Annual Accounts 2007 for HandStep A/S

Press release May 23 2008

HandStep, the leading developer of mobile software solutions in Denmark, increased its turnover in 2007 by 20% to DKK 30 million. The market for mobile software solutions continues to develop favourably with high rates of growth.

Highlights
•         Turnover increased by 20%
•         Results after tax was a loss of DKK 6.5 million due to an expansive growth   strategy, including the establishment of a presence abroad and development of the first standard product
•         Organisation expanded during the year to meet the growing level of activity
•         Board strengthened with experienced members
•         Expectations for continued growth in turnover in 2008

Statement of Accounts 2007
Turnover rose from DKK 25 million in 2006 to DKK 30.1 million in 2007. This year’s result was a loss of DKK 6.5 million which was consistent with expectations. The loss was the consequence of an expansive growth strategy, which consisted of the investment of a subsidiary in the UK in 2007, as well as investment in the development of the company’s first standard solution which was ready for sale in the second quarter of 2008.

• HandStep A/S 2007 2006
• Net turnover  30,057,469 25,135,390
• Earnings before Interest and tax (EBIT) -6,397,071 2,481,780
• Annual result -6,500,264 1,775,036

”The market for software solutions aimed at a company's mobile members of staff has matured considerably in recent years and is displaying great potential”, says Christian Poulsen, CEO in HandStep. ”It is HandStep’s goal to exploit this growth potential both at home and abroad, and this demands large investments”, he says.  ”Seen in that light the 2007 result is acceptable. We expect that our international expansion, as well as the marketing and sales of our first standard product through strategic partners, will make a positive contribution to the company's result as early as next year.”

New members of the board
The Board was strengthened by the election of Michael Vinther as Chairman in 2007. He contributes with his experience of business law, as well as his experience from positions on a number of other boards. In addition, Martin Thorborg and Peter Perregaard were elected, both of whom contribute with great insight and experience in IT and international sales. 

Expectations for 2008
In 2008 we expect continued growth in the company’s major business areas:  The development of bespoke mobile solutions and mobile infrastructure. In addition, HandStep is experiencing a growing demand especially for standardised software products, for which reason the company will continue to focus on standardisation of mobile solutions next year.

For further information please contact:
Christian Poulsen, Managing Director, HandStep: 30 38 90 15 or cp@handstep.com
Louise Schønnemann Lindeneg, Communications Manager, HandStep: 30 38 90 01 or ls@handstep.com

About HandStep
HandStep is the leading developer of mobile software solutions in Denmark and aims to be the leader in Europe.
Since 2001 HandStep has developed and implemented software solutions which connect company employees with business critical systems by means of small handheld computers. In 2007 the company had a turnover of DKK 30.1 million and employs 34 members of staff today. www.handstep.com