Interim Report Q2 Jan-Jun 2009

January–June 2009

• Revenue totaled SEK 90.8 million (73.3), up 24% (16)
• Software revenues (licenses and maintenance) rose 9% (11)
• Operating profit was SEK 8.1 million (8.6), the operating margin 9% (12)
• Profit after tax was SEK 7.4 million (6.0), the profit margin 8% (8)
• Earnings per share after tax equaled SEK 2.6 (2.1)
• Cash flow was SEK 2.7 million (4.7), and cash, cash equivalents, and current investments totaled SEK 41.0 million (41.0)
• The equity/assets ratio was 33% (30)

CEO’s comment on performance during the period
Jeeves is showing its strengths and managing well, despite a weak market with fewer transactions and harsh competition. Sales grew 24% (16), and the operating margin of 9% (12) was in line with our target. Software revenues (maintenance and licenses) advanced 9% (11). Consultancy’s share of revenues expanded, resulting in a slightly lower operating margin.

The influx of new customers is steady, and I am pleased to report that many of the new transactions we expected to secure this quarter were achieved. It is also pleasing that our foreign partners contributed half of all new customers during the quarter.

Looking to the third quarter, I anticipate some customers will delay their decisions to invest. Jeeves is well positioned, though, with an offer that is highly flexible and has a low cost of ownership that appeals to customers. We have a promising list of prospects.