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    TECH   NO0003095309

TECHSTEP ASA

(TECH)
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Techstep ASA: Q3 2021 results

11/04/2021 | 01:01am EST
Highlights Q3 2021

  · Revenue was NOK 290 million, up 36% from NOK 213 million in the third
quarter of 2020
  · Gross profit was NOK 109 million, up 52% from NOK 71 million in the third
quarter of 2020
  · EBITDA adjusted was NOK 17 million vs NOK 16 million in the third quarter of
2020
  · Recurring revenues in the third quarter of NOK 259 million (annualized),
including Own Software, Advisory & Services and Hardware-as-a-Service
  · Signed 8 new managed mobility service contracts in the third quarter, with
an estimated value of NOK 34 million and ~5,900 managed devices
  · New CEO aligning organization around customer journey, sharp focus on
product and sales growth

Commenting on the future of Techstep, CEO, Børge Astrup says:

"Techstep continued to develop and transform in the third quarter. Our numbers
are also moving in the right direction and reflect that we are positioned to
become a leading European Managed Mobility Services provider. Strategic
development, acquisitions and continued development of our product, software and
IP are driving our progress.

In the third quarter this year, recurring revenues on an annualized basis was
NOK 259 million, while last twelve months gross profit was NOK 485 million and
our EBITDA adjusted was NOK 95 million.

We are still in an early phase when it comes to capturing the available market
in the Nordics and Europe. And with growth, economies of scale and increased
profitability will kick in. That is why my mandate was very clear when I joined
Techstep as the company's new CEO in August: Grow sales, accelerate Techstep's
transformation into a software company, and expand in the Nordics and Europe.

Today, the Techstep team has a sharp focus on product development, and we are
aligning the whole organisation around the customer journey with several new
roles focused on product, sales, marketing, growth and other recurring services
and revenue enablers.

Over the last couple of months, I have spent time with a lot of great
colleagues, customers and partners. The consistent message from all stakeholders
is that we are in a unique position to help businesses and people enjoy next
generation mobile solutions that deliver substantial value to customers and end
users. Techstep is improving the work lives of many people, and we make
companies more productive, more profitable and more sustainable - all at the
same time. What we do represents a substantial growth opportunity, considering
an available market with thousands of enterprises and millions of workers across
the Nordics and Europe.

Techstep makes work mobile at scale in an easy, secure, and sustainable way for
end users and many leading companies and organizations in the Nordics. To make
sure we expand and deliver growth going forward and create stakeholder value and
good returns to our investors, we will continue to embrace digital
transformation and deliver great user, customer, partner and employee
experiences" says Børge Astrup, CEO of Techstep.

Material

Please find the report and presentation for Q3 2021 enclosed.

Presentation:

The presentation will be held as a pre-recorded webcast with slides. The
presentation, released today at 07:00 CET, is held in English by new CEO Børge
Astrup and CFO Marius Drefvelin. To watch the presentation please use this link:
https://youtu.be/SjMkX2s6YV8

A Q&A session will take place as a virtual event today at 10:00 CET. Please join
the session via the following link: https://bit.ly/2ZmEv4S

Questions for the Q&A session may be submitted in advance to ir@techstep.no, or
live during the session itself.

A recorded version of the Q&A-session will be made available on
www.techstepasa.no shortly after the Teams webinar has been concluded.

For more information:

Børge Astrup, CEO, Techstep ASA: +47 928 27 676

Marius Drefvelin, CFO, Techstep ASA: +47 958 95 690

About Techstep ASA

Techstep is purpose-built to become a Managed Mobility Services (MMS) leader.
Techstep provides a complete Managed Mobility Services offering that presents
enterprises and their employees with access to efficient, secure, and value
-creating mobile work solutions - wherever and whenever they choose to work.
Customer benefits include reduced IT complexity and costs, improved employee
capabilities and engagement, as well as increased productivity and
sustainability. Techstep has more than 350 employees based in Norway, Sweden,
Denmark, and Poland, serving more than 2,000 customers across different
industries and sectors. The company is listed on the Oslo Stock Exchange under
the ticker TECH. To learn more, please visit www.techstepasa.no.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act. This stock exchange release was
published by Marius Drefvelin, CFO, on 4 November 2021 at 07:00 CET.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Financials
Sales 2020 1 143 M 130 M 130 M
Net income 2020 -24,7 M -2,81 M -2,81 M
Net Debt 2020 207 M 23,6 M 23,6 M
P/E ratio 2020 -38,0x
Yield 2020 -
Capitalization 815 M 92,6 M 92,7 M
EV / Sales 2019 0,52x
EV / Sales 2020 1,01x
Nbr of Employees 354
Free-Float -
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Managers and Directors
Borge Astrup Chief Executive Officer
Ole Marius Drefvelin Chief Financial Officer
Jens Rugseth Chairman
Bartosz Leoszewski Chief Technology Officer
Fredrik Logenius Chief Operations Officer
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