The operating result more than tripled to RON3.6 million, from RON1 million in 1H/2021.
„For both our historical data and that of many other listed issuers in the IT sector, most of the revenue (and therefore almost all of the profit) is made in the last quarter of the year, the first half being always the weak one. In this context, the performance recorded in the first six months of 2022 is one that gives us confidence – we have already achieved 44% of revenues at the consolidated level (compared to 31% in 2021 and other previous years). Our solid financial situation positions us very well to continue both the changes of the internal sales generation and delivery processes, but also the expansion through acquisitions (M&As). In particular, this topic is one of interest, which we believe deserves to continue to have priority in increasing the group’s footprint, especially given the success of previous M&A projects,” stated Mihai Logofatu, CEO and founder of the group.
The technology unit reported RON58.6 million revenues, up 38%, amid accelerated demand in the second quarter for services in the field of cybersecurity, IT management and business applications. This led to 178% higher operating profit, to RON4.1 million.
The education unit posted RON11.4 million revenues, up 97% from the year-earlier period.
„We are a group of companies that offer an increasing range of IT&C services to clients, both in the classical manner (project based), in a recurring manner (‘recurring revenue’) and in the paradigm of ‘managed services’. One of the strategic development pillars, affirmed since the listing on the AeRO market in 2015, has been the continuous development of the portfolio of offered products and services. From an annualized perspective (“last 12 months”), consolidated revenues exceed RON 134 million (versus 100 million in the previous period), increasing with more than RON 11 million in gross margin (up to RON 31.7 million), and operating profit is more than 3X higher, recording a value of RON 9.9 million. Gross profit exceeds the amount of RON 13.4 million compared to RON 2.2 million for the comparison period. In other words, this year’s profit target can be achieved if the second half of this year only shows an evolution similar to the last year, without the growth seen in the first half in H2”, stated Mihai Logofatu.
Between the end of H1 and the time of publication of this report, we obtained the approval from the Competition Council to close the transactions with TopTech and 2Net Computers, which join Dendrio in the “Cloud & Infrastructure” business segment. Even if during 2022 we will consolidate, according to IFRS rules only the revenues of these companies from September (or October) to December, they add a revenue generating capacity of about RON 80 million per year.
Bittnet was founded in 2007 in Bucharest by brothers Mihai and Cristian Logofatu.
(English version by Catalina Apostoiu)