Highlights Q1 2020 · Stable quarter with limited impact from the COVID-19 pandemic · Revenue wasNOK 293 million , up fromNOK 284 million in the first quarter of 2019 · Gross profit wasNOK 80 million , up fromNOK 75 million in the first quarter of 2019 · EBITDA adjusted wasNOK 12 million · ARR ofNOK 37 million from 207,000 end-users at the end of the quarter · Signed six new Flow contracts with an estimated value ofNOK 12 million · Extraordinary market conditions reducing near-term demand, driven by cautious private sector enterprises · Digital transformation amplified and accelerated, mobility market fundamentals improving long-term · Sold Techstep's IT Operations and Support business forNOK 8 million in April · Focus on software- and IP-lead growth CEO comments "We are experiencing extraordinary times for society, people and workplaces, andTechstep like other companies and organizations has taken swift actions to respond and adapt to the situation. The nature of what we do, making work mobile, makes us very well equipped to deal with the challenge, and to maintain operations in a good way", saysTechstep CEOJens Haviken . "When it comes to our business, our stable first quarter results reflect our strategic development transforming into a software and IP-driven mobility services provider. We are deliberately sharpening our focus, reducing revenue and margin contribution from some areas, to prioritize our mobility-as-a-service offering "Flow" that we believe will enable value creating growth for our customers andTechstep in the coming years",Jens Haviken says.Techstep has observed a mixed market picture since March this year, with higher activities in some areas, while new demand from existing and potential customers in heavily affected areas have softened. Overall, the initial effect on demand has been soft andTechstep has mitigated the challenges by reducing costs and capex accordingly. "Looking ahead, we see mobility needs and trends being amplified and accelerating, and we are positive that our mobility solutions will be more relevant than ever once the crisis abates. At its core, our business is to enable enterprises and employees to do their work across mobile devices in any location with a high degree of security and operational stability", saysJens Haviken .Techstep continue to focus on its mobility-as-a-service offering "Flow" and solutions sales, operational efficiency and investments in software and IP, as well as pursuing M&A. "2020 will be a very important platform for long-term success. What we do matters to society, people and organizations", saysTechstep CEOJens Haviken . ### Material Please find the report and presentation for Q1 2020 enclosed. Presentation and audiocast: Due to the COVID-19 situation and the government's recommendation to limit physical meetings, the presentation will be held as an audiocast with slideshare only. The presentation will be given in English by CEOJens Haviken and CFOMarius Drefvelin today at10:00 am CEST . Please join the Q1 2020 results presentation via the following link: https://techstep.eventcdn.net/2020q1/ Participants dial-in numbers:Norway : +47 2350 0236 (Direct)Sweden : +46 8505 5 8375 (Direct)Denmark : +45 7872 3252 (Direct)United Kingdom : +44 3333 009032United States : +1 646 72 24956 A recorded version of the audiocast will be made available on www.techstepasa.no shortly after the broadcast has been concluded. Further information from:Jens Haviken , CEO,Techstep ASA : +47 930 90 070 Marius Drefvelin, CFO,Techstep ASA : +47 958 95 690 AboutTechstep ASA Techstep is positioning itself as a leading Nordic enabler of the digital workplace.Techstep supplies hardware, software, connectivity and mobile device management bundled as a managed service. This enables enterprises and their employees to do their work across mobile devices and locations, with a high degree of security and operational stability.Techstep has 212 employees based inNorway andSweden , serving close to 4,000 customers and 207,000 recurring revenue end-users across various industries in the private and public sectors. The company is listed on theOslo Stock Exchange . For more information, see www.techstepasa.no
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