Mamut with 27% growth in the first quarter

European ERP developer expands into Denmark and Ireland and adds more than 5,000 new customers in Q1 2005

Mamut ASA increased its operating revenues by 27 per cent to 48.5 MNOK (approximately £4.06m) for the first quarter 2005 compared to 38.2 MNOK (approximately £3.2m) for the same period in 2004. Operating profit (EBIT) was 4.4 MNOK (approximately £370.000) for the first quarter 2005 compared with 3.1 (approximately £260,000) for the same period in 2004. After the successful launch of Mamut Business Software in the Netherlands and the UK in 2004 the company will launch its product range in Denmark and Ireland in 2005.

"The company's focus in 2005 is to ensure the successful launch of Mamut Business Software in both Denmark and Ireland together with improving our year end results. Our strategy is to invest part of our profits from existing markets in new geographical areas. The scalability in our business model will benefit Mamut users in all markets", said Eilert Hanoa, CEO of Mamut ASA.

Launching in Denmark and Ireland
Mamut Business Software has been awarded "Best in Test" for small and medium-sized ERP and CRM solutions in Norway, Sweden, and the UK in addition to receiving the SRA 2005 certification in the Netherlands. Mamut has gained over 2,000 customers in the Netherlands and the UK since the launch in 2004 and become an established software provider in both markets.

"We will utilise our knowledge from last year's successful launches when introducing Mamut Business Software to the Danish and Irish markets. We will maintain the investment levels in all markets and continue to focus on our existing users", said Hanoa.

Over 5,000 new customers in the first quarter 2005
The company added more than 5,000 new customers in the first quarter, reaching 46,000 customers in total.

"Mamut will continue to offer complete solutions that simplify administrative operations to an increasing number of businesses and we are satisfied with the increase in our customer base this quarter", said Hanoa.

Positive outlook
Mamut is well positioned for further growth in its existing markets and will launch several new products and services in 2005. The company continues to maintain its focus on establishing and strengthening strategic alliances with international partners in the different markets to increase the distribution of products and services to Mamut's users.

About Mamut
Founded in 1994, Mamut (OSE "MAMUT") is a leading European provider of complete, integrated solutions for small businesses. Mamut offers complete and user-friendly solutions at the best price/performance integrating CRM, sales-force, logistics, accounting and e-commerce. More than 90,000 European users simplify their daily business with solutions from Mamut. Further information about Mamut and the company's products can be found at www.mamut.com or on the company's AccountingWEB Partner page.