EmailVision: 2009 First Half Results

PARIS -

- Accelerated Investment Drives International Expansion

Emailvision, the global market and technology leader in software as a service (SaaS) for email marketing, announces its first half results for 2009.

EUR million First half 2009 First half 2008 Growth (unaudited) (unaudited) Backlog as at 30 June 33.2 21.2 + 57% Revenues 13.2 10.2 + 30% Gross margin % 71% 68% EBIT 0.3 1.0 EBIT % 2.0% 10.1% Pre-tax profits 0.2 1.0 Net earnings/(loss) (0.2) 0.6

Strong level of sales activity leads to improved gross margins

Revenue growth achieved during the first half (+30% to EUR13.2 million) led to increased gross margins, which reached 71% (compared to 68% in H1 2008).

Increased sales activity also led to strong growth in the group’s backlog. As at 30 June 2009, the backlog was EUR33.2 million, representing a year on year increase of 57%. This includes an increasing contribution from the group’s newest subsidiaries (USA, Switzerland, Spain, the Netherlands and Scandinavia).

Accelerated investment drives international expansion

As previously announced, Emailvision accelerated its investments during the first half of 2009 as part of its international expansion strategy. These investments, which negatively affect short-term profitability, relate to sales teams, marketing, R&D, support functions and training.

EBIT for the first half was EUR0.3 million. This represents 2.0% of revenues compared to 10.1% for the first half of 2008.

The group is on track with its recruitment plan. 55 new staff joined the group during the first half, taking the total number of employees at 30 June 2009 to more than 200.

During the first six months of the year, Emailvision hired 11 new field sales managers, taking the group’s total sales team to 50 at the end of June 2009.

Overall, payroll costs were EUR2.6 million (year on year increase of 54%), increasing slightly as a percentage of revenues (55.9% vs. 47.2% in H1 2008). However, they remain stable as a percentage of operating costs (around 50%).

Consequently, the group produced a net loss of EUR0.2 million, in line with expectations.

Outlook 2009

Despite the difficult economic environment, Emailvision has successfully pursued its strategy of international market share growth. This strategy is supported by the positive trends seen since the beginning of the year in the market for retention email marketing. The group therefore expects a strong increase in EBIT in the second half compared to the first half of 2009.

However, the decision taken in the middle of 2009 to accelerate investments, particularly in the group’s international businesses, means that EBIT for the full year may be slightly below that achieved in 2008.

Next announcement: Q3 2009 revenues - 19 October 2009

Emailvision is listed on the NYSE Alternext Market (ISIN: FR0004168045 / MNEMO: ALEMV)

About Emailvision

Emailvision is the global market and technology leader for email marketing software services (SaaS). Emailvision’s flagship product, Campaign Commander(TM), has become the benchmark software service for the e-commerce and publishing industries. With over 200 staff, Emailvision is present in the major global markets with offices in the United States, the UK, France, Germany (Hamburg and Munich), Switzerland (Geneva and Zurich), Belgium, Netherlands, Spain and Sweden. Emailvision is driving a global market share growth strategy in a fast-growing market.

Contacts Emailvision Nick Heys, CEO Olivier Candau, CFO investor-relations@emailvision.com

Source: EmailVision

Contacts: Emailvision, Nick Heys, CEO, Olivier Candau, CFO, investor-relations at emailvision.com