SQS wins multiple contracts

SQS Software Quality Systems, a German-based provider of software testing and quality management services, has been awarded multiple contract wins, a number of which have resulted from its existing partnership with Siemens.

SQS Software Quality Systems, a German-based provider of software testing and quality management services, has been awarded multiple contract wins, a number of which have resulted from its existing partnership with Siemens.

The company has signed three agreements with Siemens in Europe, one in Japan (which represents a new territory in which SQS is now delivering services) and two in the US.

The group seemed to be particularly pleased with the US deal, explaining that it is "a region of particular strategic focus for SQS given that it is the world's largest software testing services market where there are significant opportunities in high margin software product testing as well as in the automotive sector".

It has also won a "significant" multi-year contract with a major transport infrastructure provider in Switzerland, and a global insurance provider, a multinational consumer goods company and a tier-one bank in the UK. In total these new contracts represent business worth around €10m over two years, it said.

The company also announced that it has won a considerable number of contract extensions and contract expansion orders since June 30th within the Managed Services business, which now accounts for approximately 35% of total revenue, which the group plans to increase to 40% by 2014.

Cash flow generation is reported to be "significant", with net debt reduction progressing in line with management expectations and is much lower than at the same time in 2011.

Diederik Vos, the Chief Executive Officer of SQS, said: "My first few months as CEO of SQS have proved highly rewarding. We have made significant progress on all fronts of the strategic plan outlined at the interim results and we have signed a number of strategically important contracts that further validate the initiatives towards more Managed Services and Specialty Consultancy services that we have put in place."

NR

Recommended

Share tips of the week - 12 August
Share tips

Share tips of the week - 12 August

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
12 Aug 2022
Britain’s ten most-hated shares – w/e 9 August
Stocks and shares

Britain’s ten most-hated shares – w/e 9 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
10 Aug 2022
Aviva: One for income investors to tuck away
Share tips

Aviva: One for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
10 Aug 2022
Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022

Most Popular

UK House Prices Set To Fall? It’s Not So Simple
House prices

UK House Prices Set To Fall? It’s Not So Simple

Figures suggest UK house prices are starting to slide, but we shouldn’t take these numbers at face value, explains Rupert Hargreaves.
11 Aug 2022
Are UK house prices finally heading for a crash?
House prices

Are UK house prices finally heading for a crash?

The latest house price figures show a fall of 0.1% in July. With interest rates rising, inflation hitting double figures and a recession on the cards,…
5 Aug 2022
Three solar stocks to invest in
Renewables

Three solar stocks to invest in

This week, professional investor Nicholas Mersch of the HANetfS&P Global Clean Energy Select HANzero UCITS ETF tells us three solar stocks to invest i…
12 Aug 2022