Securitas Direct AB: Interim report 1 January - 30 June 2008

STABLE SALES DESPITE SLOWER MARKET


  * Customer cancellations totalled 16,326 in the second quarter
  * Payback period for investments in new customers of 4,7 years in
    second quarter
  * Net addition of 30,081 new customers in the second quarter
  * Securitas Direct's class B shares to be delisted on 15 August
    2008



SALES AND INCOME
                  Apr-June      Apr-June       Jan-June      Jan-June
                      2008          2007           2008          2007
Net sales, SEK
thousand         1,102,807       949,304      2,171,051     1,861,211
Sales growth
adjusted for
currency
effects, %              15            15             15            17
Operating
profit, SEK
thousand            73,934        69,860        170,311       140,479
Operating
margin, %              6.7           7.4            7.8           7.5
Profit for the
period, SEK
thousand            46,878        45,449        113,884        90,443
Earnings per
share, SEK            0.13          0.12           0.31          0.25


OPERATING TARGETS


  * Customer cancellation rate was 6.4 % (6.7[2])
  * Payback period for investments in new customers was 4.6[1] years
    (4.1)
  * Net customer portfolio growth was 13.6 % (17.4[2])

[1] The payback period does not include costs relating to the
takeover bid.
[2] Net growth and the cancellation rate have been adjusted for 6,419
income-neutral cancellations which arose during the second quarter of
2007.

PRESIDENT'S COMMENTS
In the second quarter of 2008 Securitas Direct's sales of new alarms
remained at the same level as in previous quarters. A decline in
housebuilding, combined with a high level of unsold properties -
especially in Spain and France - created an element of wait-and-see
in the consumer alarm market.
Nevertheless, increased marketing efforts, improved customer offers
and a stronger focus on the more established business market mean
that we continue to gain market share.
New installations totalled 46,407 during the quarter, up by more than
1,400 from the previous quarter. In the last 12 months we have
averaged more than 45,000 new customers per quarter. On a net basis,
this amounts to an increase of 30,000.
The operating target for customer cancellations, measured over 12
months, rose to 6.4% during the quarter, up by 0.3 percentage points
from the same quarter last year. In absolute terms, however,
cancellations rose to just over 16,000 during the second quarter,
which was around 1,500 more than in the first quarter. A higher mix
of business customers in our portfolios means we expect to remain at
around this level, albeit with a continuing slight upward trend.
The cost of acquiring new customers has increased. Our net investment
in each new customer was SEK 7,400 in the second quarter, up by SEK
600 from the prior quarter. This increase was primarily due to higher
sales and marketing costs. The percentage of alarms with photo
verification increased from 30% to 50% in the last two quarters. At
the same time, net monthly income from the customer portfolio has
risen to SEK 130 per month, corresponding to a QTD payback period of
4.7 years.
Today we have announced that Securitas Direct has signed an agreement
to acquire the home alarms business of Norway's Hafslund. The
purchase is subject to approval from the Norwegian competition
authorities prior to full completion. Hafslund's customer portfolio
is a perfect fit for us as it focuses solely on monitored alarms for
consumers. The timing is also good because we completed the
integration of our own local portfolios in our new Nordic production
platform during the second quarter.
Finally, it is pleasing to note that our customer portfolio has
passed the 1 million barrier. We are now taking the next step and
aiming for 2 million satisfied customers.


OPERATING                                      30 June        30 June
                                                  2008           2007
Cancellation rate, %                               6.4         6.7[2]
Payback period, years                           4.6[1]            4.1
Net customer portfolio growth                     13.6        17.4[2]
Customer portfolio                           1,009,707        888,649

[1] The payback period does not include costs relating to the public
offer.
[2] Net growth and the cancellation rate have been adjusted for 6,419
income-neutral cancellations which arose during the second quarter of
2007.
Including these, net growth and customer cancellations were 16.5% and
7.5% respectively.

TARGETS AND OUTLOOK

FINANCIAL
                       April-June                 January-June
SEK THOUSAND          2008         2007           2008           2007
Net sales        1,102,807      949,304      2,171,051      1,861,211
Sales growth
adjusted for
currency
effects, %              15           15             15             17
Operating
profit              73,934       69,860        170,311        140,479
Operating
margin, %              6.7          7.4            7.8            7.5
EBITDA             204,891      186,714        428,587        369,810
EBITDA margin,
%                     18.6         19.7           19.7           19.9
Profit for the
period              46,878       45,449        113,884         90,443
Earnings per
share, SEK            0.13         0.12           0.31           0.25
Capital
employed                 -            -      1,882,826      1,633,296
Return on
capital
employed, %              -            -             16             16
Net debt                 -            -            79,212      43,095
Free cash flow      -9,421       54,998           -37,920      89,589

TARGETS AND OUTLOOK


  * Cancellation rate of less than 6% per year
  * Payback period for investments in new customers of less than 4
    years
  * Net customer portfolio growth exceeding 20% per year

Securitas Direct's growth strategy is based on long-term value
creation, and the aim is that growth should not be at the expense of
a higher cancellation rate or longer payback period. Hence, the
Group's targets for the cancellation rate and payback period take
precedence over customer portfolio growth.
Management expects the higher level of customer cancellations, caused
by weaker economic conditions, to continue in 2008. The company's
drive to strengthen and develop customer service therefore remains
undiminished.
Nevertheless, management does not expect the company to meet its
long-term target for net customer portfolio growth in 2008.
- The Board of Directors will review operating target levels during
the course of the year.

CONFERENCE CALL

A conference call will be held on 6 August 2008 at 15:00 CET.
Management will make a brief presentation of the results and take
questions. If you wish to participate, please call +44 (0) 20 7162
0025, allowing yourself 10 minutes for registration. The conference
call will be in English.
A PowerPoint presentation of the interim results will be published at
09:00 on www.securitas-direct.com and will be used by management
during the conference call.
A recording of the conference call will be posted on the Securitas
Direct website.

FOR FURTHER INFORMATION CONTACT
Dick Seger, President and CEO, tel +46 (0)708 218817
*   Lars Andersson, CFO, tel +46 (0)706 327580
Michael Peterson, Investor and Media Relations Manager, tel +46
(0)733 221814
e-mail: ir@securitas-direct.com, www.securitas-direct.com

The information in this report is such that Securitas Direct AB
(publ) is required to disclose under the Securities and Clearing
Operations Act and/or the Financial Instruments Trading Act. The
information was announced to the market at 08:00 CET on 6 August
2008.