Profile Software, the international financial software provider, announced today the Group’s financial results for the Fiscal Year 2021, which demonstrate a remarkable increase in sales and more than double the figures in profitability. During the past 5 years, Profile has delivered twice its turnover as a result of significant investments, acquisitions and client implementations, a consequence of its agreed business plan.
At a consolidated level, the Group’s turnover amounted to € 20.1 mn compared to € 15.0 mn in 2020, increased by 34% as a result of new projects assignment, existing customers’ loyalty and preference in the solutions offered by the company, as well as the successful acquisition of Centevo, a leading software company of Asset/Fund Management systems in the Nordics, which products have successfully been integrated into the Group’s product portfolio making them available to all markets.
The Earnings Before Interest, Tax, Depreciation and Amortization (ΕΒΙΤDΑ) increased by 28% compared to the respective period last year, amounting to € 5.5 mn compared to € 4.3 million in 2020, while the EBITDA margin was maintained at the satisfactory levels of 27.3%. Earnings after tax and minority rights increased by 131% reaching € 2.2 mn from € 953 thousand in 2020.
It is noted that the revised EBITDA of the group, excluding extraordinary and non-recurring events (such as the accounting entry of the stock options plan for the group executives), amounted to € 5.7 mn in 2021 compared to € 4.9 mn in the respective period of 2020. The revised profit after taxes amounted to € 2.9 mn from € 1.8 mn, without the charge of depreciation arising from the book value of the intangible assets of Login and Centevo on the day of their acquisition.
At a Parent level, turnover amounted to € 9.17 mn while Profit before Tax amounted to € 1.1 mn.
The Group maintains its financial strength, with the debt / equity ratio at 27.8% and the general liquidity ratio at 2,0x as a result of effective working capital management.
At an operational level, in 2021, the Profile Group demonstrated dynamic growth contributing to the activities that positively affected results whilst the launch of new solutions for the banking sector produced new deals amounting to € 13 mn from 23 organisations across 11 countries whilst new distinctions were awarded by industry analysts such as Gartner, Celent, Forrester, etc.
More specifically, 2021 the Scandinavian company Centevo was acquired providing Profile Group with access to new geographies and know-how. In addition, Finuevo is the mobile-first digital banking in-a-box solution that was introduced, Acumen.plus, the new fully automated treasury management platform was also launched and Axia Custody was significantly upgraded. At the same time, the Risk management solution RiskAvert was selected by Epirus Bank to better comply with the European Regulatory Framework for capital adequacy, whilst Optima Bank went live with the complete “omni-channel” Digital Banking solution fully supported by Profile. In Public Sector related projects, it is worth mentioning, that the Group successfully completed the e-board for the Hellenic Ministry of Digital Governance and the Hellenic Ministry of Justice.
At the same time, Profile Technologies is expanding by investing in personnel and infrastructure, launching new solutions and applications such as “Finuevo suite, core and digital”, the end-to-end banking platform that offers highly innovative functionalities for bank users and their customers.
The strong and sound financial position of the Group supports the uninterrupted efficacy of the investment plan aiming to further develop its operations in international markets as well as the successful penetration in Hellenic public sector projects making this a competitive advantage to international instability if needed. The Group’s Management closely monitors the sector developments and estimates that provided no further discrepancies occur in the geopolitical arena there is going to be a satisfactory growth rate comparable to that of last year.