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Profile Software, an international financial solutions provider, announced today the group’s financial results for the first half of 2020, which demonstrate market share maintenance under adverse circumstances, and a significant increase in liquidity and capital adequacy, despite the unprecedented conditions, in local and global level, with the total lock-downs imposed due to COVID-19.

The Group's focus on the international markets continues to be pivotal to the company’s growth, with international revenues representing 2/3 of the total turnover, as a result of its expansion and continuous investment in new solutions.

More specifically, at a consolidated level, the Group's turnover amounted to € 6.85 million compared to € 7.61 million in the respective period of 2019, recording a decrease of 10%, due to the negative effects of the pandemic on orders for new projects and the general uncertainty in the economic environment.

It is noted that the turnover decrease of the first half of the year, has already been offset by the recovery of the third quarter, with the turnover in the first nine months of 2020 being roughly at the same levels as in the respective period last year.

The Earnings Before Interest, Tax, Depreciation, and Amortization (ΕΒΙΤDΑ) during the first half of 2020 amounted to € 1.9 million compared to € 2.1 million in 2019, while the EBITDA margin was maintained at the satisfactory levels of 27.3%. Earnings after taxes and minority interests amounted to € 0.4 million from € 1.0 million in 2019, due to non-recurring factors and mainly negative foreign exchange rate impact from the activities in Asia and the UK (in US dollars and GB sterling respectively).

The liquidity and capital robustness of the Profile Group were significantly strengthened, also during H1 of 2020, providing guarantees for the smooth financing of its investment plan, regardless of the current situation.

In particular, the Group's liquidity continues to increase, raising total cash and cash equivalents to € 16.7 million and net cash to € 12.6 million, compared to € 9.5 million in the first half of 2019, recording an increase exceeding 30%. In addition, the Group continues to improve its financial robustness, with a Debt to Equity ratio of 0.78x and a Current ratio of 2.08x as a result of efficient working capital management, despite the challenges in such a volatile economic environment.

The international expansion of the Group pays off, with new project assignments in Europe, the Middle East, Asia and America, as a result of the continuous investment in the Group's solutions, but also the strengthening of human capital with experienced executives across borders. At the same time, the utilization of new technologies across all projects as well as the need of the Greek Public Sector for digitisation, created the appropriate opportunities for the group's participation and successful selection in such projects.

In the first half of 2020, new solutions were introduced that cover the digital transformation to strengthen customers’ activities in demanding times where remote access and communication are imperative. The solutions include Acumennet, the award-winning treasury management platform, Axia, the fully automated investment management system,, the next-generation digital banking platform and RiskAvert, the risk management solution.

During the same period, a number of new implementations were completed across a number of financial institutions in both Greece and internationally, while the establishment of a new subsidiary in Thessaloniki was finalized which will be the center and the main arm for the development of new technologies, with an investment budget of over 5 million in the next three years.

Both the company and its solutions are steadily being included in international research studies of Gartner, Celent, Forrester, Aite group, as well as being awarded by specialized publications for the innovation and technology used.

Due to its strong international orientation, the prospects, results and growth of the Profile Group for the rest of the year, are directly related to the situation encountered in the global economy and markets. The unparalleled and volatile conditions that have been created in the international markets as a result of the pandemic are characterized by unprecedented instability and uncertainty of the economic environment.

Nevertheless, the Group and the management remain committed to achieving the annual goals, with the flexibility required, expecting the maximum possible results.

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