Interim Report Q1 Jan–Mar 2008




January – March 2008

• Turnover amounted to SEK 34.3 million (31.4) and increased by 9% (8)
• Software revenues (license and maintenance) increased by 16% (5)
• The operating profit was SEK 4.8 million (4.5) and the operating margin was 14% (14)
• Net results after tax amounted to SEK 3.2 million (3.7) and the Net margin was 9% (12)
• Earnings per share after taxes was SEK 1.1 (1.2)
• The cash flow was SEK 10.7 million (5.4) and cash and current investments amounted to SEK 47.0 million (35.5)
• The debt-equity ratio was 37% (43)

CEO’s comments on the results

Jeeves results are developing according to plan. The first quarter shows a strong and stable profit. We are proud of having shown a positive result for each single quarter during six years.

I am very happy that Jeeves during the quarter have won three major international customers who will roll out Jeeves in several countries. Our international investments are carrying fruit and we look positive on our international development.

The market keeps being strong, despite a weakening in the world economics. We and our partners meet a continuously good demand for ERP-systems, both in Sweden and internationally.

The growth is 9% and we actively work with activities to increase growth even more. Jeeves are stating its position as a strong player in the entire SME-segment where our systems Jeeves and Garp are attracting larger and smaller companies. During the quarter the license sales to new customers within logistics and trade have been strong after a period dominated with new customers in manufacturing. The license sales to customer base have been limited which makes our expectations on customer base sales in the coming quarters to increase.

Considering the market situation and our strong offerings together with our growing network of partners I feel confident for the future development of Jeeves.