Profile Software, an international financial solutions provider, announced today the financial results for H1, 2017. During the first half of the year, Profile Group focused on innovation, international projects and the successful service delivery for existing and new clients. In particular, the Group has expanded its clientele (Europe, the Middle East, etc.) and developed new solutions addressing financial institutions’ requirements, while proceeding to new deals and agreements.
At a consolidated level, the Group's turnover increased by 3.5% reaching € 4.54 million from € 4.39 million in the first half of 2016. For the first half of 2017, Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) stood at € 1.53 million, compared with € 1.33 million during the same period in 2016. This improvement is attributable to the overall increase in sales, operating revenues and the corresponding decrease in sales costs. EBITDA amounted to a satisfactory level of 33.7%, compared to 30.4% in the respective period of 2016, as a result of more own product sales and new international clients’ contracts.
Earnings before taxes amounted to € 287 thousand, from € 169 thousand in the first half in2016, earnings after taxes amounted to € 181 thousand from € 272 thousand in the corresponding period. The Group's investment plan is still being followed, aiming at developing new products and presence in new markets through further staffing and commercial partnerships, especially in the regions of Europe and America. On 6th July 2017, the group concluded the acquisition of the French company, Login SA, a treasury software provider, the figures of which, will be presented for the first time, in the balance sheet year ending 31 December 2017.
The Group retains its financial strength as equity amounted to € 17.4 million for the half year ended 30 June 2017, compared to € 17.3 million for the year ended 31 December 2016. The debt over equity ratio was 1.04x compared to 1.14x for the year ended 31 December 2016. This decrease is due to a reduction in liabilities to suppliers and banks. Accordingly, the current liquidity ratio amounted to 1.94x compared to 1.90x for the year ended 31 December 2016.
At a company level, turnover for the same period amounted to € 3.4 million, EBITDA to € 466 thousand and losses after taxes amounted to € 66 thousand.
During the first half of 2017, the Group demonstrated successful results penetrating international markets , supported by the regular introduction of new products that increased the range of options available to clients. The Group’s solutions (Axia, FMS.next, RiskAvert, IMSplus, Registry, etc.) to which Login’s Acumennet was included since July 2017, were selected by international financial organisations in Qatar, Monaco, France, etc. The group joined the British Bankers’ Association, presented the new solution for MIFID II, Risk Metrics, through Axia, and the fully integrated Acumennet with FMS.next implemented at a large French banking organisation. The RiskAvert solution was introduced and successfully installed at a banking group in SE Europe. Also, FMS.next Marketplace Lending launched the new functionality for "Auto-invest".
The international recognition of the Group's solutions is expanding with recent distinctions, those being: "Most Innovative Wealth Management Software Provider 2017", "Best Family Office Platform 2017: Axia" by the Wealth & Finance International Wealth & Awards and "Top 10 Core Banking Technology Solution Providers 2017" by the CIO Outlook. In addition, Profile solutions are included in the recent Gartner’s study: "The Asset Management CIO's Guide to Portfolio Management Systems", which assesses functionality available of international Portfolio Management System Vendors.
Profile Software continues to invest in the development of its skillful personnel and its selective presence in specific countries in which it operates. Based on the efficacy of its plans so far, the Profile Software management remains optimistic about the achievement of its objectives, focusing on increasing its size through new investments and further strengthening its international presence.