Epsilon Net: 75.19% increase in sales and 80.26% in profits in the first quarter

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.