Profile Software, an international financial solutions provider, announced today the Group's financial results for the first half of 2018, in which turnover and profitability demonstrated significant growth. This increase was driven by the Group's operations in international markets, in which the Group has heavily invested in recent years, as well as its ability to implement complex projects.
At a consolidated level, turnover increased by 40% reaching € 6.3 million from € 4.5 million in the H1 2017. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 15% amounted to € 1.7 million, compared to € 1.5 million in the same period last year. This increase is attributed to the sales growth and the consolidation of Login SA, the French subsidiary.
EBITDA margin reached 28%, due to the contribution of own developed products, as well as new customers from international markets, as a result of the Sales & Marketing and the Research & Developments activities. Profits before tax increased by 140% amounted to € 683 thousand from € 287 thousand in the first half of 2017, while profits after tax amounted to € 490 thousand from € 181 thousand.
Group’s financial performance is consistently growing and the equity was € 17.9 million on 30 June 2018, compared to € 17.4 million on 31 December 2017. The ratio Liabilities-to-equity stood at 1.05x (1.04x on December 31, 2017). Accordingly, the liquidity ratio was at 1.76x compared to 1.85x on 31 December 2017.
At a company level, Turnover amounted to € 3.6 million (€ 3.4 million 30.06.2017), EBITDA was to € 390 thousand and the profits after tax were € 987 thousand.
In the first half of 2018 the products portfolio expanded, and the Group presented its upgraded banking and investment management solutions. Specifically, the Acumennet, the Treasury system has been enriched with new features such as modern web interface, dashboards, dynamic reports and real-time updates. FMS.next Leasing, offered full automation of the Leasing process with reliable tracking tools for each type of lease and a focus on the effective management of corporate risk. The new innovative Axia Robo Advisor solution, an omni-channel investment management solution, was presented. It offers modern workflow-based functionality to efficiently execute all necessary wealth management tasks online, fully automated or as a hybrid model. Axia, the market-proven investment management system, has been upgraded to a new version 2.0, making it available on Microsoft Azure Cloud. In addition, the new Fund Management solution was implemented in international organizations. All of the Group's platforms are available in Cloud and SaaS environment.
It is worth noting that the Group's products were installed in new clients in Europe, the Middle East and Africa, to name a few these are: IBG, Family Bank, Twenty First Capital etc.
Furthermore, during H1 2018, Profile Group and its products have been included in international industry-specific reports of Gartner, Celent, Aite, and received the following distinctions: "Most Innovative Investment Management Software Solutions Firm - 2018" AI's Global Excellence Awards, "Most Trusted Banking Treasury Solutions Provider - Europe 2018" from Global Brands Magazine, "Corporate Excellence Awards" (Corporate Vision magazine), "Most Outstanding Core Banking Solutions Provider Europe 2018".
The Management of Profile Software estimates a growing pattern for the year with the group achieving its annual targets. The Group is expanding its workforce in the domestic and international market with skilled professionals, as well as new experienced executives. In addition, the Group's investment plan is being successfully implemented, oriented towards the development of new products and new market penetration, mainly in Europe and America.