Highlights from Q1 2024:
Positive EBITA adj. for the sixth consecutive quarter
· Net gross profit impacted by lower device volumes, margin up from 32% to 34%
y/y due to positive momentum in high margin revenues
· Continually delivering on the cost optimisation plan
Weak commercial quarter, impacted by early Easter-effect
· Flat development in recurring revenue annualised y/y, decline in device
sales partly offset by growth in Own Software and Advisory & Services
· Strong uptake in March on device orders, but majority of the shipment
slipped into April
Refocused commercial strategy, increasing focus on partner sales
· Launched a new Go-to-Market strategy and deployed a revised indirect
business model for partner ready and highly scalable solutions
· Signed transformative strategic partnership agreement with devicenow
Subsequent events
· Expanding rugged device and services business through strategic partnership
with Consafe Logistics
· Recently signed agreement with a Nordic mobile operator covering Own
Software and managed services
"The profitability keeps moving in the right direction, and for the sixth
consecutive quarter we delivered a positive EBITA adjusted. Our net gross profit
margin improved from 32% to 34% year over year, and despite Q1 being impacted by
the decline in device sales, we are already observing a strong uptick compared
to previous months. Additionally, signing several new partner agreements in
recent months, we see a substantial potential through our indirect business
model and anticipate accelerated growth, particularly in the second half of this
year.
I have strong belief in mobile tech being a cornerstone of the digital
transformation and acceleration we see around us every day, with improved
connectivity, AI powered endpoints, Generation Z expectations to mobility and
flexibility, the need to increase productivity and how mobile applications
foster new business models, and I see Techstep perfectly positioned to make
mobile technology work and create value in this exciting mobile first
era!", says Morten Meier, CEO of Techstep.
Material
Please find the report and presentation for Q1 2024 enclosed.
Presentation and Q&A:
A live presentation and Q&A session will take place today at 8:00 am CEST and
can be accessed by clicking and registering using the following
link: https://events.teams.microsoft.com/event/6feff1ab-e99b-45a7-a077
-52df400f02cd@56b3dd67-66b5-4d6a-9954-22469dfcf18b
The registration link is also available under the investor section on Techstep's
homepage, which can be accessed clicking
here (https://www.techstep.io/investor/reports-and-presentations?startDate=2024
-04-30&endDate=2025-03-30).
Questions for the Q&A session may be submitted in advance to ir@techstep.no, or
live during the session itself. A recording of the Q&A session will be made
available on www.techstep.io after the session has concluded.
For more information:
Morten Meier, CEO, Techstep ASA: +47 970 57 717
Ellen Solum, CFO, Techstep ASA: +47 976 66 717
About Techstep
Techstep is a mobile technology company, enabling organisations to perform
smartly, securely, and sustainably by combining mobile devices, software and
expertise to meet customers' business and ESG goals. We are a leading provider
of managed mobility services in Europe, serving more than 2,100 customers in
Europe with an annual revenue of NOK 1.1 billion in 2023. The company is listed
on the Oslo Stock Exchange under the ticker TECH. To learn more, please visit
www.techstep.io.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
release was published by Cathrine Birkenes, Head of Sustainability and
Compliance, Techstep ASA, on 15 May 2024 at 07:00 CEST.