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The change process that was initiated in 2012 continues with high intensity during 2013. After having established new and ambitious targets, our efforts have been focused on simplifying the organisational structure and on streamlining the workflows to facilitate faster and more agile operations. We have come a long way towards meeting our goals.The structure is considerably simplified compared to Q3 last year. We can by now proudly state that all of our operations across nineteen countries operate under the Bisnode brand name. In addition, we feel that we have found a good balance between Group-wide initiatives/offerings and the local mandate to leverage the harmonised “One Bisnode”.In parallel with the work of empowering our local managers to act in the best interest of the local customers, we are continuously improving our internal support functions. In line with this, we are continuing our effort to build efficient and effective cross-market units in important areas such as product portfolio development management, HR and IT.The restructuring program has enabled us to exploit synergies and create a more cost-efficient company. In Q3 we can finally start to see the effects. Revenues came in lower than in the comparable period of last year, but we could discern a promising improvement in the run rate towards the end of the quarter. In addition, we can conclude that operating profit, cleared for all one-time effects relating to the restructuring program, has improved considerably.The Nordic region is Bisnode’s largest market. It is also the region that has been most affected by the transformation into One Bisnode. Organic revenue growth is still negative, but the negative gap is narrowing. The change process will continue through 2013 and into the first months of 2014. However, we already see a continued improvement in the operational run-rate excluding one-time-restructuring costs.The DACH region has showed positive organic growth for the year to date, but has experienced a small dip in Q3 compared to the same period of last year. Most of the change program has been completed in the region, enabling management to focus on meeting customer and market needs.Central Europe continues to show double digit organic growth, while the BeNeFra region is facing continuous market challenges. The extensive change process that was implemented in the BeNeFra region during the year, is continuing. As a step in this process, a new Managing Director for France was recruited during October.Bisnode is now entering a new phase. With most of the internal changes behind us, we can turn all of our focus externally to fully meet customer needs and leverage market opportunities.We are preparing for growth.
Lars Pettersson, former CEO at Bisnode