Interim report for the nine months ended January 31 2010

Strong sales of broadband terminals

• The strong demand for Thrane & Thrane’s broadband communication products continued in Q3 of the financial year.

• Sales of new terminals for the maritime and the land mobile markets increased, as did sales of systems.

• Revenue for the nine months ended January 31, 2010, the first three quarters of the financial year, was DKK 739 million compared with DKK 907 million in the same period of last year.

• Operating profit was DKK 61 million (DKK 104 million before restructuring costs). The operating margin was 8.2% (11.5%).

• The free cash flow increased from DKK 22 million last year to DKK 125 million. The significant increase was caused, among other factors, by substantial reductions of inventories during the year to date.

• For the 2009/10 financial year, the operating margin forecast is narrowed to around 10% instead of the previous forecast of 7–12% (12.1%). Revenue is expected to be around DKK 1,025–1,050 million against the previous forecast of DKK 1,000–1,200 million (DKK 1,235 million).

“We see strong demand for our new high data speed communication products. We recorded a significant growth in the inflow of new orders in Q3, and we have a strong order book for the remaining part of the financial year," said CEO Walther Thygesen, commenting on the interim report.

For further information, please contact

John Alexandersen, Vice President, Corporate Communications & Investor Relations
Tel.: +45 39 55 88 35 or + 45 22 72 38 22 (mobile)
E-mail: ja@thrane.com