The report also shows that the company recorded revenue from contracts with clients in the amount of RON44.1 million, in January-March 2024, at a group level, down 18% from the same period of 2023, and a consolidated gross margin of RON7.6 million (lower by 11% vs. Q1/2023).
“We are confident in reaching the proposed budget for 2024 because historically 1st quarter generates a maximum of 15% of the group’s annual revenues and 1st semester, approximately 35%. It is specific to consulting and IT solutions business (from which the group currently obtains 85% of its revenues) that projects are contracted in the first part of the year and the delivery and invoicing those projects take place in the second half of the year”, according to Bittnet representatives.
BNET shares have lost 11.5% so far in 2024 and 16.3% in the last 12 months, amid deals worth RON26.5 million, triggering a market value of RON156 million. Its shareholders include, among others, Agista Investments, with an ownership stake of 13.75%, and Impetum Investments, with a 13.3% stake.