Ad hoc: SQS Software Quality Systems AG: Half Year Report

SQS Software Quality Systems AG / Key word(s): Half Year Results 06.09.2016 08:30 Disclosure of an inside information according to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
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6 September 2016 SQS Software Quality Systems AG ("SQS" or the "Company") Results for the six months ended 30 June 2016 Software Quality Systems AG (AIM: SQS.L), the leading global specialist in end-to-end software and business process quality solutions, today announces its unaudited results for the six months ended 30 June 2016. Financial Highlights - Total revenue increased by 10.9% to EUR166.6m (H1 2015: EUR150.3m) - Adjusted* gross profit increased by 12.5% to EUR52.8m (H1 2015: EUR47.0m) - Adjusted** PBT increased by 32.1% to EUR11.9m (H1 2015: EUR9.0m) - Reflecting improved gross margin and improved revenue mix - Adjusted EPS*** increased by 29.5% to EUR0.22 (H1 2015: EUR0.17) - Operating cash outflow at EUR(1.2)m (H1 2015: EUR(5.2)m) resulting from typical first half seasonality - Net debt EUR32.9m compared to EUR5.9m at 31 Dec 2015 (30 Jun 2015: EUR26.5m) - Reflecting EUR16.7m (H1 2015: EUR22.1m) cash outflow for investments on the acquisition of the final 25% of shares in SQS Pune (India) and IT infrastructure - Interim financial performance and ongoing strategic developments in line with management expectations * adjusted for a non-cash amortisation of Bitmedia/Trissential acquired order backlog of EUR0.75m ** incl. effects under * and adjusted to add back EUR3.45m of IFRS amortisation of client relationship assets from the Bitmedia/Trissential acquisitions and EUR0.5m pro forma interests mainly arising from purchase price allocation for deferred payments on acquisitions *** adjusted to add back effects under ** at actual local GAAP tax rate of 31.0%, less EUR1.3m on minority interests (mainly for SQS India BFSI) Operational Highlights - Continued progress on strategy to capitalise on market trends in global digitalisation of business processes: - Growth driven by US, Irish and Asian markets - Customer wins driven by clients' investments in digital solutions such as connected cars, omni-channel commerce, mobile payments and smart grids - Broadened Management Consulting services portfolio and progressed industrialisation of quality assurance services - Appointed Martin Hodgson as an additional Executive Director to SQS' board to drive the Management Consulting business globally (post balance sheet event, effective 6 September 2016). Martin joined SQS in December 2015 - Developing position as a trusted end-to-end quality assurance partner for software based business processes - Successfully integrated acquisitions which continue to perform well, driving double digit revenue and profit growth, and increasing diversification of vertical and regional split - Market share gains: - Enhanced market position, particularly in the US - Strong position in Europe maintained - New higher margin engagements fully compensating for circa EUR10m lower margin business SQS dis-engaged from during 2015 - Strong growth in higher margin Managed Services and Management Consulting divisions, which combined now account for 64% of Group turnover (H1 2015: 57%) - Renamed two divisions to align more accurately with operating activities: - Managed Services ("MS") remains as described - Management Consulting ("MC"), formerly Specialist Consulting Services ("SCS") - Professional Services ("PS"), formerly Regular Testing Services ("RTS") Diederik Vos, Chief Executive Officer of SQS, commented: "SQS has delivered a solid first half of the year, reporting double digit top line growth alongside a substantial improvement in profitability, both in PBT and EBIT. This growth has largely been driven by strong performances in both our Managed Services and Management Consulting divisions, where we are increasingly cross-selling our services to good effect. "The US has now become our second largest region after Germany making up 17% of revenues. This shows the strides we have made since the acquisitions last year, and ensures we are on track with our strategy to capitalise on the huge market opportunity the US has to offer. "The digitised economy opens up new and exciting opportunities for SQS as it enables us to broaden our offering as an end-to-end quality solutions partner. With so many industries now reliant on digital solutions that can cope with consumer demand both now and for the future, companies need to know their systems will not fail. Through our vertical industry expertise and end-to-end business solutions, SQS is well placed to benefit from this global trend. "The Group's pipeline of prospects continues to strengthen across all divisions and the Board believes that SQS is well-positioned to deliver in line with our expectations for the full year." Enquiries:

 
 SQS Software Quality Systems AG  Tel. +49 (0) 2203 91 54 0
 Diederik Vos, Chief Executive
 Officer
 Rene Gawron, Chief Financial
 Officer
 Numis Securities - Nomad and     Tel +44 (0) 20 7260 1000
 Joint Broker
 Simon Willis / Jamie
 Lillywhite / Mark Lander
 
 Stockdale Securities - Joint     Tel. +44 (0) 20 7601 6100
 Broker
 Robert Finlay / Antonio Bossi
 FTI Consulting - Financial       Tel. +44 (0)20 3727 1000
 Media and Investor Relations
 Matt Dixon / Dwight Burden       sqs@fticonsulting.com
 

About SQS SQS is the leading global specialist in end-to-end software and business process quality solutions. This position stems from over 30 years of successful consultancy operations. SQS consultants provide solutions for all aspects of quality throughout the whole software product lifecycle driven by a standardised methodology, offshore automation processes and deep domain knowledge in various industries. Headquartered in Cologne, Germany, the company now employs approximately 4,600 staff. SQS has offices in Germany, UK, US, Australia, Austria, Egypt, Finland, France, India, Ireland, Italy, Malaysia, the Netherlands, Norway, Singapore, South Africa, Sweden, Switzerland and UAE. In addition, SQS maintains a minority stake in a company in Portugal. In 2015, SQS generated revenues of EUR320.7 million. SQS is the first German company to have a primary listing on AIM, a market operated by the London Stock Exchange. In addition, SQS shares are also traded on the German Stock Exchange in Frankfurt am Main. With over 10,000 completed projects under its belt, SQS has a strong client base, including half of the DAX 30, nearly a third of the STOXX 50 and 20 per cent of the FTSE 100 companies. For more information, see www.sqs.com Chief Executive's Statement Introduction During the period under review, SQS reported a strong financial performance recording healthy growth to both revenue and profit. The particularly strong increase in profit before tax can be attributed to improved operating performance across all three divisions, an improved revenue mix, a strong financial result, and particularly strong growth in the US, Irish and Asian markets. This has been driven by our intended focus on more profitable work across all our business lines and disengagement from less profitable engagements. We continued to make progress on our strategy to diversify our revenue base both by geography and by end market vertical, as well as our increased focus on our higher margin Managed Services and Management Consultancy business divisions. In the period, we renamed two of our three core divisions. Specialist Consultancy Services becomes 'Management Consulting' ("MC"); Regular Testing Services becomes 'Professional Services' ("PS"), whilst Managed Services ("MS") retains its name. In consultation with our customers, we feel these new titles better represent the extended range of quality assurance services we are delivering and we expect this to enhance our marketing position. MS and MC now make up 64% - nearly two thirds - of our revenue with MS, still the highest margin business line, contributing revenues of EUR77.6m in the period (H1 2015: EUR71.9m), an increase of 7.9% on the prior year and representing nearly half of group revenue. The increase was largely organic, driven primarily from extending existing long term contracts, but the division - along with MC - is also benefitting from on-going cross- selling from Professional Services. MC has also had a strong first half, with revenues up 117% to EUR28.6m (H1 2015: EUR13.2m), representing a group revenue contribution of 17%. This division has particularly benefitted from the Trissential acquisition in 2015, with most of the growth coming from the US business with its first time consolidation of Trissential. In line with our strategy to broaden the geographic reach, we are also pleased to see strong performances coming from the UK and Ireland, two regions where we have invested to build-up their business analysis practices. In line with our strategy, PS revenue continued to be an important but smaller part of our overall business with revenues coming down by -4.5% to EUR48.6m (H1 2015: EUR50.9m), representing a group revenue contribution of 29%. Our focus remains on the higher margin MS and MC divisions, which we expect to drive the Company's future growth. Going forward we expect this segment to range between 25% and 30% of our total revenue. Other revenue sources, encompassing business with contractors, training & conferences and software testing tools, amounted to EUR11.8m of revenue in the period (H1 2015: EUR14.2m), a decrease of 17% on the prior year and representing 7% of group revenue. This is largely a result of tactical revenue delivered by contractors. We have made huge strides in diversifying our geographic reach and limiting overexposure to any one market. Germany remains our biggest market generating 30% of group revenues. The US is now our second largest market generating 17% of group revenues with last year's acquisitions significantly enhancing our on-the-ground capabilities (H1 2015 US revenue contribution amounted to 6% of total). There are still some on-going tasks to fully adapt the Galmont (now called SQS North America) sales and delivery model to SQS' strategy, but a well-defined roadmap is being executed. With further growth expected we anticipate reaching our stated goal of a $100m run-rate revenue from the US without further acquisitions. We also increased our market presence in India, Ireland and the Middle East, largely driven by increased demand for our MS offering, and we expect further growth in these territories. In the first half of the year, the Company agreed to acquire the remaining 25% of the issued share capital of SQS India Infosystems, our Pune based entity that mainly serves as a delivery centre with strong competencies in non-financial services verticals. This follows a period of considerable investment in India over the past decade to ensure the Company can meet the growing service demands of our global clients, while seeking to drive more efficiency and output through industrialisation from our employee base. Foreign exchange movements, and in particular a weakened sterling, had a EUR0.5m negative translational impact on earnings for the period. Had the Pound/Swiss Franc/Indian Rupee/Swedish Krona/US-$/Euro exchange rates remained the same as in H1 2015, our non-Euro revenues for the period would have been EUR3.4m higher and the EBIT would have been EUR0.5m higher. EU Referendum The British referendum decision to leave the European Union is not expected to have a significant impact on SQS at an operational level. Our broad geographic revenue split does not make us overly reliant on any one geography and our growing presence in the US further reduces our risk. The UK currently generates 13% of SQS Group revenues. Although in the short term we expect some headwinds to corporate spending, particularly in the UK where confidence is likely to be affected, the decision will also bring opportunities for SQS as new regulations will need to be implemented and tested, particularly serving our MC capabilities. SQS has temporarily already been impacted by foreign exchange rate movements and in particular a weakened sterling, which are likely to persist during the second half of the year. New Business Quality assurance has become an integral part of all business processes, across every sector, with both corporate reputations and business efficiencies driven by effective IT systems. Moreover, clients seeking to utilise digitalisation to enable new revenue and business streams are increasing their investments in digitalised IT solutions. Consequently, SQS has recorded notable wins in the automotive sector during the period, recently securing a EUR9m MS contract extension from a leading automotive producer to support its connected car solutions. SQS also won a significant management consulting contract for end-to-end quality assurance of electric and autonomous drive software from another blue-chip car producer in the period. Disruption, driven by technological innovation, raises both opportunities and threats for companies operating in this new digital environment, making Quality Assurance across the whole software product lifecycle more critical than ever. System failures are not tolerated by the customers who receive a poor service, nor by staff who cannot deliver their services to clients and subsequently miss out on sales. As companies seek end-to-end IT solutions that work now, as well as for the future - as we prepare for the digital transformation to connected cars, autonomous driving, onmi-channel eCommerce, mobile payments, smart cities, grids and buildings, 3D printing, as well as regulatory and compliance - we expect to see more digital innovation driven opportunities across all verticals supported by SQS. Market & Industry Overview According to recently published data (July 2016) by market research firm Nelson Hall, the global addressable quality assurance (QA) services market is growing at a healthy rate of 7% p.a. The US region is forecast to grow at 8% p.a., while European and Asian markets are expected to grow at 6% p.a. These growth rates continue to be substantially above the overall IT services market growth rate of 2% p.a. SQS expects to continue to benefit from its positioning as a leading specialist provider to clients increasing their investment in digital transformation and DevOps. Demand for Managed Services and Management Consulting services in particular is expected to remain high, as enterprises become ever more dependent on the integrity of their IT infrastructure, irrespective of industry or geography, to protect their financial and reputational standing. Furthermore, there are significant opportunities in high growth industry verticals, such as the automotive sector, where car driving sub-systems contain an unprecedented number of lines of code. According to recent data published by Continental Research, the market for automotive software will increase by >60% by 2020. SQS is already a well-established QA partner for several blue-chip car manufacturers, and so is well placed to take full advantage of the increased market demand. The need for SQS' services as the trusted facilitator of such business- critical digital transformation processes has never been more relevant. Acquisitions During the period the Company agreed to acquire the remaining 25% of the issued share capital of SQS India Infosystems, our Pune based facility. This follows a period of considerable investment in India over the past decade to ensure the Company can meet the growing service demands of our global clients, while seeking to drive more efficiency and output from our employee base. Strategy Our strategy of targeting higher margin MS and MC clients and engagements remains core as we seek to further grow SQS' business. The US remains a key geography for SQS, with a large addressable market and less exposed to Brexit related uncertainty. India also has a large potential as an end market and remains a focus for us as companies increasingly turn to quality assurance and testing services to drive efficiencies and increase output from their employees. We will continue to monitor the situation in the UK and Europe very closely. Although in the short term, there is likely to be some slowdown in customer spending, we expect this to increase as new regulations come into effect, driving demand for our business critical end- to-end solutions. SQS has historically focussed on a few core sector verticals where it has established itself as a leader. Increasingly demand for QA is emerging in other industries developing new digitised processes, customer interfaces and user experiences. These are likely to significantly expand the addressable QA services market, currently worth approximately $20bn (Nelson Hall study, July 2016). Dividend In accordance with German law, SQS pays one dividend in each financial year. We expect to declare a dividend with our final results for the year ending 31 December 2016, in line with our current policy of paying out approximately 30% of adjusted profit after tax as a dividend. Employees Total headcount at the period end had remained almost unchanged at 4,612 (31 Dec 2015: 4,619), with further circa 250 contractors retained during the period. The almost unchanged headcount number reflects the positive effects of industrialisation of our delivery and the previously stated focus on more profitable client engagements. Board Effective as of 6 September 2016, SQS has appointed Martin Hodgson as an additional Executive Director to the SQS Board to drive the global Management Consulting practice. Martin has spent most of his professional life in management consulting with a particularly strong focus on the automotive industry. He joined SQS in December last year and has been promoted from a senior management position in SQS to the Board. Outlook SQS has delivered a solid first half of the year, reporting double digit top line growth alongside a substantial improvement in profitability, both in PBT and EBIT. This growth has largely been driven by strong performances in both our Managed Services and Management Consulting divisions, where we are increasingly cross-selling our services to good effect. The US has now become our second largest region after Germany making up 17% of revenues. This shows the strides we have made since the acquisitions last year, and ensures we are on track with our strategy to capitalise on the huge market opportunity the US has to offer. The digitised economy opens up new and exciting opportunities for SQS as it enables us to broaden our offering as an end-to-end quality solutions partner. With so many industries now reliant on digital solutions that can cope with consumer demand both now and for the future, companies need to know their systems will not fail. Through our vertical industry expertise and end-to-end business solutions, SQS is well placed to benefit from this global trend. The Group's pipeline of prospects continues to strengthen across all divisions and the Board believes that SQS is well-positioned to deliver in line with our expectations for the full year. Diederik Vos Chief Executive Officer 6 September 2016 Financial Review H1 2016 Summary Revenues grew by 10.9% to EUR166.6m (H1 2015: EUR150.3m), including first time consolidation effects from the US acquisitions of EUR20.2m and a negative impact from translational forex on revenue of EUR3.4m, excluding such effect would have resulted in a revenue of EUR149.8m - broadly flat on the comparative period. Additionally SQS has dis-engaged from less profitable contracts, mainly in the Professional Services segment, equating to a EUR9.9m revenue reduction in H1 2016 compared with H1 2015. Excluding the effect of dis-engagements alongside the translational forex movements, organic constant currency revenue growth was 6.3%. The business units, which represent the accounting segments according to IFRS 8, are: - Managed Services (MS) to meet the demand of clients seeking efficiency in long-term engagements (between twelve months and five years) of which a growing share (in many cases) is delivered from nearshore and offshore delivery centres. This also includes long term engagements for quality assurance services on standard software package products; - Management Consulting (MC) (previously called Specialist Consultancy Services (SCS)) to meet the demand of clients seeking transformation and quality through IT Portfolio Programme and Project Management, Business & Enterprise Architecture, Process Modelling and Business Analysis; - Professional Services (PS) (previously called Regular Testing Services (RTS)) to meet the demand of more price conscious clients in IT projects who tend to be given a smaller number of consultants on a more local basis and typically contracted for a short term period (e.g. three months); Alongside these major segments we conduct business with contractors (as far as these have not been included in MS or MC), training & conferences and software testing tools summarised as "Other". Breakdown by business unit Managed Services (MS) Revenue in MS, our largest segment and one of our strategic focus areas, amounted to EUR77.6m in the period (H1 2015: EUR71.9m), an increase of 7.9% on the prior year, representing a group revenue contribution of 47%. The increase in revenue predominantly came from the extension of existing long term managed services contracts. Management Consulting (MC) Revenue in this segment - our other strategic focus area - saw a strong increase during the period of 117% to EUR28.6m (H1 2015: EUR13.2m), representing a group revenue contribution of 17%. Growth for this segment was mainly driven by the contribution from the acquisition of our US business and growth in the UK and Ireland markets. Professional Services (PS) Revenue in this segment decreased by -4.5% to EUR48.6m (H1 2015: EUR50.9m) on the prior year period, representing a group revenue contribution of 29%. Our strategy continues to be to reduce the share of this segment to a range between 25% and 30% of our total revenue. Other Revenue in the "Other" segment amounted to EUR11.8m in the period (H1 2015: EUR14.2m), a decrease of 17% on the prior half-year and representing 7% of group revenue. A decrease in tactical revenue from contractors was the key driver for this development. Margins and Profitability Adjusted* gross profit improved by 12.5% to EUR52.8m (H1 2015: EUR47.0m), with the gross margin at 31.7% (H1 2015: 31.3%). The improvement in gross margin was mainly driven by a greater contribution from the two strategic areas MS and MC that deliver higher client value and better margins in the order of 35% and above. Gross margins in the PS segment have improved to 27.0% (H1 2015: 26.4%) after we disengaged from less profitable contracts during 2015. Gross margins in the "Other" segment were at 16.7% (H1 2015: 22.2%) reflecting a changed business mix between contractor revenues and tool sales. Adjusted** profit before tax for the period was EUR11.9m (H1 2015: EUR9.0m), an increase of 32.1%, with the adjusted profit margin at 7.1% (H1 2015: 6.0%). The profit before tax was driven by the higher gross margins in MS, MC and PS, lower interest expenses and a much improved finance result from EUR0.9m realised foreign exchange gains due to one-time effects on realised intercompany transactions from weakening currencies such as Pound Sterling and Egyptian Pounds. Adjusted*** earnings per share are at EUR0.22 (H1 2015: EUR0.17) resulting from the above outlined improvements in margins and finance results. * adjusted for a non-cash amortisation of Bitmedia/Trissential acquired order backlog of EUR0.75m ** incl. effects under * and adjusted to add back EUR3.45m of IFRS amortisation of client relationship assets from the Bitmedia/Trissential acquisitions and EUR0.5m pro forma interests mainly arising from purchase price allocation for deferred payments on acquisitions *** adjusted to add back effects under ** at actual local GAAP tax rate of 31.0%, less EUR1.3m on minority interests (mainly for SQS India BFSI) Costs Total overhead costs (adjusted for effects under ** above) came down to 24.8% of revenue from 24.9% in H1 2015. General & Administrative expenses (adjusted for effects under ** above) for the period were EUR27.9m (H1 2015: EUR24.8m). This represents an increase by 0.3 percentage points to 16.8% of revenue (H1 2015: 16.5%). The absolute growth was mainly due to the first time consolidation effects of the acquisitions, investment in the build out of the delivery centre infrastructure and the US business. Sales & Marketing costs for the period were EUR11.7m (H1 2015: EUR10.9m), representing 7.0% of revenues (H1 2015: 7.3%). The 0.3% decrease as a percentage of revenues was due to improved efficiencies in the sales teams. Research & Development expense during the period was flat at EUR1.7m (H1 2015: EUR1.7m) representing 1.0% (H1 2015: 1.1%) of revenues. Research & Development investment was mainly focused on the development of our proprietary software testing tools and the PractiQ methodology. Cash Flow and Financing Cash flow from operating activities was at EUR(1.2)m (H1 2015: EUR(5.2)m). This profile of first half operating cash flow is due to the typical seasonality we have seen in previous first half year periods, as receivable days, uninvoiced services and bonus payments increased by EUR12.5m since the last year end. We therefore expect an improved cash collection and full profit to cash conversion by the end of the full year, as in previous years. Debtor days came down to 77 (H1 2015: 84) resulting from a reduction in some operations like SQS India BFSI, which previously had substantially higher receivable days than the SQS Group average. Cash outflow from investments reduced to EUR6.3m (H1 2015: EUR22.1m outflow), predominantly due to last year's untypically high outflow as a consequence of the acquisitions of Bitmedia and Trissential during H1 2015. The current level of investments is largely a "normal" level for IT infrastructure spend and includes EUR1.4m outflow for the build out of the Pune and the Chennai delivery centres. Total cash inflow from financing activities was EUR7.2m (H1 2015: EUR21.5m inflow) reflecting a net increase in finance loans of EUR21.4m during H1 2016, mainly to fund the outflow of EUR 10.4m for the acquisition of the final 25% of shares in SQS Pune (India) and the above mentioned investments. Additionally dividend payments to SQS shareholders resulted in an outflow of EUR4.2m (H1 2015: 4.0m outflow). Balance Sheet We closed the period with EUR26.4m (31 Dec 2015: EUR32.0m) of cash and cash equivalents on the balance sheet and borrowings of EUR59.3m (31 Dec 2015: EUR27.1m). The increase in borrowings was mainly due to the cash outflow of EUR10.4m for the acquisition of the remaining 25% shares in SQS Pune and the typical seasonal increase of working capital in the first six months. Cash reserves are increasingly held in a broader range of currencies and the transfer of funds is restricted in some geographies, like 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 EUR32.9m (31 Dec 2015: net debt of EUR5.9m). During the period under review SQS has re-arranged its borrowing facilities with its four main banks and additionally continues to have local overdraft facilities in some countries such that in total its facilities are now EUR83m. The facilities with the four main banks are in place until 2021. These facilities are subject to customary covenants, are not secured and the borrowing costs are substantially lower than before. The final purchase price allocation with regard to the Galmont acquisition (completed in September 2015) is still pending. Therefore, the full amounts for acquired net assets for Galmont (EUR14.8m) have been posted as "goodwill" and will be allocated to intangible assets and goodwill once the purchase price allocation has been finalised later this year. For SQS India BFSI, Bitmedia and Trissential intangible assets for client relationships and order backlog with a fair value of EUR12.8m were recognised in the 30 June 2016 balance sheet, reflecting a further amortisation of EUR4.2m during the period. On average these intangible assets are amortised over a period of up to nine years. As these amortisation charges are non-cash-items and do not impact the normal business of SQS, they are adjusted within the PBT and EPS reporting. Taxation The tax charge of EUR2.3m (H1 2015: EUR1.3m) includes current tax expenses of EUR3.7m (H1 2015: EUR3.0m) and deferred tax expenses of EUR(1.4)m (H1 2015: EUR(1.7)m). The tax rate on local GAAP results was 31.0% (H1 2015: 33.6%), the lower tax rate being a consequence of changes in the geographic spread of profits. Going forward, we expect an actual tax rate of c. 31%. Foreign Exchange Approximately 55.2% (H1 2015: 58.0%) of the Group's turnover is generated in Euros. For the conversion of revenues and costs generated in local currencies into Euros, the relevant official average exchange rate for the six-month-period of 2016 was applied. For the conversion of the balance sheet items from local currency into Euros, the official exchange rate as at 30 June 2016 was used. Foreign exchange had a EUR0.5m negative translational impact on earnings for the period. Had the Pound/Swiss Franc/Indian Rupee/Swedish Krona/US-$/ Euro exchange rates remained the same as in H1 2015, our non-Euro revenues for the period would have been EUR3.4m higher and the EBIT would have been EUR0.5m higher. International Financial Reporting Standards (IFRS) The Consolidated Financial Statements of SQS and its subsidiary companies ("SQS Group") are prepared in conformity with all IFRS (International Financial Reporting Standards) and Interpretations of the IASB (International Accounting Standards Board) which are to be applied for those financial statements whose reporting period starts on or after 1 January 2016. The SQS Group Consolidated Financial Statements for the 6-month period ended 30 June 2016 were prepared in accordance with uniform accounting and valuation principles in Euros. Rene Gawron Chief Financial Officer 6 September 2016 06.09.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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Language: English Company: SQS Software Quality Systems AG Stollwerckstraße 11 51149 Köln Germany Phone: +49 (0)2203-9154-0 Fax: +49 (0)2203-9154-15 E-mail: info@sqs.de Internet: www.sqs.de ISIN: DE0005493514 WKN: 549351 Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange; Open Market in Frankfurt ; London End of Announcement DGAP News-Service
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