Letter from our Executive Directors

Passing a milestone for Milestone

A couple of years ago, we challenged the company to achieve an annual net revenue of one billion Danish Kroner. 2019 was a big year for Milestone because we exceeded the challenge with a net revenue of DKK 1.03 billion.
Therefore, to start, we would like to thank all our employees and our business partners in the Milestone community for working together to make this happen. Milestone achieved this goal because we focus on long-term, sustainable growth. This is our way of running the companyand as a result, over our 22 years in business, we have been profitable every year with a compound annual growth rate (CAGR) on net revenue of 14 percent over the last five years.
17 successful years
We also have to tell you that the 2019 Annual Report will be Lars Thinggaard’s final duty for Milestone because, after 17 successful years, he has decided to resign from his position as President and CEO of Milestone Systems. For the last six years, since the company’s acquisition by Canon Group in 2014, he has led Milestone as a standalone company in the Group. Under his leadership, Milestone has developed into a growth company with a strong team and a great future.
People First
Since our acquisition by Canon in 2014, we have nearly doubled the number of people working at Milestone. Not just any people, the long term, sustainable growth above requires great people. It is these people who are fueling our growth and who will continue to excel in finding future opportunities for Milestone. Consequently, it is very important for us to think carefully about how we continue to build our team.
We believe in People First, it comes ahead of everything else: ahead of technology, ahead of strategy, ahead of business ideas. Because we prioritize People First, we can attract the very best people to Milestone.
...it is very important for us to think carefully about how we continue to build our team.
Lars Thinggaard
President & Chief Executive Officer
Lars Larsen
Chief Financial Officer
Flexible and open
Looking ahead, we see some significant changes in our industry because of the disruptive effect of new technology, and no one can know exactly how all this will play out. In an economy like this, Milestone needs flexibility to pivot quickly as we find future opportunities for our business.
Along with Milestone, our community partners also need flexibility to meet the challenges of the future economy. We deliver flexibility to our partners through our open platform. Looking back, when Milestone talked about open, we were referring to our open technology platform, and how partners can integrate with Milestone’s technology.
In 2019, we added Milestone Marketplace, our open business platform. Here, open refers to commerce and how partners can grow their business faster with Milestone.
With these two platforms we continue to bring the power of open to our partners.
To drive these Milestone platforms forward, in 2018, we planned to reduce our profitability for 2019 to fund a new program, Accelerate Innovation. The program called for significant investments to increase our research and development capacity. During 2019, we have established a new engineering hub in Barcelona and expanded our  engineering teams in Copenhagen and Sofia.
The financial results for 2019 show the planned, reduced EBIT (earnings before interest and taxes) of DKK 124 million for the year. However, as we enter 2020, we are already starting to feel the energy of our stronger engineering team.
Taking care of each other
At the start of 2019 we held our 14th Milestone Integration Platform Symposium (MIPS) in Copenhagen with the largest audience ever. Over 800 attendees came from 50 countries around the world. The continuing success of MIPS over many years is important because it shows that we take care of our community, and it sees Milestone as a great company to partner with.
Equally important, we want to take care of our employees so that they see Milestone as a great place to work. Taking care of each other means maximizing each other’s mental and physical energy and to achieve this, we strive to provide the best conditions for happy and healthy people. For example, healthy food options, massage, free health checks, access to gym and fitness training, creating spaces for reflection and collaboration.
We do this because, while many things— strategy, technology, agility, etc.—are important for our success we have come to realize that it is about  people above all else. At Milestone, People First is not just a slogan, it means having smart, energized people in the right places because, at the end  of the day, you bet on people, not on strategies.
Lars Thinggaard
President & Chief Executive Officer
Lars Larsen
Chief Financial Officer
At Milestone, People First is not just a slogan. It means having smart, energized people in the right places because, at the end of the day, you bet on people, not on strategies.
Financial review

1,026,000

Milestone delivered 10 percent revenue growth and revenue exceeded DKK 1 billion.
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