KOBLENZ (dpa-AFX) - The software provider Compugroup, which specializes in medical practices and hospitals, has posted a decline in sales due to the absence of special effects. In the first quarter, revenue fell by two percent to 284.6 million euros, as the SDax company announced in Koblenz on Wednesday. Last year, Compugroup had generated additional revenue from the change of connectors for the telematics infrastructure in connection with the introduction of e-prescriptions - this is now missing. Adjusted for this one-off effect, sales increased organically by 3.4 percent. Analysts had hoped for more in terms of general sales development. The Compugroup share price came under significant pressure on Wednesday.

At midday, the stock was down around 5.4 percent, making it one of the biggest losers in the small-cap index SDax. Investors with shares in the company still need strong nerves at the moment. Anyone who has held the share in their portfolio for five years has lost more than half. Since the beginning of the year alone, the share price has fallen by around 27 percent.

According to Baader Bank analyst Knut Woller, the first quarter was not so bad for Compugroup. He praised the profit figures in particular. The operating result adjusted for special effects (adjusted EBITDA) rose by one percent to 60.7 million euros compared to the same period last year. The corresponding operating margin (adjusted EBITDA margin) improved by 0.7 percentage points to 21.3%. On balance, Compugroup earned 18.4 million euros thanks to an improved tax rate after almost 14.5 million in the same period of the previous year.

However, sales also fell short of expectations from Woller's point of view. He recalled the tough competition with which the company was still confronted last year. "While this is likely to continue in the second quarter, business should improve in the second half of the year."

Meanwhile, the Management Board confirmed its targets for the year. Adjusted for special effects, earnings before interest, taxes, depreciation and amortization are now expected to increase from 265 million euros in the previous year to between 270 and 310 million euros. Excluding exchange rate effects and the purchase and sale of parts of the company, earnings are expected to climb by four to six percent./ngu/zb/stw/stk