Profile Software: Record breaking sales and double figures in profit in H1 2021
Athens, 13 September 2021: Profile Software, an international software provider, announced today the Group's financial results for H1 2021, which demonstrate an increase of 17% in sales and double figures in profitability. Despite the general effect due to the pandemic, the Profile Group continued its expansion in the first half of the year presenting significant upgrades and new product launches, with such actions being reflected in the group's results, strengthening sales from international operations, which represent 70% of the total turnover.
More specifically, at a consolidated level, the Group's turnover amounted to € 8.04 mn compared to € 6.84 mn in the respective period of 2020, due to the assignment of new projects, the loyalty of existing customers in the company's solutions, as well as the successful acquisition of Centevo, a leading software company of Asset/Fund Management solutions in Scandinavia, whose products have successfully been integrated in Profile's product portfolio making them available to all markets.
The Earnings Before Interest, Tax, Depreciation, and Amortization (ΕΒΙΤDΑ) increased by 28%, amounting to € 2.4 million compared to € 1.87 million in 2020, while the EBITDA margin was maintained at the satisfactory levels of 30%. Earnings before tax increased by 173% reaching € 1.17 mn from € 428 thousand in H1 of 2020, while profits after taxes doubled to € 751 thousand from € 383 thousand.
It is noted that the revised EBITDA of the group, excluding extraordinary and non-recurring events (such as the accounting entry of the stock options plan for the group executives), amounted to € 2.51 mn in H1 2021 compared to € 1.87 mn in the respective period of 2020. Worth mentioning is that net profit for the Group is subject to depreciation charges of € 210 thousand for the valuation of intangible assets of Login and Centevo on the acquisition day, compared to €110 thousand in the respective last year period. As a result, the revised comparable profit before taxes amounted to € 1.50 mn from € 538 thousand in H1 2020, whilst the revised profit after taxes amount to € 1.07 mn from € 493 thousand.
The Group's liquidity remains at a satisfactory level with total cash and cash equivalents amounting to € 14.4 mn and net cash at € 7.5 mn, which if recalculated with the value of own shares held by the company by the end of H1 reach the amount of € 8.57 mn. In addition, the Group maintains its financial robustness, with the debt/equity ratio at 32.22%, and a liquidity ratio at 1.75x, as a result of the effective working capital management, guaranteeing smooth financing of its investment plan, despite the challenges faced in the volatile economic environment.
At an operational level, in H1 2021, the Profile Group demonstrated a number of actions that led to a dynamic growth. In particular, after a thorough evaluation, the Group acquired Centevo by Euronext, which holds a portfolio of more than 65 customers (large local banks and investment companies) in the Nordics.
At the same time, the Group introduced new solutions for the banking sector with Finuevo, the mobile-fist digital banking in-a-box platform, and Acumen.plus, the new automated treasury management platform, while Axia Custody was significantly enhanced. The continuous investment was recognised by Chartis, as the group was named "Category Leader" for Wealth Portfolio Management Advisor Desktop solutions. In addition, a number of large-scale and demanding projects have been implemented across Europe, Asia and MENA.
It is also worth mentioning that there has been a successful implementation of the advanced system for digitisation of the country's criminal courts (recording and de-recording), of the Ministry of Justice, in the courts of first instance in Athens, Thessaloniki and Piraeus and this will soon be extended to all criminal courts in the country. The Group is about to participate in a number of new digitilisation projects of the Greek public sector, utilising its long standing experience, in demanding and complex projects internationally.
The optimistic economic climate that seems to exist is expected to offer the opportunity for further growth for the remaining of this year. The Group Management is committed to meet its annual goals, having the flexibly to adjust in any given situation, and ready to take advantage of any new opportunity to achieve best possible results.
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