EXTRAORDINARY INFORMATION
Gloster Infokommunikációs Nyilvánosan Működő Részvénytársaság (company registration number: 13-10-042012; registered office: 2142 Nagytarcsa, Csonka János utca 1/A. A/2. building; hereinafter referred to as the "Company", "Gloster") hereby informs the following to the Honoured Investors pursuant to the applicable laws and the General Business Rules of the Budapest Stock Exchange.
Gloster plans significant growth and dividend payments in 2026
From 2026, Gloster's Board of Directors expects dividend payments, significant foreign expansion and internal synergies to result in an EBITDA of more than HUF 3 billion on revenues of HUF 15.6 billion over the next two years, according to an investor presentation published by the Company.
The international IT services company, listed on BSE Standard, which has completed 11 transactions in the last 60 months, has grown to a 355-strong company serving 811 clients. According to research by Helap Partners, Gloster is the market leader among domestic software development exporters and the largest domestic cloud provider partnering with Microsoft. Its business model is focused on recurring (69% of total revenue) and export (44% of total revenue) revenues, which grew by an average of 60% and 98% respectively between 2021-2023.
Among the challenges facing Gloster, the Board of Directors identified the further development of international sales, the improvement of corporate profitability and the high salaries in the IT sector.
According to the investor presentation, Gloster will start international B2B business development with experienced partners in major software markets around the world: the UK and Ireland, the DACH region and Scandinavia. Gloster is breaking down international sales into regions rather than countries, and is now targeting a 43% larger market of around EUR 21,700 M/year compared to the current market. It will build its own sales and customer support teams in each location. The English and Irish regions will be supported by Andrew Wilmot, the DACH region by Attila Tóth, a native German speaker, and the Scandinavian region by Herwig Stöckl.
From the presentation, investors will learn that in order to increase its international competitiveness (better wages for developers), Gloster plans to open an SSC in the Philippines by the end of the year, which will save around HUF 50 million per year from the beginning of 2025. Gloster has previously announced that the Company's management expects a minimum annual profit improvement of HUF 200 million from the Gloster Level up internal efficiency improvement programme announced on 27 November 2023. The Company expects additional EBITDA of approximately HUF 1,518 million from the business opportunities created by artificial intelligence and the digital and green transformation by 2026 (compared to 2023) and expects to collect additional dividends from subsidiaries of approximately HUF 400 million per year by 2026, when all signed acquisition contracts are expected to be fully closed.
Gloster's gearing is still low in 2024 (117% of EBITDA), and is expected to increase in 2025, but is projected to reach 89% of EBITDA by 2026. Analysts' prices are above Gloster's current share price, with a target of 1183 HUF (recommendation: buy) for ERSTE and a hold recommendation of 1369 HUF for Equilor.
A A significant difference from previous disclosures is that from 2026 the Company will 2026, which is expected to be well received by the Gloster current and future shareholders of Gloster. The details of this are set out in the revised dividend policy by 30 June 2024, Gloster will announce this in a separate investors in a separate announcement.
Nagytarcsa, 2024. march 26.
Gloster Infocommunications Plc.
Attached documents
