September 5 (SeeNews) - Romanian software company Softbinator Technologies [BVB:CODE] said it it targets a 25% rise in 2022 net profit to 6.2 million lei ($1.28 million/1.28 million euro).
The company also targets a 23% rise in operational revenues to a total 32.2 million lei, it said in a press release on Friday.
Shareholders' optimistic expectations are due to an accelerated progress in the first semester of 2022, boosted by the acquisition of marketing agency Digital Tailors and IT company [e-spres-oh] in the second quarter of the year.
On an individual level, Softbinator's net profit was up by 35% on the year to 1.9 million lei at end-June 2022, while its net turnover rose by 19% year-on-year to 8 million lei.
Consolidated revenues of the company totaled 16.8 million lei at the end of June. The consolidated financial results include the performance of Softbinator Technologies, Wise-Up, Ixperi, [e-spres-oh], and Digital Tailors.
The acquisition of the two smaller businesses that broadened the group's service offerings and the establishment of an office in Sillicon Valley are both responsible for its growth in the first half of 2022. By the end of the year, the company aims to broaden its presence on the US market, where 70% of new customers will come from.
The company also intends to raise an additional 12 million lei through a share capital increase and corporate bonds, according to CEO and founder Daniel Ilinca.
"The results achieved by our group companies confirm that our M&A strategy is viable. We believe that 2022 and 2023 will continue to be good years for M&A, as smaller but well-specialized companies will
be keen to join our group." Daniel Ilinca added.
Softbinator Technologies's shares traded 4.95% lower at 6.92 lei on the Bucharest Stock Exchange by 0955 CET on Monday.
(1 euro=4.8344 lei)