Svensson says that the strong growth is mainly explained by the acquisition of the American Sensys Networks finalised in June, but good growth also in the company's other business had a positive impact on the quarter.

Gross margin for the quarter was a record of 70,0% (64,7) and with an adjusted EBITDA margin of 10,4% (2,0). It means that both the quarterly and yearly results are the best in the company history.

"During the quarter we have continued to streamline the organisational structure of the company and our business in Great Britain (Tagmaster UK), France (Tagmaster France) and Sweden (Tagmaster) will for the future be presented as one unit, Segment Europe. Sensys Networks will continue under its present name and will be presented as Segment USA.

The European business during the quarter had a growth of just over 10% compared to the previous year. Different markets have developed differently, with weaker sales in Tagmaster UK, depending on a delay for some projects. Recruitment to strengthen sales and marketing efforts in the UK market have also been made during the quarter, which Svensson believes will give the company a good platform to speed up growth during 2020.

The French business – Tagmaster France - has had a quarter slightly below plan with lower sales than planned, but with better gross margins. The integration of all parts of the French business continues. Jonas Svensson expects to be fully ready with the integration during the first quarter of 2020. With a fully integrated business and further recruitment on the sales side they intend to create a stronger impact in the French market.

Tagmaster in Sweden has delivered a good quarter in volume as well as in gross margin and profitability.

The quarter for Sensys Networks resulted in sales according to plan, but with a better gross margin. However, according to the CEO, the cost level has been somewhat higher connected to the integration work during the quarter, but the integration work is going well and to plan and Sensys Networks and the other businesses in the Tagmaster Group have already identified and started to implement a number of initiatives regarding cooperation within development and logistics.

"With the acquisition of Sensys Networks we have created a Tagmaster company almost double in sales. Through the acquisition we have created a platform of our own in the US and we will have competence within technology which is both wider and deeper. The acquisition gives us a higher organic growth potential and we become a more interesting partner for building the Smart Cities of the future," says Svensson.

"Tagmaster is today an important player in a market with good prerequisites for growth and good profits. To work daily with improving the traffic environment in cities and urban areas around the world provides us with lots of energy to continue hard and targeted work," he concludes.