2024/09/25
Gloster 2024 first half: growth driven by exports and recurring revenues Half-year profit after tax exceeds last year's full-year result
Regular SUPPORT
A Gloster Infocommunication Public Limited Company (company registration number: 13-10-042012; registered office: 2142 Nagytarcsa, Csonka János utca 1/A. building A/2.; hereinafter referred to as: the Company, Gloster) is the legislation, in particular Act CXX of 2001 on the Capital Market ("Act") and the General Business Rules of the Budapest Stock Exchange, the the following information to the Honoured Investors.
Gloster 2024 first Half year: growth driven by exports and recurring revenues
A half-year profit after tax exceeds last year's full-year result
25 September 2024. - This year Gloster Infocommunications, which was listed in the standard category of the BSE Nyrt.'s net sales increased by 90 percent to HUF 6.2 billion, of which foreign from foreign sales increased by 144% to HUF 2.4 billion in 2024. in the first half of 2024. Compared to the same period last year, EBITDA increased by 199% to EBITDA increased by 199% to HUF 522 million. The significant growth was driven by the company's P92 IT Solutions Kft., closed in August 2023, and the acquisition of P92 IT Solutions Kft. in February 2024. Systemfarmer Zrt. - Gloster Cloud Zrt. merger signed on 16 February 2024.
For the first time under IFRS standards half-year report for the first half of 2024, Gloster achieved 309 million for the first half of the year shows an impressive increase compared to the 49 million, but is comparable to the group's 2023 loss of full-year profit after tax of HUF 305 million. The significant The significant growth is driven by the group's growth strategy, which has been key to increasing revenues and results: the 2023 P92 IT Solutions Kft. acquisition in 2023 and Systemfarmer Zrt. in 2024, have significantly contributed to the Group's improved first half 2024 results. results in the first half of 2024. Management expects the integration of Systemfarmer Zrt. Gloster's sales and profits will also increase as a result of the integration of the group is now the largest domestically owned Microsoft cloud service provider, which will bring additional customers and projects.
From abroad comes the profit
In its first half-yearly report for 2024, Gloster export turnover showed a remarkable growth of 144%, reaching 2.4% of the previous year 's billion forints. Exports account for an increasing share of the company's total turnover and foreign currency revenues will significantly reduce the exposure to foreign exchange risks arising from foreign exchange rate fluctuations. Export revenue growth is of strategic importance for Gloster and the success of this strategy is demonstrated by the fact that exports account for to total sales revenue reached 38,1% at the half-year, Gloster has already achieved its strategic target for 2026 in 2024, which set an export ratio of 30-40%. Management expects further growth in international markets.
Successful expansion in international markets is the result of a conscious strategy. The Group's strategic acquisitions, such as Minero IT Hungary Kft. and P92 IT Solutions Kft., have enabled the Group to Gloster to enter new, profitable markets and expand its international customer base. In recent years, the group has added global partners such as customers such as BMW, Audi, and SONY Music, which further increase the company's foreign currency revenues and long-term financial stability.
Regular receipts on the focus
The management considers that the regular a significant increase of 125% in regularrevenues in the first half of the year is a key indicator of Gloster's financial stability. A 4,8 billion forints (compared to the same period last year) . 2.13 billion in the same period of the previous year) is a recurring, predictable revenue streams, typically linked to subscriptions, service service contracts, or long-term customer relationships, thereby less exposed to short-term market fluctuations.
The increase in recurring income indicates that the Company is performing well along its core activities and further growth is expected. is built on sustainable foundations. The share of recurring revenues reached 77.4% as a percentage of total revenue (compared to 65.3% last year), which shows, that the Group is increasingly building on its strategic, long-term long-term customer relationships and regular service contracts.
A Gloster shares are followed by ERSTE Investment Ltd., target price 1.183 HUF, buy with a buy recommendation.
About Gloster
Gloster on BSE listed in the standard category of the BSE, offering a wide range of international IT international IT service provider. In its more than 20-year history, Gloster has grown from a hardware garage company to a software to an international medium-sized company with a software focus. Gloster is a fast-growing eleven transactions since 2018 and has grown to expanded its activities in systems integration, cloud solutions and and international software development services. The group is currently with a team of nearly 350 people, its audited consolidated accounts for 2023 with revenues of HUF 10.3 billion and adjusted EBITDA of HUF 976 million, Profit after tax of HUF 414 million.
Nagytarcsa, 25 September 2024.
Gloster Infocommunications Plc.
More information:
dr. Adrienn Karlovich-Szabó
Investors relations officer
