Interim report January - March 2010

Improvement in the UK and stability in Southern Europe

January-March 2010

- Net sales amounted to SEK 709 M (844).
- Gross profit was SEK 164 M (187) and the gross margin amounted to 23.1 (22.1)
percent. Gross profit was negatively impacted by changes in foreign exchange
rates of SEK -14 M compared with the corresponding period of the previous year.
- Operating profit (EBIT) totaled SEK 16 M (27) and the operating margin was
2.3 (3.2) percent. Operating profit was negatively impacted by changes in
foreign exchange rates of SEK -5 M compared with the first quarter 2009. The
remaining change was due to a lower gross profit, which was compensated to some
extent by reduced costs.
- Profit after tax totaled SEK 3 M (20).
- Earnings per share amounted to SEK 0.07 (0.59).
- The cash flow from operating activities was SEK -79 M (50) and the difference
compared with the corresponding period of the previous year was mainly due to
change in working capital. The fully subscribed rights issue has enabled
repayment of all the Company's loans.
- In February, Urban Gillström took over as new President and CEO of
TradeDoubler. Urban replaced Örjan Frid who served an interim President since
December 2008. Urban Gillström has long experience of leading international
sales organizations.

After the end of the period
- In April, a cooperation agreement was signed with Marin Software, which means
that TradeDoubler's clients gain access to one of the most powerful and
user-friendly search management platforms on the market today.
- Two new board members have been proposed to the annual general meeting on May
6: Martina King and Simon Turner, both resident in the UK. In addition, the
re-election of the other members will be proposed with the exception of Lars
Stugemo who has declined re-election.
- Erik Skånsberg has been appointed as new CFO of TradeDoubler and will take
over on May 24, 2010.

 President's comments
"During the first quarter, we noticed an improvement of the advertising climate
with an increasing number of customer inquiries. I am pleased that we saw a
clear improvement in the UK with increasing gross profit within our core
business Affiliate, while at the same time, Southern Europe showed continued
stability in local currencies compared with the first quarter last year. Many
markets improved measured in local currencies.
I have been in place for nearly three months and have started to get to know our
business and industry. I am convinced that TradeDoubler has great potential on a
growing market, but we need to increase our focus on profitable growth further.
Therefore we have taken actions in order to boost sales, act faster and more
powerful closer to our customers and partners. Furthermore we have clarified the
importance of product development to ensure delivery of required functionality
and innovation to our customers. We have also initiated an operational
excellence program including strategy, structure and processes in order to
clarify our long term direction and to improve efficiency. At the same time, the
work to reduce costs and increase cash-flow will continue."

Urban Gillström, President and CEO


For further information, please contact:
Urban Gillström, President and CEO
Bernt Andersson, Acting CFO
Phone + 46(0)8 405 08 00,ir@tradedoubler.com <mailto:ir@tradedoubler.com>



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