Tradedoubler is making good progress in realising its strategy


  • Net sales amounted to SEK 432 M (445). Excluding change related items, net sales were SEK 431 M (445), a decrease of 3% or 11% adjusted for changes in FX rates. More than half of the decline related to lower revenues from two pan-European customers and reductions in non-core business.
  • Gross profit excluding change related items was SEK 89 M (101), a decrease of 12% or 19% adjusted for changes in FX rates.
  • Gross margin excluding change related items was 20.7% (22.7%). The decrease is mainly due to price pressure within affiliate and also to a relatively large reduction of revenue within non-core business, with higher margins than the average for the Group.
  • Operating costs, excluding depreciation and change related items, were SEK 86 M (89), a decrease of 4% or 9% adjusted for changes in FX rates mainly related to fewer staff. Full time equivalents at end of Q1 were 345 (367).
  • EBITDA amounted to SEK -4 M (12). Excluding change related items EBITDA, were SEK 3 M (12).
  • Capitalised expenses were SEK 12 M (4), and the increase was mainly due to the recent hiring of more developers in line with strategy.
  • Earnings per share, before and after dilution, were SEK -0.23 (0.10).
  • Cash flow from operating activities was SEK 2 M (-75) and net cash decreased by SEK 7 M to SEK 119 M in the first quarter.
  • Bertil Lundell was appointed as CTO. He has a strong track record in senior product development roles and is a member of the executive management team.
  • Tradedoubler finalised its Nordic regional structure and closed its office in Norway with limited one off costs.
  • The German technology company Adnologies was acquired to support the new corporate strategy. Acquisition investments and expenditures as well as the impact upon the Q1 results were limited.
  • French media company Reworld Media S.A. acquired 19.1 per cent of Tradedoubler’s share mainly from Monterro 1A AB and thus became the largest shareholder in the company.
  • As previously communicated, renegotiations with one major international client have a negative impact on revenue in 2015.
Change %1Full year
Net sales excluding change related items431445-11%1 743
Gross profit excluding change related items89101-19%379
Gross margin (%) 20,7%22,7%21,7%
Operating costs excl. depr. and change related costs-86-89-10%-339
EBITDA excluding change related items312-79%39
EBITDA-margin (%) 0,7%2,7%2,3%
Change related items2-70-20
Impairment goodwill00-60
Operating profit (EBIT)-107-63
Net investments in non-financial fixed assets (Capitalized expense)-12-4-17
Cash-flow from operating activities2-75-110
Liquid assets incl financial investments, at period’s end365429372
Net cash3, at period’s end119184126
1) Per cent changes are adjusted for changes in exchange rates
2) Change related items during Q1 2015 relates mainly to costs for closing down the Norwegian office, office move costs for Tradedoubler Ltd and costs related to the aquisition of Adnologies including a badwill of 0.8 M SEK that has increased net sales. For details about the change related items in the full year 2014, see information in the annual report
3) Current investment and liquid assets less interest-bearing liabilities

CEO Matthias Stadelmeyer’s comments on the first quarter 2015

“We are making good progress with our strategy to become the leader in generating smarter performance marketing results for our clients through traffic, technology and expertise.

During the first quarter of 2015 we have continued to increase operational efficiency to improve profitability and stabilise revenue. We are expanding our offering through acquisitions and investments in our products and teams. The purchase of the independent German technology company, Adnologies, is a significant step forward in the realisation of our strategy and will provide us with further business opportunities. As a result of our investments in product development we launched Global Capabilities during the quarter with further launches planned throughout the rest of 2015.

During Q1 we have seen revenue growth in two major markets, in the UK for the third quarter in a row and for the first time in Sweden, although the underlying gross profit in our core business developed in line with the declining trend from recent quarters. Around half of the gross profit decline relates to non-core business and the two large pan-European companies that left Tradedoubler during 2014.”


This interim report will be presented at a teleconference on the 5th of May 2015 at 10.00 a.m. CET. To follow the presentation, please dial (SE) +46 8 566 427 01, (UK) +44 203 428 14 06 or (US) +1 855 753 22 36. The presentation may also be followed via webcast using the link:


Tradedoubler discloses the information provided herein pursuant to the Swedish Securities Markets Act. The information was released for publication on the 5th of May 2015 at 08.00 a.m. CET. Numerical data in brackets refers to the corresponding periods in 2014 unless otherwise stated. Rounding off differences may arise.


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