TRANSCOM REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED 30 JUNE 2008

TRANSCOM REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED
30 JUNE 2008

Luxembourg, 21 July 2008 - Transcom WorldWide S.A. (‘Transcom' or ‘the Company')
(Nordic Exchange: ‘TWW SDB A', ‘TWW SDB B'), the global outsourced services
provider, today announced its financial results for the second quarter and six
months ended 30 June 2008. 


SECOND QUARTER FINANCIAL HIGHLIGHTS

•	Net sales up 15% to €158.9 (€138.2) million
•	Gross margin improves to 20.3% (18.2%)
•	EBITA up 20% to €7.2 (€6.0) million
•	Net income down 14% to €3.6 (€4.2) million
•	EPS down to €0.05 (€0.06)


SIX MONTHS FINANCIAL HIGHLIGHTS

•	Net sales up 16% to €332.2 (€287.5) million
•	EBITA up 18% to €18.2 (€15.4) million
•	EPS down to €0.14 (€0.15)
•	Net cash flow from operations up 18% to €20.1 (€17.0) million
•	€10.0 million ordinary dividend and €5.0 million extraordinary dividend paid
in June 2008, with Class A shareholders receiving €0.201 per share and Class B
shareholders receiving €0.209 per share


OPERATIONAL HIGHLIGHTS

•	Collections revenue up by 58% in the second quarter, with CMS now representing
15% of total revenue and 49% of total EBITA
•	Organic non-Kinnevik related revenue up 44% (excluding divestments made in
2007) and Tele2 revenues down by 24% in the second quarter
•	Tele2 represented 26% of total revenue in the second quarter
•	Opening of third floor in Manila centre in July 2008, giving Transcom capacity
of 1,900 operational seats in the Philippines by the end of the year


CHIEF EXECUTIVE OFFICER'S STATEMENT

Keith Russell, President and Chief Executive Officer of Transcom, commented: “In
spite of disappointing bottom-line performance in the second quarter, we are
seeing some very positive and important trends in our development.  The sales
pipeline remains strong with some key new client wins in the first half
resulting in organic growth of non-Kinnevik related revenues of 44% in the
second quarter (excluding Tele2 divestments made in 2007).  The Collections
business has grown by 58% year-on-year, accounting for 49% of our EBITA in the
quarter, and our near and offshore business continues to be the focal point of
our expansion with particularly strong development from our new Manila
operation, which we have once again expanded for future growth.

“These trends demonstrate our long-term potential to develop higher margin
business however the positive results are masked by challenges we are
experiencing in the underlying onshore CRM business in a few European countries
at present.  Revenue declines relating to Tele2's divestment programme and the
purchasing companies have materially affected us in both the South and West &
Central regions.  This has resulted in the need for restructuring of our sites
in Dresden and Leuven, resulting in a €2.5 million year-on-year decline in
profit in the second quarter in Germany and Belgium.  We do not expect to incur
any further restructuring charges for these operations in the second half of the
year however we do reiterate our forecast for significant profit declines in
these countries for the full year compared with 2007. 

“In the South region, we have reached new agreements with SFR and Vodafone in
France and Italy respectively and are now working on the alignment of business
to the new client requirements.  The consequence of this, along with the decline
in volumes we have experienced, has resulted in a reduction to profits of €1.5
million compared with the second quarter last year.  We are now forecasting a
reduction in profits for the full year from these clients of €4.0 million
compared to 2007. 

“The good news is that we continue to grow the business in other areas and
therefore expect to mitigate the effect of these lower profits in the year.

“The Collections business continued to deliver robust results during the
quarter.  CMS sales grew by 58% over the second quarter last year, driven by
strong performance from our acquired companies as well as good organic
development, especially in Iberia and the West & Central region.  With CMS now
representing 15% of our total sales and 49% of EBITA, it remains one of our key
priorities to continue developing this business with a focus on the key markets
in the world where growth and margin opportunities are strongest.  This will be
carried out through continued organic growth, debt portfolio partnering and
further add-on acquisitions where good opportunities can be found.

“The gross margin continued to improve in the second quarter, increasing from
18.2% to 20.3%.  This is primarily due to the increased contribution from CMS,
which delivered a gross margin of 30.3% in the quarter versus the CRM business
which had a gross margin of 18.5%.  In addition to this, as a result of the
planned exiting of further subcontracted outbound activity in France and Italy,
outbound sales in the South region decreased by €10 million year-on-year in the
quarter, which contributed to the increase in the Group gross margin
improvements.

“During the quarter, Tele2 announced the divestment of its operations in
Luxembourg, Lichtenstein and Poland as part of its ongoing realignment strategy.
 I am happy to report that we have successfully negotiated agreements with
Belgacom in Luxembourg and Lichtenstein and with Netia in Poland, which secures
our position as their service provider moving forward.   Although these
businesses are not financially material to the Group, we are looking forward to
developing mutually beneficial partnerships with these new clients once the
divestments have been approved by the relevant regulatory authorities.

“Our mid-term strategy remains to drive the Collections and CRM offshore
businesses but we are also embarking on an important longer-term goal of
diversification into the BPO marketplace.  By using the tools and processes we
have developed for our Collections and back-office work, we are able to deliver
broader solutions for clients which are valued by the success of the cost and
quality benefits they achieve.  As we have the benefit of a standardised
business model and an optimised global workforce, we are able to attain strong
margins by having efficient tools and effective human resource.  The global BPO
market represents an enormous opportunity for us as it is very large, fragmented
and with higher margins than that of the CRM industry.  Our focus and experience
in the Financial Services and Communications sectors will serve as excellent
entry points into this market.

“We also continue to evaluate opportunities to enter new geographic markets
where there is scope for strong margins and growth by either exporting services
to higher cost locations or where an interesting local market is developing. 
China and parts of Latin America have potential for both export services and
local market development and Russia remains an interesting location for its own
market development.

“The macro-economic concerns facing the world economy continue to pose both
risks and opportunities for Transcom.  A large percentage of our business is
concentrated in the Financial Services and Communications verticals, and during
an economic downturn customer interaction will normally increase with Financial
Services organisations and Communications services such as mobile phones and
television are often the last things that consumers will be willing to
sacrifice.  Furthermore, in times of macro-economic decline, the volume of debt
collection activity is likely to rise, thereby fuelling growth in our CMS
business.  The price of debt portfolios should also continue to decrease over
the course of the year.  We will continue to take a cautious yet opportunistic
approach in purchasing debt portfolios as we look to develop new models of
developing portfolio work without taking large positions on our own balance
sheet. 

“We expect the second half of the year to remain challenging due to the CRM
profit decline in Central and Southern Europe.  As mentioned before, we expect
year-on-year CRM profit declines in the third and fourth quarters in the South
and West & Central regions due primarily to lower volumes of work.  The planned
exiting of subcontracted telemarketing in the South region is also expected to
accelerate to approximately €20 million per quarter in the second half of the
year, although this will not have a material impact on profits as it is very low
margin business.  These losses will however be balanced by the continued strong
performance of our offshore services, the turnaround of the Iberian region and
the continued strong development of our CMS business.  We will also be gradually
reducing SG&A costs over the coming months as we reap the benefits of synergy
with NuComm and other cost reduction initiatives begin to deliver benefit.  We
therefore still expect to deliver improved EBITA performance for the full year.

“In the long-term, we remain very positive about the prospects for Transcom, as
we continue to deliver against our key strategic objectives of growing high
margin Collections and offshore business, and our confidence in the plans for
the diversification of our business towards the BPO market sector has grown with
each step taken in that direction.”


GROUP OPERATING & FINANCIAL REVIEW

Sales and New Business Development

Transcom reported 15% year-on-year net sales growth to €158.9 million (€138.2
million) in the second quarter of 2008.  In the second quarter, organic
non-Kinnevik related revenues (excluding Tele2 divestments made in 2007)
increased by 44%, whilst sales to Tele2 declined by 24%.  This resulted in a 4%
decrease in Group organic sales for the second quarter, with Tele2 representing
26% of total Group sales.

During the second quarter, the Company signed a number of new CRM contracts and
extended many existing contracts.  New CRM signings during the quarter included
Scandic Hotels in Sweden and American Express in Benelux.  Transcom also signed
new contracts in the CMS sector during the quarter, including a new contract
with  Opal Telecom (a subsidiary of TalkTalk) in the UK.  It is important to
note that although the Company continues to win significant new business it is
not always possible to disclose the names of new clients due to internal
HR-related considerations.

CRM Sector

Group sales in the CRM sector increased by 9.5% to €134.5 million (€122.8
million) in the second quarter on the back of strong performances in Iberia and
the North America & Asia Pacific regions mitigating declines in other areas. 
The CRM sector is continuing to deliver a good performance from its near and
offshore services, which is the fastest growing part of the sector.  CRM gross
margins increased to 18.5% (16.8%) mainly due to a planned reduction in lower
margin subcontracted telemarketing activity in the South region, which was down
by €10 million year-on-year in the second quarter.  In the second half of the
year, Transcom expects subcontracted telemarketing revenues in the South to
decline year-on-year at an accelerated rate of approximately €20 million per
quarter.

Transcom's onshore European CRM operations have been greatly affected this year
as they have adjusted to the changing needs of Tele2 and the new owners of Tele2
divested businesses.  With significant volume reductions and restructuring
actions taken in the South and West & Central regions, the CRM sector delivered
a relatively flat bottom-line performance in the second quarter, with EBITA of
€3.7 million (€3.8 million).

Transcom has completed the build-out of the third floor in its Manila service
centre.  The Company expects the floor to be at full capacity by the end of the
year and plans to take the first call within the next week.  This expansion
gives Transcom a total of 1,900 operational seats at the Manila site.

As announced in the first quarter results statement, Transcom has agreed to an
enhanced commercial framework with Tele2 in the CRM sector.  There is a new
value based element in the agreement, which provides for a potential margin
development for Transcom through the reduction of costs and improvement of
quality for Tele2.  The Company continues to implement this country by country.

CMS Sector

Transcom's CMS business currently serves 20 markets from an operational base of
17 countries.  For the second quarter, CMS revenues grew by 58.4% to €24.4
million (€15.4 million).  This growth was the result of strong contributions
from IS Inkasso in Austria and Eastern Europe and Dr. Finsterer + Koenigs in
Germany, which are continuing to grow well, and also Group organic growth of
over 20%.  The Company's Iberian CMS business also expanded significantly in the
quarter on the back of new business developments.  

The CMS business delivered gross margins of 30.3% in the second quarter compared
to 29.9% in the second quarter of 2007, whilst the EBITA margin was stable at
14.3% year-on-year.  The CMS sector therefore accounted for 49% of Transcom's
total EBITA in the second quarter.

The re-launch of Transcom's CMS operations in Norway is well underway and
performance is expected to improve over the course of the year.  Additionally,
the Company is reorganising its Swedish CMS operations in order to mitigate the
pricing declines experienced with a major client in that country.  With the
implementation of new CMS technology and the reorganisation of the Swedish
operations, Transcom expects the North region's CMS business to return to
industry average performance over the course of the next 12 months.  

Transcom has already deployed its new workflow solution in Switzerland and is
planning to launch it in Sweden and Spain in the coming months as part of the
first phase of a project to improve the efficiency of back-office and
collections processes, better integrate collections and CRM operations and
deliver a BPO capability.  

Transcom did not purchase any debt portfolios during the second quarter though
remains interested in buying such portfolios moving forward, but will prefer to
do so with financial partners or through innovative models of developing
portfolio work without taking large positions on its own balance sheet.

Financial Review

Depreciation in the second quarter increased by €1.4 million to €4.2 million
(€2.8 million), of which €1.0 million was due to NuComm assets.  Transcom had an
amortisation cost of €0.8 million related to the amortisation of intangible
assets.

SG&A increased by €5.9 million to €25.1 million (€19.2 million) in the second
quarter, of which €4.5 million was due to the acquisitions made in 2007.  The
remaining €1.4 million was primarily concentrated within the Iberian region in
order to fund new client growth and was also allocated to investments in new
technology at the corporate level.  SG&A decreased by €600,000 from the first to
the second quarter, and Transcom expects SG&A to gradually trend downward over
the course of the next 18 months across its current base as the Company
continues the NuComm integration process and implements further SG&A control
measures.

For the second quarter the Company had net interest payments of €1.6 million due
to the interest payable on its corporate loan facility.  The Company's tax rate
remained constant at 26% during the second quarter.  Transcom had net debt of
€71.3 million as at 30 June 2008 compared to €46.8 million as at 31 March 2008. 
There was a reduction in working capital of €18.2 million during the first half
of the year, which was due primarily to the funding of growth in the Iberian
region and the Philippines.

In June 2008 Transcom paid an ordinary dividend of €10.0 million and an
extraordinary dividend of €5.0 million to shareholders.  The total dividend of
€0.205 per share (€0.201 per Class A Share and €0.209 per Class B Share) was
paid to shareholders in accordance with the proposal made by the Board of
Directors on 2 May 2008 which was approved at the AGM on 27 May 2008.


SEGMENTAL OPERATING REVIEW

North

Revenues in the North region increased by 3.0% to €41.4 million (€40.2 million)
in the second quarter.  This was mainly driven by CRM price increases in Sweden
and Norway, new business development and the increased rate of collection in the
Company's CMS operations in Norway following the recent re-launch of this
business.  These positive developments were mitigated by decreased volumes with
Telenor in Denmark and the continued impact of pricing decreases with a major
CMS client in Sweden.

The Swedish CMS business is currently being reorganised in order to mitigate the
pricing challenges referred to above.  Transcom's new CMS technology is also due
to be implemented in Sweden in the coming months, which is expected to bring
greater efficiency to the operations.

Transcom reiterates a relatively flat forecast for the North region in the
second half of the year, with improved results in 2009 as the CMS business
recovers to normal industry margins on the back of the initiatives stated above.

West & Central

The West & Central region delivered sales growth of 19.0% in the second quarter
with revenues up to €38.9 million (€32.7 million).  This development was driven
by new CRM contract signings as well as the continued robust performance of
Transcom's significant CMS acquisitions in the region, IS Inkasso and Dr.
Finsterer + Koenigs, which delivered solid growth during the quarter.  Also
contributing to the growth was the continued ramp-up of the Emmen site in the
Netherlands, efficiency improvements across all operations in the Netherlands,
and further organic CMS growth.

Whilst gross profit was up by 14.6% to €9.4 million (€8.2 million), EBITA was
compacted due to the ongoing year-on-year volume declines in Tele2 business in
Germany and Belgium, as well as smaller decreases across Tele2's operations in
Austria, Luxembourg and Sweden.  Year-on-year profit was down by €1.6 million in
Germany and by €900,000 in Belgium during the second quarter due to continued
lower volumes of activity when compared to last year.  As a result of this,
Transcom incurred restructuring charges of €350,000 in Germany at the Dresden
site and charges of €300,000 in Belgium at the Leuven site, which are included
in this variance.  The Company does not expect any further restructuring charges
in these operations in the second half of the year.

Transcom is forecasting continued top-line growth in the West & Central region
for the second half of the year, although profits will continue to be impacted
by the loss of performance in Germany in particular.

South

Sales in the South region decreased by 32.8% in the second quarter to €31.4
million (€46.7 million).  One of the primary reasons for this reduction in
revenues was the planned decrease in subcontracted telemarketing activity, which
decreased by €10.0 million in the quarter.  

Additionally, Transcom has reached new agreements with SFR and Vodafone in
France and Italy respectively and is in the process of aligning these businesses
to meet the new client requirements.  The consequence of this activity, along
with continued declines in volumes in France and Italy, was a reduction to
profits of €1.5 million compared with the second quarter last year.  The Company
is now forecasting a reduction in profits for the full year from these clients
of €4 million compared to 2007. 

Iberia

The Iberian region continued to improve results in the second quarter, with
sales increasing by 35.3% year-on-year to €24.9 million (€18.4 million).  An
important contributor to the region's growth is the development of a new
strategic client in the Financial Services sector.  The Company's second site in
Chile is still ramping up to reach full capacity.

The Iberian region reported an operating profit of €1.0 million for the quarter,
demonstrating that the Company's turnaround strategy for the region is starting
to pay off. 

Transcom reiterates a positive forecast for the Iberian region in the second
half of the year as the second Chile site reaches full capacity, the CMS
business continues to develop, and new client development contributes to both
top- and bottom-line growth.

North America & Asia Pacific

The North America & Asia Pacific region continues to report results in line with
Transcom's expectations.  The region delivered revenues of €22.3 million to the
Group's top-line and €1.8 million to Transcom's EBITA.

NuComm's Manila operations continued to expand during the quarter on the back of
strong demand from North American clients.  Transcom has now completed the
build-out of the third floor in its Manila service centre.  The Company expects
the floor to be at full capacity at the end of this year and plans to take the
first call within the next week.  

In addition to the strong performance delivered by NuComm, Cloud10 also
delivered a small profit to the region's results.  Transcom is now focusing
efforts on developing its CMS offering for the North American market and expects
to see improved contribution and performance in this area over the coming
quarters.

The Company reiterates a positive guidance for the North America & Asia Pacific
region, with continued strong contributions from NuComm and incremental profit
growth from Cloud10.


OTHER INFORMATION 

Notice of Financial Results:

Transcom's financial results for the third quarter ended 30 September 2008 will
be published on 20 October 2008.


The Board of Directors
21 July 2008


Transcom WorldWide S.A.
45 rue des Scillas
L-2529 Bertrange
Luxembourg
+352 27 755 000
www.transcom.com
Company registration number: RCS B59528
Notes to Editors:

The following provides a breakdown of which countries are included in each
geographical region.

•	North: Denmark, Norway and Sweden
•	West & Central: Austria, Belgium, Croatia, Czech Republic, Estonia, Germany,
Hungary, Latvia, Lithuania, Luxembourg, the Netherlands, Poland, Romania,
Serbia, Slovakia, Switzerland, the United Kingdom
•	South: France, Italy, Tunisia
•	Iberia: Chile, Portugal, Spain
•	North America & Asia Pacific: Canada, Philippines, USA

For the full tabular finacial information, please see attached PDF file, visit
the Transcom website at www.transcom.com, or call Shared Value on the number
listed below.

#  #  #

For further information please contact: 

Keith Russell, President and CEO
+352 27 755 000

Noah Schwartz, Investor & Press Enquiries
+44 20 7321 5032
transcom@sharedvalue.net 


About Transcom
Transcom WorldWide S.A. is a rapidly expanding Customer Relationship Management
(CRM) solution provider, with 72 sites delivering services from 29 countries -
Austria, Belgium, Canada, Chile, Croatia, Czech Republic, Denmark, Estonia,
France, Germany, Hungary, Italy, Latvia, Lithuania, Luxembourg, the Netherlands,
Norway, the Philippines, Poland, Portugal, Romania, Serbia, Slovakia, Spain,
Sweden, Switzerland, Tunisia, the UK and the USA.

The company provides CRM solutions for companies in a wide range of industry
sectors, including telecommunications and e-commerce, travel & tourism, retail,
financial services and utilities.  Transcom offers clients a broad array of
relationship management services, including inbound communication; telemarketing
and outbound; Administrative Tasks; Web servicing; CRM Consultancy Service;
Contract Automation; Credit Management Service; Legal Services; and
Interpretation Services.  Client programs are tailor-made and range from single
applications to complex programmes, which are offered on a country-specific or
international basis in up to 33 languages. 

Transcom WorldWide S.A. class A and B shares are listed on the Nordic Exchange
Mid Cap list under the symbols ‘TWW SDB A' and ‘TWW SDB B'.