Valor reports 2% revenue increase in H1/08

Positive cash flow from operating activities in the second quarter of 2008 was $5.7 Million, as compared with a negative cash flow from operating activities of $66 thousand in the second quarter of 2007. Net profit increased by 43% in H1/08, standing at $2.1 Million as compared with $1.5 Million in H1/07. Net profit in Q2/08 accumulated to $0.6 Million, an increase of 6% as compared with $0.57 Million in Q2/07. EBITDA increased by 16%, standing at $2.4 Million in H1/08 as compared with $2.1 Million in the parallel period of the previous year. EBITDA in the Q2/08 was $0.8 Million, a decrease of 10% as compared with $0.9 Million in Q2/07. EBIT excluding a one-time expense was $2.1 Million in H1/08, an increase of 81% as compared with $1.2 Million in H1/07. The one-time expense of $0.7 Million was related mainly to the retirement of the former CEO. In Q2/08, EBIT excluding the one-time expense was $1 Million, an increase of more than 100% as compared with $0.5 Million in Q2/07. In addition to investing in its business development, Valor has recently engaged in a process of repurchasing its own shares, up to a total of $US 3 Million (at management discretion). “We consider this to be an attractive investment opportunity for us and believe that it will also have a positive contribution to the earnings per share. We have confidence in our long-term growth and profitability, and have therefore chosen to engage in this process.” explained Valor CEO Dan Hoz.