Profile Group has reported a significant increase in revenue and after-tax profitability during the first half of 2022, by 33% and 55% respectively. Despite the general geopolitical economic environment, the Group has continued its rapid growth, at home and abroad, presenting new solutions and significant upgrades of the existing ones, leading to the undertaking of new projects, customer loyalty, as well as the undertaking of specialised projects in the Greek State.

At a consolidated level from continuing operations (excluding the business unit of Ticketing, which was divested on 14/6/2022), the turnover of the Profile Group has marked an increase of 33% and amounted to € 10.2 million compared to € 7.7 million in the corresponding period of 2021. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) amounted to € 2.6 million compared to € 2.2 million in the first half of 2021, increased by 18%, Profit before Taxes increased by 38% to €1.5million from €1.1million., while Profits after Tax increased by 55% to € 1.04 million from € 0.67 million. Adding the profits from the sale of the Ticketing business unit, Profits after Tax and minority interests increased in the first half of 2022 by 184% to € 2.1 million from € 0.8 million in the first half of 2021.

It is noted that the adjusted EBITDA of the Profile Group, without the impact of extraordinary and non-recurring events, such as the accounting of the stock options in the executives of the Group, amounted to € 2.7 million in the first half of 2022 from € 2.4 million in the corresponding period of 2021. In the same context, the adjusted Profits after Tax (excluding depreciation of the valuation of the acquired companies’ intangible assets and the profits resulting from the sale of a business unit) amounted to € 1.4 million from € 1.0 million, increased by 37%.

The Group’s liquidity continues to be at satisfactory levels, with total cash at the end of the first half of the year at € 16.9 million and net cash at € 10.0 million. Taking into account the value of the own shares, held by the company, cash amounted to € 10.9 million. In addition, the Profile Group maintains its financial strength, with a debt/equity ratio of 27% and a general liquidity ratio of 1,9x, as a result of the effective management of working capital, maintaining the guarantees for seamless financing of the Group’s investment plan, against the challenges of the volatile economic environment.

On an operational level, in the first half of 2022, the Profile Group has presented a dynamic course by closing new agreements and significant expansions with 24 organisations in 12 countries, while at the same time, it received new international awards for the solutions Investment Management (Axia), Digital Banking (Finuevo) and Treasury (Acumen) from World Economic Magazine, International Business Magazine, Chartis, Innovatech Awards and Finance Derivative.

On a product level, the Group has 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 new innovative solution “Acumen.plus Loan Portfolio Management” for large companies, shipping companies, etc. has been presented, providing full support in the field of loan portfolio management, Treasury Management and risk management, offering advanced functionalities.

The risk management system for the calculation of capital requirements “RiskAvert” has been 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).

With respect to the activity in the Public Sector, various projects are being implemented, such as the Ministry of Justice, the Army Pension Fund, and others, while a number of projects have been contracted, such as the portal of the Economic Chamber of Greece, the portal of the new Social Security Fund TEKA for the Ministry of Labour, the Integrated Portal for AADE (Independent Public Revenue Authority), the Integrated Information System of the Renewable Energy Sources for the Ministry of Energy and the Digitisation of the Land Registry. New projects are expected, which consolidate the Profile Group as an important technological partner of the Public Sector.

The strong and healthy financial position of the Group allows for the seamless implementation of its business plans and gives a comparative advantage over the uncertainty of the international economic environment. The Management of the Profile Group estimates that as long as the general geopolitical conditions are not further burdened, a satisfactory growth rate, comparable to that of last year, will be achieved for the entire year.