Profile Group has reported its financial results for 2023, which show strong growth both domestically and internationally for a sixth consecutive year, with a significant increase in sales and profitability of 20%.

During the year, new agreements were closed with 45 organisations, in 12 different countries, which generated new sales from software licenses, subscriptions, services and projects, while the backlog and recurring revenues for the next three years stand at € 120 million.

ΚΕΥ FIGURES

At a consolidated level, from continuing operations, the revenues of the Profile Group marked an increase of 20% and amounted to € 30.1 million compared to € 25,0 million in the corresponding period of 2022. Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) amounted to € 7.33 million compared to € 6.20 million in 2022, Profit before Taxes increased by 34% to € 5.13 million from € 3.83 million, while Profits after Tax increased by 18% to € 3.85 million from € 3.27 million.

Some interesting facts about the Profile Group's adjusted EBITDA are that it rose by 24% from €6.74 million in 2022 to €8.48 million in 2023 (without taking into account one-time or unusual events like the accounting of stock options, the impairment of goodwill, and provisions according to IFRS-9).

Accordingly, the adjusted Profits after Tax (excluding the aforementioned extraordinary and non-recurring items, as well as the amortisation of intangible assets of the acquired companies) amounted to € 5.45 million from € 4.47 million, increased by 21%. The Group's liquidity remained at satisfactory levels, with total cash at the end of the year 2023 at € 12.2 million.

In addition, Profile Group maintained its financial strength, with a debt/equity ratio of 19% and a general liquidity ratio of 1.6x, as a result of the effective management of working capital, ensuring seamless financing of the Group’s investment plan, in spite of the challenges of the volatile economic environment.

During the past year, the Group launched numerous new solutions and updates of existing ones, which have led to the assignment of new projects by large financial organisations abroad, the committed engagement of existing clients, as well as to the undertaking of large-scale projects for the Public sector, where there are very important growth prospects of the Group’s key figures in the coming years.

Considering the aforementioned, the Management of the Profile Group estimates that as long as the general geopolitical and macroeconomic conditions are not deteriorating, and its growth is expected to further accelerate significantly in 2024, aiming to double the key figures within the next three years.