Bulgaria's Bianor turns to 2023 cons net loss on higher expenses

Bianor's total revenue soared by an annual 82% to some 10.2 million levs last year, the group said in a financial statement. Of that, sales of services generated some 8.95 million levs, up 92% year-on-year.

In the fourth quarter alone, the company's revenue from clients surged to 3.5 million levs from 1.4 million levs in the same period a year earlier, Bianor said in a separate statement.

Last year, the group acquired software developers Itido Technologies and Databreathe, along with IT infrastructure provider GoToAdmins Group and software company Bulbera.

"The expansion of the group leads to the expected significant growth of revenue and an opportunity to work on larger and strategic projects for our clients. We are actively working both on new deals for the subsequent expansion of the group and on optimising the operations of the companies, including building a more efficient joint sales department, along with consolidation and optimisation of some duplicate administrative and office costs," Bianor CEO Kosta Yordanov said.

The company's operating expenses widened to 10.2 million levs in the review period from 5.3 million levs in 2022 on the back of higher costs for remuneration and hired services.

Earlier this month, Bulgaria’s Financial Supervision Commission approved a prospectus by Bianor for a capital increase through the issuance of up to 5.48 million new shares. The funds raised will be used to expand the group's portfolio of companies providing software services.

As of 1355 CET on Thursday, shares in Bianor Holding traded 0.49% lower at 4.08 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)