in London and Nasdaq, has warned that fourth quarter revenue will be below market expectations because of client concerns over Y2K. CEO and president Terje Laugerud says that as a result of a cost-cutting program initiated in the third quarter, the company expects to continue to be profitable in the fourth quarter and revenue for the year will be slightly better than in 1998. Laugerud expects there will be a return to traditional growth or better in the second half of 2000 with a potentially stronger growth specifically in e-business and CRM and advanced technology solutions in which Ecsoft Group specializes.

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