Romania's IT co Connections Consult H1 cons net profit drops 29% y/y

In the first six months of 2022, the company's revenues registered an annual increase of 21%, to 25.2 million lei, it said in a report filed with the Bucharest Stock Exchange on Monday.

In the first half of 2022, Connections Consult made progress in areas such as the financial services sector, which generated revenues of over 3 million lei, and the energy sector, which generated revenues of over 2.5 million lei.

In April, the company established wholly-owned US subsidiary in Fairfax, Virginia, in a move to tap the local technology talent market and ecosystem.

Connections Consult was established in 2005 and is focused on facilitating the digital transformation of companies in fields such as banking, telecom, or retail. The company has over 300 employees in Romania, Bulgaria, Serbia, Germany, and Saudi Arabia.

In 2021, Connections Consult registered a profit of 2.9 million lei, according to its financial report.

Its shares traded 8.15% lower at 3.38 lei by 1011 CET on Tuesday, on the AeRO market of the Bucharest Stock Exchange

(1 euro=4.9427 lei)