EPSILON NET SA held on Tuesday, March 29, through a video conference, the “Annual Information of Analysts” in which the Financial Results of the Group for the year 2021 were presented to analysts, institutional investors and the investing public.
In particular, according to the company’s management, 2021 was a pivotal year with the result that the Group greatly achieves its strategic goals as well as a significant increase in its size and profitability, coming from both organic growth and the contribution of acquisitions.
Important milestones for 2021 were the joint implementation with SPACE HELLAS of the acquisition of SINGULARLOGIC, the creation of EPSILON SINGULARLOGIC and the completion of the acquisitions of Technolife, iQom and PCS. The Group now has over 100,000 customers providing innovative applications, technological solutions and specialized services covering the entire range of Greek companies.
In addition, continuing the policy of acquisitions, the Group in January 2022, successfully completed the acquisition of CSA AE leader in the field of software for pharmacies and drugstores. CSA will be the Group’s business arm in this market.
The Group, in 2021 presented an increase in Turnover by 133%, with sales amounting to € 50.51 million compared to € 21.70 million in the corresponding period last year. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € 15.09 million compared to € 5.23 million for the previous year, recording an increase of 188%. Finally, Profits after taxes increased by 222% to € 10.78 million compared to € 3.35 million in 2020.
Note that organic growth for this period was over 50%
The Cash of the Group in 2021 amounted to € 23.35 million, the long-term borrowing to € 8.91 million, the short-term borrowing to € 6.80 million and the positive net cash to € 5.48 million.
The Group’s Equity in 2021 amounted to € 41.45 million.
Prospects for 2022
For 2022, the management estimates that the Group will play a leading role in the digital transformation of the private sector of the Greek economy, will further expand the wide acceptance of all its products and services and will continue to increase its Turnover and through its organic development, but also new acquisitions.
For the year 2022, the Group’s management, based on the sales trend in the first quarter, confirms its estimate that the consolidated sales will exceed € 75 million while the EBITDA margin will move at levels above 30% on the range of services.
At the operational level, the main objectives of the Group for 2022 include:
1. the continuation of the excellent course of the “Epsilon SMART” Web application series for electronic invoicing and the adaptation of micro-enterprises & freelancers to myDATA
2. the utilization of the enhanced know-how of the Group in the business software for medium & large enterprises (ERP, CRM, WMS, MOBILE, MIS, in combination with the solutions of certified Provider of electronic invoicing and myDATA) as well as the specialized applications for vertical markets (Retail , Gas Stations, Hotel Software, Pharmacies & Drugstores)
3. further strengthening its existing leadership position in payroll and HRMS systems
4. support through its subsidiary PCS, FINTECH solutions in the areas of systems for investment firms, investment management and insurance companies
5. the execution of a new targeted program of strategic partnerships and acquisitions, with emphasis on the development of the Group’s solutions in new vertical markets
6. the combined utilization of the aid & financial tools for the digital transformation of the enterprises, first of the Development Fund and then of the Development Law and the NSRF 2021-2027, which are estimated to contribute to the acceleration of the implementation of the investments in new information systems.
The management of the Group for 2022, aims at the full utilization of business opportunities created by the challenge of the digital transformation of the Greek economy, to increase market shares, to develop new products and to provide innovative services to customers and partners, with aimed at consolidating the Group’s leading position in the Business Software sector in Greece.
Source: Capital

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