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Profile Software, an international financial solutions provider, announced today the group’s financial results for FY 2020.

FY 2020 had a promising start for the Greek economy, however, the Coronavirus outbreak led to unpredictable and significant disruptions across the globe, contributing to financial instability leading to a chain reaction across all sectors of the economy.

Despite this situation, in 2020, Profile was able to maintain its turnover and profitability figures similar to last year's levels. At Group level, turnover reached € 15.04 mn compared to € 15.76 mn in 2019, noting a small decrease of 4.6%, attributed to some delays in new projects due to the unpredictable conditions in the world economy as a result of the pandemic, however, the Group managed to retain all of its existing clientele. At the Company level, turnover reached € 9.25 mn compared to € 8.58 mn in 2019.

To achieve these results, it was the Group’s international activities that contributed to it coming from continuous and steady investments over the past years as well as the ability to successfully deliver large-scale projects.

At the same time, the Group holds a responsible standing and closely monitors the developments in the international and Greek market to ensure deployment of necessary precautionary measures for its personnel and to achieve smooth operations for every stakeholder.

The Earnings Before Interest, Tax, Depreciation, and Amortisation (ΕΒΙΤDΑ) amounted to € 4.22 mn compared to € 4.35 mn in 2019, while the EBITDA Margin remained at the satisfactory levels of 28.04%, as a result of the higher contribution to revenue of own product sales. It is worth noting that the Group’s operational profitability was kept in 2020 which fully covers Investments in R&D which amounts to approximately 20% of the turnover.

Earnings Before Taxes for the Group amounted to € 1.25 mn compared to € 2.44 mn in 2019, mainly because of the drop of dollars and sterling compared to euro leading to negative accounting valuation in assets which meant that net financial results was € -0.60 mn in 2020 compared to € 0.35 mn in 2019 however this was balanced during the first months of 2021. Earnings after Taxes and minority interests reached € 0.91 mn from € 1.77 mn in 2019, while the earnings per share reached € 0.0768 compared to € 0.1525 the year before.

The Group maintains its financial robustness, with a further increase in Cash, Debt to Equity ratio at 18.76% from 21.51% in 2019, and a liquidity ratio of 2.32x as a result of efficient working capital management.

In 2020, Profile Group presented new solutions and functionalities in the systems it develops proactively accommodating market needs including capabilities that enhance remote access and communication that was essential the past year.

In particular, Axia was launched delivering new functionalities for Wealth & Fund Management, Client portal and onboarding, Acumennet was upgraded including ready functionalities for a smooth transition to the post LIBOR discontinuation era, FMS.next was enriched with loan management and microlending functionality while RiskAvert in its latest version provided comprehensive coverage of the growing requirements of the Capital Adequacy and Risk Management Supervisory Framework (Basel III, CRR, CRD) for banking institutions.

In addition, new implementations and project expansions took place both in Greece and abroad. Indicatively those include implementation in the cloud of FMS.next, Acumennet and RiskAvert at Allica Bank (UK), digital transformation at Bankmed (Lebanon) with Acumennet, Axia selection by 7Q Financial Services, 3K Investment Partners, Forte Securities (UK), First Abu Dhabi Bank (SA) and the use of RiskAvert by Attica Bank. Furthermore, the advanced system for recording and transcripting criminal court cases went live, in the country, by the Ministry of Justice. Other projects for the Public sector include the management of Public Property at the Ministry of Finance, the Unified Payroll of the public sector for the Ministry of Interior as well as the GDPR of EOPPY (National Insurance) for the Ministry of Health.

During the second half of 2020, the company established Profile Technologies SA in Thessaloniki, which focuses on the development of new functions mainly related to financial software development, utilising state-of-the-art technologies. It concerns artificial intelligence (AI), machine learning (ML), robotic process automation (RPA) and blockchain, while investments are expected to be made in augmented reality (AR) for investment management and banking. Last year the group also entered into a partnership for mutual representation with the leading trade finance solution provider, Surecomp (https://surecomp.com/).

The Group’s solutions have been once again distinguished and included in leading analysts’ reports such as Gartner, Celent, Forrester, Aite group etc. while being awarded by well-established publications. The group supported online industry events, where applicable, mostly to strengthen its presence and inform its investors.

It is worth noting that in the first quarter of 2021 Profile Group acquired Euronext Centevo, a company that specialises in investment management software in Sweden and Norway. Centevo offers solutions that complement the Group's portfolio, while at the same time creating new opportunities to promote the Group's products in the region. Consequently, this acquisition is expected to provide significant qualitative and quantitative advantages even from the current year.

Given the strong international expansion and significant investments, the Group’s Management anticipates a significant increase in activities to new heights for 2021, with greater geographical reach and new product developments.

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