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Feb 17, 2023 11:14 EEST
February 17 (SeeNews) - Bulgarian managed IT services provider Telelink Business Services (TBS) Group [BUL:TBS] said that its indicative preliminary consolidated net profit declined to 5.5 million euro ($5.85 million) in 2022 from 6.3 million euro a year earlier, dragged down by lower revenue.
The company's revenue decreased by 6% on the year to 79.4 million euro in 2022, TBS Group said in a financial overview published on Thursday.
The figures were in line with the company's guidance released in September, with net profit unchanged while revenue slightly lower than the projected 83.4 million euro. The largest annual revenue increases by product group were recorded in information security, by 340% to 8.4 million euro, and application services, by 211% to 6 million euro. At the same time, the computers and peripherals segment recorded the biggest revenue drop, of 93% to 1.3 million euro.
The final quarter of 2022 was the group's strongest of the year, with net profit surging 61% on the year to 1.6 million euro while revenue jumped 53% to 24.5 million euro, after lacklustre first nine months.
TBS group also said its total investments grew 135% year-on-year in 2022 to 2.17 million, with the largest amount - 1.14 million euro, allocated to new markets development.
In late 2022, Bulgarian private equity firm BlackPeak Capital invested 8 million euro in TBS Group's subsidiary Telelink Infra Services to accelerate its European expansion.
TBS Group's official preliminary consolidated results for 2022 are due on March 1, while the final audited statement will be announced on April 30.
Shares in TBS Group closed flat at 11.30 levs ($6.14/5.77 euro) on Thursday on the Bulgarian Stock Exchange.
($ = 0.9399 euro)
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