Profile Software: Profits more than doubled in 2021

Profile Software, an international software development company, recorded a 34% increase in sales and a doubling of profitability.

More specifically, at a consolidated level, the group’s turnover amounted to 20.12 million euros compared to 15.04 million euros in the corresponding period of 2020, due to the undertaking of new projects, the constant preference of existing customers for the solutions developed by the company, as well as the successful acquisition of Centevo, a leading Asset / Fund Management software company in Scandinavia, whose products have already been integrated into the group’s product portfolio and are available internationally.

Earnings before Depreciation, Interest and Taxes (EBITDA) increased by 30% compared to the previous period, amounting to 5.5 million euros compared to 4.2 million euros in 2020 with the EBITDA margin reaching satisfactory levels of 27 , 3%. Profit after tax increased by 143% to 2.2 million euros from 906 thousand euros in 2020.

It is noted that the restructured EBITDA of the group without the impact of extraordinary and non-recurring events (such as the accounting of stock options to the group executives), amounted to 5.7 million euros in 2021 from 4.6 million in the corresponding period of 2020 and the restructured profits after taxes of the Group amount to 2.9 million euros from 1.6 thousand euros without the burden of depreciation arising from the book value of the intangible assets of Login and Centevo on the day of their acquisition.

The liquidity of the group remains at satisfactory levels with the total cash and cash equivalents at 15.6 million euros and the net cash at 8.8 million euros.

At the operational level, in 2021 the Profile group presented a dynamic course with actions that contributed positively to the achievement of results such as the acquisition of the Scandinavian company Centevo with more than 65 customers, the introduction of new solutions for the banking sector that offer highly competitive advantages to organizations who use them as well as new agreements amounting to € 13 million involving, among others, 23 organizations in 11 countries. At the same time, Profile Technologies grows by utilizing investments in staff and infrastructure, presenting new solutions and applications such as finuevo, and the mobile first digital banking in a box platform.

The management of the group, given the flexibility it has as well as the projects that are pending, is optimistic in achieving equally impressive results for 2022, taking into account the general situation of the economy.