Romania's Softbinator swings to loss in 2023

The group's revenue inched down by an annual 1% to 32.2 million lei last year, Softbinator said in an annual financial report filed with the Bucharest Stock Exchange on Tuesday.

The group swung to loss as a result of reduced appetite for software development on a global scale, Softbinator explained, pointing at last year's layoffs in the IT industry across the U.S. and Europe.

Softbinator's consolidated earnings before interest, taxes, depreciation, and amortisation swung to negative 1 million lei in 2023, from positive 5.8 million lei a year prior.

Total assets stood at 20.8 million lei at the end of 2023, down 26% on the year, while total liabilities decreased by 31% to 10 million lei.

In 2024, the Softbinator group aims to return to profitability by capitalising on the investments it had made in the American market in the last two years, projecting a net profit of 663,388 lei for the current year.

The group comprises Softbinator Technologies, a 25% stake in high-tech recruiting company Techmind, product design firm Ixperi, content and product marketing firm Digital Tailors, and software development and consultancy firm [e-spres-oh].

Softbinator Technologies was founded in 2011. It debuted on the Bucharest Stock Exchange in 2021.

Softbinator Technologies' shares traded 0.46% lower at 2.16 lei as at 1008 CET on Wednesday.

(1 euro=4.9762 lei)