Milestone delivered 10 percent revenue growth and revenue exceeded DKK 1 billion.
In 2019, the Milestone Group’s invoiced revenue grew to DKK 1,166 million, corresponding to an increase of 13 percent. After adjustments for revenue deferrals, impact from cash flow hedging and sales incentives, net revenue was DKK 1,026 million. This is an increase of DKK 92 million or 10 percent compared with 2018. The positive revenue development was mainly derived from an increase in license and Care™ sales. Demand for VMS solutions continues to grow in all regions.
Results in our markets
We continued to increase sales and have signed several large projects in all regions during 2019. Invoiced revenue in the Americas region amounted to DKK 523 million, corresponding to an increase of 15 percent.
The North American market continues to show strong growth with Canada, Northern US and Southern US exhibiting favorable growth with key projects within education and technology industries.
This is partly offset by negative growth in the Caribbean region and Latin America caused by the current economic and political situation.
The APAC region grew by 16 percent and invoiced revenue amounted to DKK 156 million. India delivered strong growth signing several key strategic projects within industries such as technology, police and financial services during the year.
Japan, South Asia and North Asia developed satisfactorily and grew in line with expectations. The South Pacific markets did not develop as expected, with decreased sales in New Zealand.
In the EMEA region, invoiced revenue amounted to DKK 487 million representing a growth of 10 percent.
The emerging markets, Southern Europe and Middle Europe, showed good performance and several large project deals were closed in the Middle East, France and Turkey within transportation.
Northern Europe decreased slightly mainly due to the United Kingdom not meeting expectations because sales were affected by the economic and political situation caused by Brexit.