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Performance Technologies: Increased profits and revenue in the nine months

Performance Technologies SA (Bloomberg: PERF.GA) announces key financial data on a consolidated basis for the nine months to 30.9.2021.

In particular, as announced by the listed company:
Revenues amounted to € 25.69 million, marking an increase of 30.24% compared to the corresponding period of 2020

EBITDA amounted to € 2.78 million, recording an increase of 44.3% compared to the first nine months of 2020.

Net debt amounted to € 2.97 million on 30.9.21, compared to € 1.038 million on 30.9.20

Leverage ratio (Net Lending / EBITDA) 1.1.

Recognizing the challenges since the start of the pandemic, the Company has managed not only to adapt, but also to accelerate its operation. So far, it has achieved high revenues and record profitability for the first half of 2021, while at the same time it has significantly increased its investments, laying the foundations for a continuous increase in revenue and profitability in the coming years.

(in thousand €)

9M 2021

9M 2020

Δ

Income

25.694

19.728

30,24%

Gross profit

6.819

5.198

29,90%

EBITDA

2.778

1.925

44,29%

ΕΒΙΤ

2.441

1.573

55,21%

Profit before tax

2.257

1.399

61,37%

The Company maintains sufficient liquidity to meet its business needs, which is facilitated by strong operating profitability. Short-term lending is done mainly through bank factoring. The capital structure is expected to be significantly strengthened with the forthcoming raising of funds through private placement decided by the recent General Assembly.

On 30.9.2021 the cash and cash equivalents of the Group amounted to € 1,473M with a total long-term borrowing of the group of € 0.8M (compared to € 1M a year ago). The total short-term borrowing was € 3.55M (compared to 2.06M a year ago) and the net borrowing was € 2.97M compared to € 1.04M on 30.9.2020.

The Company foresees a particularly favorable environment ahead as the growth rate of the active market is expected to be much higher than that of the Greek economy. Piles of factors both international (digital transformation, Cloud, Artificial Intelligence, etc.) and local (state aid, inflow of investment funds, significant investments for the digitization of the Greek economy, while there was a backlog of investments in previous years, etc.) , are expected to accelerate the rate of profitability growth.

Consequently, since the beginning of the year, the Company has intensified its R&D activity and related expenses in order to make the most of the opportunities that arise. In this context, new innovative solutions-services are created, aiming at the further expansion of the customer base, the geographical expansion utilizing the SaaS / cloud model and the expansion in new technological and sectoral areas.

The Company significantly and rapidly strengthens its human resources. In 2021, it attracted more than 30 new partners, increasing its potential by about 30%. Also, in addition to the purely organic growth that we expect to intensify so far, we are also considering acquisitions that can provide complementarity to the products and services we offer as well as faster time-to-market.

The financing of the investments is made from the own funds of the Company and is expected to be facilitated after the forthcoming raising of funds.

At the same time, the Management has started to work out a plan and schedule for its transfer to the main market of the Athens Stock Exchange.

Many countries – including Greece – are struggling to cope with the continuing effects of the Covid-19 pandemic, high energy costs and inflationary pressures threatening to slow economic activity. Despite these threats, we believe we are in an excellent position to achieve significant growth in the coming years. As a leading provider of IT solutions and services, Performance Technologies helps organizations move to the Cloud, monitor, manage, secure key applications, data and infrastructure, analyze smart business data design etc. The demand for our solutions and services remains strong as the economic activity is increasingly based on digital technology and companies try to offer the best possible experience to their customer. We expect additional impetus to our development from our participation in IT projects and services funded by an ambitious investment program of the Greek Government, which aims at the digital transformation and modernization of public sector services.

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Source From: Capital

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