To armada advise to buy

The company Armada has presented preliminary financial results for 1 half-year 2009 the Gain for this period has made 748 million that on 37 % less than a similar indicator of last year. Thus indicator EBITDA has grown on 10 % and has made 73 million

gain Reduction in the company connect with falling of the IT Market and partial refusal from projects. In 1st half of 2009 the majority of the companies and the state departments in connection with crisis formed budgets for a year that has essentially lowered expenditure on, - is told in the Armada official statement.

In structure of incomes of the company, as well as earlier, the state customers pevailed, the share of receipts from these contracts has made more than 75 %. The share of any of the largest clients still does not exceed 7 % from a cumulative gain of Armada.

In the company with optimism look at 2nd half of year, expecting increase in activity of the IT Market, especially in the state segment. The armada also intends to continue in 2009 before strategy M

Alexey Kuzovkin: the Company has a stable portfolio of orders, has spent successful optimisation of expenses, has no debts and does not require long-term external financing

Thanks to the spent measures on reduction of expenses, the Armada plans to finish year with profitability substantial growth on indicator EBITDA to 12-16 % in 2009 the Gain in 2009, possibly, the Company will make from 4 to 5 has a stable portfolio of orders, has spent uccessful optimisation of expenses, has no debts and does not require long-term external financing, therefore we can increase profitability, - Alexey Kuzovkin, the chairman of board of directors of Armada has declared.

Analysts estimate the Armada reporting as moderately positive. Despite decrease in a gain of the company on 37 % to 748 million concerning the similar period of last year, the company it was possible to increase indicator EBITDA by powerful 10 % to 73 million, - Julia Golysheva, an analyst of Finam marks. It connects reduction of a gain of the company, first of all, with negative influence of crisis as a whole on market IT, and as consequence, - with decrease in perspectivity of development of some hi-tech projects.

Anton Voryhalov, the senior analyst iKS-Consulting, also names demand falling as most plausible reason of reduction of incomes. Here it is possible to notice the positive factor - sharp decrease in costs that has allowed the company to increase total profitability, - he speaks.

Growth of indicator EBITDA, by our estimations, became a consequence of effective optimisation of expenses of the company and absence of debt loading against stable volume of orders for production and service, - continues Golysheva. - As to Armada plans on profitability increase growth of the given indicator, in our opinion, it will be essential to depend on volume and structure of orders of the company. The diversifitsirovannaja structure of customers, on a share of largest of which is not necessary more than 7 %, will allow there have arrived the companies to level risks of change of volume of orders from some clients. At the same time, we predict that the share of the state as the customer of services can increase in the second half of the year of current year, and it will appear even more essential situation in case of adverse development in economy.