February 23 (SeeNews) - Romanian software company Softbinator Technologies [BSE:CODE], the parent company of the group of the same name, said that the group’s preliminary consolidated net profit soared by an annual 76% to 5.8 million lei ($1.25 million/1.18 million euro) in 2022.
Softbinator group booked 38.6 million lei in consolidated operating revenue in 2022, more than double the year-earlier figure, Softbinator Technologies said in a preliminary financial report filed with the Bucharest Stocke Exchange, BVB, on Wednesday.
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The group’s improved performance came on the back of higher revenue at all of the individual companies and a significant uptick in the parent’s software development activities, which saw a 40% annual rise in net turnover, attracting nine new clients in 2022, while also benefitting from adjusted rates for existing contracts and selling new services at higher fees.
“We naturally transitioned from an IT company to a group of entities that complement and expand our range of services and solutions. It was a year in which we experienced intense activity at the level of individual companies, recording revenue increases for all the entities from the group,” Daniel Ilinca, CEO of Softbinator Technologies, said.
The group’s operating expenses grew faster than revenues in 2022, soaring by 121% year-on-year to 31.9 million lei.
Softbinator group’s total assets increased by 83% to 27 million lei, while its total liabilities expanded to 11 million lei in 2022, from 3.3 million lei in the previous year.
All five companies in the group ended 2022 with a positive net result. The parent company, Softbinator Technologies, contributed 56.9% of the group’s net profit, or 3.3 million lei, up 24% on the year.
In terms of operating revenues, Softbinator Technologies cut a 55.7% share in the group’s result, taking in 21.5 million lei in 2022, up by 29% year-on-year. Operating expenses were also mostly attributable to the group’s parent, which saw a 47% annual rise and totalled 18.6 million lei, or 58.3% of the group’s consolidated amount.
The group opened its U.S. office in the first half of last year and plans to intensify its activities in this market as it had already delivered 51% of its clients in 2022.
Softbinator group also plans to continue its vertical mergers and acquisitions (M&A) strategy in 2023 by adding smaller but well-specialised companies to the group.
The group brings together Softbinator Technologies, high-tech recruiting company Techmind, product design company Ixperi, content and product marketing agency Digital Tailors and software development and consultancy company [e-spres-oh]. The parent, Softbinator Technologies, was founded in 2011 and in 2021, it was publicly listed on the BVB, data from its website shows.
Softbinator Technologies shares traded flat at 7.9 lei as at 1033 CET on Thursday on the Bucharest bourse.
(1 euro=4.9248 lei)