Mandator AB: Interim report for the period January - June 2004

"It is encouraging that Mandator's positive trend is continuing, and that we have achieved a profit after tax for the second quarter. In a market with increasing interest in IT investments but ongoing price pressure, Mandator has held its own well.

Step by step, we are implementing the established strategy. We are prioritising sales and utilisation rates, and cost awareness is still to the fore. We are increasing volumes with existing customers, continuing to specialise and productify the offering, and intensifying partnerships. During the second quarter, we have increased the utilisation rate to 72%. We have taken market shares and recruited in the priority sectors of the manufacturing industry and telecommunications," says Niklas Flyborg, CEO.

* Positive result
- Sales during the second quarter: SEK 92 (112) million
- EBITA: SEK 5 (-7) million
- Profit after tax: SEK 1 (-32) million
- The utilisation rate was 72% (66)

* Strong balance sheet
- A new share issue of SEK 101 million was over-subscribed
- The equity ratio totalled 42%
- SEK 30 million lease commitment in London resolved

* New business within priority sectors
- Mandator is seeing growth opportunities in telecommunications. The share of profits from telecommunications has increased by 27%, among other things through increased commitments with Ericcson and Vodafone.
- The consultancy assignment at Volvo Personvagnar increased by over 10% during the second quarter.
- The framework agreement with FMV has led to new assignments in information security and product support within radio maintenance
- A new framework in advanced IT services has been signed with the Swedish Rescue Services Agency.

* Period January - June 2004
- Sales SEK 187 (224) million
- EBITA: SEK 1 (-24) million
- Profit/loss after tax SEK -10 (-67) million
- Earnings per share SEK -0.10 (-0.61)

The full report including tables can be downloaded from the following link:
Stockholm, 26 July 2004

Mandator AB (publ)
Niklas Flyborg, CEO

Questions regarding this report may be addressed to:
Niklas Flyborg, CEO, Tel: +46 705 949 678, niklas.flyborg@mandator.com
Robert Karlsson, CFO, Tel: +46 709 56 51 41, robert.karlsson@mandator.com

Mandator AB
Maria Skolgata 81
Box 17540
SE-118 91 Stockholm
SWEDEN
Tel: 08-402 31 00
Fax: 08-402 31 38
www.mandator.com