WeDo has issued a positive press release about their 2011 financial year; see here. The Portuguese vendors of business assurance software reported annual revenues of USD64.3M and EBITDA of USD7.8M. Comparison to the 2010 numbers showed revenues were down 1.3%, whilst EBITDA was up by over 4%. Although WeDo said 2011 had been ‘a challenging year’, confidence in the future was emphasized by taking new sales orders worth USD72.3M and having an order backlog worth over USD43M.
The company was described as enjoying ‘growing profitability’ but no mention was made of any actual profits. Attempts to cross-check the press release to the accounts of the parent Sonae Group proved futile; the group accounts lacked sufficient detail. However, the information in the press release appears consistent with WeDo’s reported performance in previous years and with announcements it made during 2011.
To WeDo’s great credit, they did not shy away from the big issue of cut-throat competition and the need for market consolidation. They said:
the market endured very aggressive competition based on pricing which is likely to drive an important reshuffle in 2012, impacting some of the key players in the industry
The company went on to emphasize its stability during turbulent times, referring to the fact it has a single shareholder – Sonae Group – and highlighting that the company would engage in continued innovation and development ‘without disruption’. The implication is that WeDo sees potential in appealing to potential customers who are worried about the viability of rival vendors.
WeDo also reiterated established aspects of its business strategy, mentioning overseas sales and non-telecom sales. 67.4% of revenue was described as ‘international’, meaning the firm is becoming less reliant on revenues from customers in Portugal. Meanwhile, two sales came from outside the telecoms sector: a new financial customer in Portugal and a new retail customer in Brazil.