Milestone Systems' Earnings Continue to Rise
Danish company Milestone Systems A/S released its 2010 accounts, which show a 56 percent increase in revenue to $42 million from $27 million in 2009. EBITDA more than doubled to $10.5 million from $4.7 million in 2009, with earnings of $4.1 million compared with $0.8 million in the previous year.
"A strong focus on establishment of additional sales offices around the world, certification of partners and recruiting many new employees form the basis of the positive figures we can present today. Milestone Systems is stronger than ever in terms of market share and financial position and we expect this to continue in the coming years," said Milestone Systems CEO Lars Thinggaard.
While the financial crisis raged in 2008 and 2009, Milestone Systems invested in new markets.
"Today we see the results of the strategy we implemented during the challenging years. We took some strategic decisions and expanded, even though it was tempting to do the opposite. Now Milestone Systems is very well positioned to build further on its leading market position," Thinggaard said.
In 2010 Milestone Systems’ staff expanded to an average of 246 employees from 181 in 2009, continuing the company’s steady growth since its founding in 1998.
"The reason for Milestone Systems’ growth is our leading software. We have invested nearly [$48.4 million] in product development, which is one of the reasons we are the world leader in our business area. Today there are more than 100,000 Milestone systems installed, and there are several thousand new customers monthly," Thinggaard said.
The global market for video surveillance is growing steadily. Year after year Milestone Systems has expanded its representation worldwide through dealers, distributors, partners and its own offices.
In June 2010, Milestone Systems introduced XProtect Essential, which is designed for smaller video surveillance installations. August saw the introduction of XProtect Go, a "beginner product" for smaller companies and private users offered free to introduce analog users to IP technology. And in January 2011, Milestone launched version 4.0 of its flagship product, XProtect Corporate, with new features to bring better performance, flexibility, reliability, security and stability, designed for the largest multi-site needs within areas such as municipal surveillance, airports and railways.
In 2010, Milestone Systems thanked chairman of the board Ole Stangegaard for nine years of service. The new chairman of the board, Jesper Balser, formerly held senior executive positions at Navision and Microsoft Business Solutions.