Uppdaterad analys av Danske Bank efter delårsrapport kvartal 2, 2019

UK SAFER study is creating positive ripple effects

Although sales growth was slightly weaker than we estimated, Zenicor delivered a record
quarter in Q2 19 and a positive outlook for increased growth rates in H2 19 and 2020. We
are encouraged by the rapid uptake in pay-per-use based sales, driving a higher proportion
of recurring revenues. The transition in the sales model continues to have a temporary
dampening effect on growth but we see the outlook for new contracts as positive.

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