SingularLogic: Further Improves its Operating Profitability in 2015
Athens, May 10, 2016: Despite the sustained downturn in economic activity during 2015, the SingularLogic Group has succeeded in improving its operating profitability (EBITDA) by 36%, as demonstrated by the Group’s annual financial results.
Our Consolidated Turnover amounted to €49.4 million euros versus 50 million euros in 2014, posting a 1% decrease
Our Consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) amounted to 6.0 million euros compared to 4.4 million euros in 2014, posting a 36% increase
Consolidated Earnings before Taxes (ΕΒΤ) were 2.3 million euros compared to losses of 5.4 million euros in 2014.
Political and economic volatility as well as the measures to reduce capital movement in the second half of 2015 led to fewer investment plans in IT projects and software applications in the private and public sector, with the greatest losses being registered in the SME segment. Nevertheless, the Group’s results in 2015 were stable, driven by the restructuring and rationalisation initiatives implemented in 2015 as well as the Group’s gradual penetration in foreign markets. Despite a small drop in sales, there was an increase in operating profitability (EBITDA) whereas the EBITDA margin posted 12% growth versus 9% in 2014, as a result of an optimised cost base and a better revenue mix achieved through proprietary solutions.
Furthermore, on the 23rd of July 2015, following the refinancing of the entirety of the syndicated bond loans issued by Eurobank, Piraeus and Alpha Bank to SingularLogic, the Company’s liquidity has been fully restored.
During 2015, SingularLogic has expanded its customer base in the SME segment by 700 new customers and 2,600 new software applications. On the other hand, in the major IT projects for the Private and Public Sector segment, we have undertaken and implemented major projects for NN Hellas, NBG, CREDIT M, CYTA, the HYGEIA GROUP, OPAP SA, LUKOIL SA, YDROGEIOS INSURANCE SA, CORAL SA, EKO KALYPSO, MARKS & SPENCER, GREEN FOOD, FORTHNET, STARBUCKS, KEELPNO, ΜΤPΥ (Civil Servants Fund), ΕΟΤ, EYATH SA, etc.
Commenting on the 2015 results, Mr. Stavros Krasadakis, SingularLogic Managing Director, said: “Despite the continued decline of the Greek economy, our focus on optimising the cost base of our product and service offerings has led to an improvement of our operating profitability. Taking into account the fact that 2016 is expected to be an equally challenging year for our business, we will continue expanding abroad, mainly in the Balkans region, including Iran and Turkey, by offering vertical solutions to markets where the Company possesses a competitive advantage and can put its know-how into full use, while also strengthening our presence in the vertical markets of the major private sector. As regards the SME segment, we plan on enhancing the services provided via the myGalaxy platform. This platform will allow all the owners of the Company’s legacy applications to enjoy next-generation software solutions without having to replace their existing applications.”