Profile Group has presented today, in the context of the annual briefing for analysts and institutional investors, the financial results for the fiscal year 2022, the estimates for the first quarter of 2023, the upcoming investment plans as well as the picture of its international activities, which represent about 70% of total sales.
In particular, the upward trajectory of the Group’s financial figures was presented, as a result of the globalisation, the systematic investment in software development but also its wider reorganisation, by strengthening the human resources at all levels, within and outside the country’s borders. This trend is also reinforced by the rapid rise of the Financial sector with double-digit growth rates, where opportunities for the implementation of modern solutions are created, as well as from the wider Public sector in the context of digital transformation, where the assignments to date exceed € 100 million, having announced approximately half of the IT and digitisation project budget.
Key financial figures for 2022
At a consolidated level from continuing operations (excluding the business unit of Ticketing, which was divested in 2022), the turnover of the Profile Group marked an increase of 30% and amounted to € 25,0 million compared to the corresponding period of 2021. Special reference was made to the Group’s extroversion with new project implementations in Europe, the Middle East, Asia and America, as the Group now has a presence in 48 countries.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) amounted to € 6.20 million compared to € 5.15 million in 2021, while the EBITDA margin remained at the satisfactory level of 26%, which is due to the increased contribution of own developed proprietary products, which represent 95% of the turnover. Profits After Tax increased by 60%, to € 3.27 million from € 2.04 million.
The strong profitability enables significant investment in Research and Development (R&D), in order to keep products at the cutting edge of technology and meet the ever-evolving clients’ needs.
On a product level, the Group presented Finuevo Suite, the next-generation banking in-a-box platform, consisting of Finuevo Core and Finuevo Digital. Finuevo Core is the evolution of the leading FMS.next banking system, which combines innovative and flexible functionalities for Accounts, Loans, Cards, Payments, etc., based on new technologies, while Finuevo Digital provides mobile-first advanced Digital Banking applications for the end user, being the evolution in digital banking.
In addition, the innovative solution Acumen.plus Loan Portfolio Management was presented to large enterprises and shipping companies, etc., providing full support in the field of loan portfolio management, Treasury Management, and risk management with advanced functionalities.
Also, there was a significant upgrade of the award-winning investment management platform, Axia Suite, for Mutual Fund and Asset Management Companies, offering front-to-back office operations, which fully meet the needs of investment companies, that manage their own mutual funds.
“RiskAvert”, the risk management platform for the calculation of capital requirements, was upgraded with the addition of new functions, to cover the supervisory requirements for Non-Performing Exposures (NPE Backstopping), as well as for Interest Rate Risk in the Banking Book (IRRBB).
The Group maintains its financial strength, with a debt/equity ratio of 24% and a general liquidity ratio of 1.9x, as a result of the effective management of working capital. With these data, the management intends to propose to the General Assembly of shareholders, the distribution of a dividend of 975 thousand, which corresponds to € 0.04 per share (gross amount).
Group Outlook for 2023
As pointed out during the presentation, the Group’s turnover for the first quarter of the current year showed an increase of 15% compared to the previous year and it is estimated that it will increase further by the end of the year.
The continuous and successful investments of the Group in new products for the financial sector, make the management optimistic for the current year.
At the same time, the government’s investments in the modernisation of the systems and the active participation of the Group, based on years of experience and expertise, create the corresponding positive expectations in the further assignment of projects of relative interest, therefore, the relative backlog of projects evolves incrementally over the course of time.
The third pole of growth shall come from acquisitions, where the Group plans to invest a significant part of its reserves, creating multiplier profits for its shareholders.
Profile Group’s growth and profitability rates are amongst the industry’s leading ones and are expected to remain at high levels for the sixth consecutive year, creating prospects for doubling the figures over the next three years.
About Profile Software
Founded in 1990, Profile Software (www.profilesw.com) is a specialised software solutions provider with offices in key financial centres and a presence in 48 countries across Europe, the Middle East, Asia, America and Africa, delivering market-proven solutions to the Investment Management and Banking industries. Profile Software is recognised as an established and trusted partner by international industry specific advisory firms. Profile Software’s solutions enable organisations to align their business and IT strategies, whilst providing the necessary business agility to proactively respond to the ever-changing market conditions.
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