
Implementing its business planning, the Epsilon Net group recorded strong growth in all its financial figures in the first quarter of 2022, consolidating its leading position in the field of Business Software.
According to the company announcement, an overall increase of 75.19% in turnover was recorded, an increase of 75.48% in EBITDA and an increase of 80.26% in pre-tax profits.
These high growth rates of financial figures are a result of both its dynamic organic growth (increase + 36%), and the contribution of targeted acquisitions that the group implemented in 2020-2021 and continues in 2022, it is typically reported.
The financial results confirm in the current year the strategic choices of the Group for:
– focus on the digital transformation of the Greek economy
– high rates of organic growth based on the continuous evolution of the product portfolio with all in one solution
– emphasis on growth and through targeted acquisitions, further strengthening of the customer base & penetration in vertical markets.
During the first quarter of 2022, the Group’s Equity increased to 44.71 million euros, while cash and cash equivalents amounted to 22.83 million euros.
Perspectives
The group with strategically designed moves is creating an ecosystem of added value “all in one solution” and creating a total portfolio of products & services, aiming on the one hand to continuously expand the customer base and in addition to increase the final revenue per customer.
The significant increase in the 1st quarter is a strong starting point for the continuation and despite the special & demanding conditions that have been created in the global & Greek economy, it confirms the management’s estimate for an increase of + 50% of annual revenues compared to 2021 and EBITDA margin in annual basis higher than 30%.
The number of active customers of the Group is now over 105,000, while the successful integration of the new subsidiaries and the operational integration of various departments, contributes significantly to the achievement of economies of scale and the improvement of the operating margin.
Significant impact on the results of the group are expected from:
1) the continuation of the implementation of the targeted acquisitions program. It should be noted that the Group presents particularly significant liquidity and negative net debt despite the continuous investments, acquisitions and the recent acquisition of privately owned facilities at the Group’s headquarters.
2) the increase of annual revenue per customer, due to the new products & services presented
3) leverage the programs of the Recovery Fund for the private sector, such as the action “Digital Business Transformation” and more specifically the program “Digital SME Tools” which is expected to start in June, with a subsidy rate of 70% and total budget support of € 180,000 .000.
The management of the Group, being the leading Business Software company in Greece, consistently continues the execution of the business plan for 2022 and expects the further development of the customer base, the financial results & the high liquidity to accelerate the dynamics of the Group and to constitute the driving forces for the start of a new development cycle in Greece and abroad.


Latest News

Public Services in Greece to Go Under Review with New Rating Tool
Public services will receive their evaluation scores and feedback directly, fostering a system of accountability and continuous improvement.

Istanbul Earthquake – Greek Prof. Concerned Major Quake Yet to Strike
Responding to concerns over whether a potential major quake in Istanbul could affect Greece, Papazachos was reassuring: “The fault extends as far as Lemnos and the Northern Sporades, but it doesn’t rupture all at once. An earthquake in Istanbul doesn’t have the capacity to directly affect Greek territory.”

Greece 4th Most Popular Summer Destination for Europeans
Southern Europe remains the top choice for Europeans at 41%, though down 8% from last year, likely due to rising temperatures and climate concerns.

Easter Sales Performance and the Source of €4–5 Million in Losses
Easter retail sales were relatively weak this year, with the only "real winners" being the livestock farmers who had lambs to sell.

Hotel Foreclosures Continue to Plague Greece’s Islands
A surge in hotel foreclosures across Greece’s islands threatens small tourism businesses, despite booming visitor numbers and record-breaking travel in 2024.

Athens Launches Task Force to Safeguard Historic City Center
The new municipal unit will ensure compliance to zoning laws, curb noise, and address tourist rental issues starting from the Plaka district.

WTTC: Travel & Tourism to Create 4.5M New Jobs in EU by 2035
This year, international visitor spending is set to reach 573 billion euros, up by more than 11% year-on-year

IMF: US Tariffs Shake Global Economy, Outlook Downbeat
IMF slashes global growth forecast to 2.8% as U.S. tariffs create uncertainty and ‘negative supply shock

First Step Towards New Audiovisual Industry Hub in Drama
The project is set to contribute to the further development of Greece’s film industry and establish Drama as an audiovisual hub in the region

Airbnb Greece – Initial CoS Ruling Deems Tax Circular Unlawful
The case reached the Council of State following annulment applications filed by the Panhellenic Federation of Property Owners (POMIDA)