Romania's 2Performant net loss narrows y/y in Q1

The company's turnover increased by an annual 22% to 12.75 million lei in the three months through March, it said in a financial report filed with the Bucharest Stock Exchange on Monday.

The increase in turnover was driven by a 75% year-on-year jump in the revenue generated from tangible and intangible fixed asset production, which reached 2.2 million lei, as a result of initiatives undertaken by the 2Performant's product development and business intelligence division.

The company's adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) swung to a positive result of 603,337 lei in the review period, from negative 297,961 lei a year earlier.

In 2023, 2Performant's net profit surged to 869,432 lei, from 258,454 lei in 2022.

Established in 2010, 2Performant connects online marketing specialists with online stores and brands based on a cost-per-sale model. The company has been listed on the AeRO market of the Bucharest Stock Exchange since December 2020.

2Performant's shares traded 0.39% higher at 2.6 lei as at 1127 CET on Tuesday on the Bucharest bourse.

(1 euro=4.9746 lei)