back Back

Profile Group witnesses significant growth in 2022 for 5th consecutive year

By Leandra Monteiro

April 12, 2023

  • Digital Lending
  • Digital Transformation
  • EBITDA
Share

Profile Group, Profile Profile Group reported a significant increase in revenue with a spectacular increase in after-tax profitability in 2022. Despite the general geopolitical conditions, the Group continued its strong growth, domestically and internationally, presenting new solutions and significant updates of the existing ones, which lead to the undertaking of new projects, the constant preference of clients as well as the undertaking of specialised projects for the Public sector, where there are very important growth prospects of the Group’s key figures in the coming years.

At a consolidated level from continuing operations (excluding the business unit of Ticketing, which was divested in 2022), the turnover of the Profile Group marked an increase of 30% and amounted to € 25.0 million compared to € 19,3 million in the corresponding period of 2021. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) amounted to € 6.20 million compared to € 5.15 million in 2021, Profit before Taxes increased by 49% to € 3.83 million from € 2.57 million., while Profits after Tax increased by 60% to € 3.27 million from € 2.04 million.

It is noted that the adjusted EBITDA of the Profile Group, without the impact of extraordinary and non-recurring items, such as the accounting of the stock options in the executives of the Group, amounted to € 6.76 million in 2022 from € 5.38 million in the corresponding period of 2021. The adjusted Profits after Tax (including the profits resulting from the sale of Ticketing business unit and excluding the extraordinary and non-recurring items and the depreciation of the valuation of the acquired companies’ intangible assets) amounted to € 5.22 million from € 2.93 million, increased by 78%.

The Group’s liquidity remained at satisfactory levels, with total cash at the end of the year 2022 at € 14.2 million. In addition, the Profile Group maintained its financial strength, with a debt/equity ratio of 24% and a general liquidity ratio of 1,9x, as a result of the effective management of working capital, strengthening the guarantees for seamless financing of the Group’s investment plan, against the challenges of the volatile economic environment.

On an operational level, in 2022, the Profile Group presented a dynamic course by closing new agreements and making significant expansions with 34 organisations in 12 countries, while at the same time, it received new international awards for the solutions Investment Management (Axia), Digital Banking (Finuevo) and Treasury (Acumen) from World Economic Magazine, International Business Magazine, Chartis, Innovatech Awards, Finance Derivative and IBS Intelligence.

On a product level, the Group presented “Finuevo Suite”, the next-generation banking in-a-box platform, consisting of “Finuevo Core” and “Finuevo Digital”. “Finuevo Core” is the evolution of the leading FMS.next banking system, which combines innovative and flexible functionalities for Accounts, Loans, Cards, Payments, etc., based on new technologies, while “Finuevo Digital” provides mobile-first advanced Digital Banking applications for the end user, being the evolution in digital banking.

In addition, the new innovative solution “Acumen.plus Loan Portfolio Management” for large companies, shipping companies, etc. was presented, providing full support in the field of loan portfolio management, Treasury Management and risk management with advanced functionalities.

Also, there was a significant upgrade of the investment management platform, Axia Suite, for Mutual Fund and Asset Management Companies, offering front-to-back office operations, which fully meet the needs of investment companies that manage their own mutual funds.

“RiskAvert”, the risk management platform for the calculation of capital requirements, was upgraded with the addition of new functions, to cover the supervisory requirements for Non-Performing Exposures (NPE Backstopping), as well as for Interest Rate Risk in the Banking Book (IRRBB).

With respect to the activity in the Public Sector, various projects are under implementation, such as for the Ministry of Justice and the Army Pension Fund, while a number of projects were contracted, such as the portal of the Economic Chamber of Greece, the portal of the new Social Security Fund TEKA for the Ministry of Labour, the Integrated Portal for AADE (Independent Public Revenue Authority), the Integrated Information System of the Renewable Energy Sources for the Ministry of Energy and the Digitisation of the Greek Land Registry. New projects are expected, which consolidate the Profile Group as an important technological partner of the Public Sector.

The strong and healthy financial position of the Profile Group allows for the seamless implementation of the investment plan, aimed at further development in financial sector projects, as well as strengthening its presence in complex and large-scale projects for the Greek Public sector, enjoying strong comparative advantages. In particular, 2023 begins with 70% recurring revenues of the financial sector’s total and with a backlog of projects of over 100 million euros, which evolves incrementally over time.

Considering the aforementioned, the Management of the Profile Group estimates that, as long as the general geopolitical and macroeconomic conditions are not further burdened, its growth is expected to accelerate significantly in 2023 in the domestic and international markets, developing the potential of doubling the key figures within the next three years.

Previous Article

April 11, 2023

Societe Generale & Lemonway partner for B2B marketplace payment services

Read More
Next Article

April 12, 2023

5 Digital Lending platforms in India offering instant credit

Read More






IBSi Daily News Analysis

regulations,

June 11, 2024

Digital Lending

Payments industry urges delay of APP fraud rules amid leadership change at Payment Systems Regulator

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Yabx & SimpliFi team to expand access to card issuance in MENA

Read More

Today

Commencis launches new Turkish LLM for banking & financial services

Read More

Today

SaaScada renews partnership with NEXA for financial reporting

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023