2025/04/25
Gloster remains on a growth path: over 13 billion in sales in 2024
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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.
Continued growth Gloster on track: sales of over 13 billion in 2024
Published by 2024 report of the IT company listed in the standard category of BSE
Nagytarcsa, 25.04.2024 - With 271 employees, mainly IT outsourced abroad Gloster, a provider of outsourced IT services, increased its adjusted net sales by 31 per cent to forints, including adjusted regular turnover of 44 percent, to HUF 9.098 billion in 2024. Compared to the previous year, adjusted EBITDA grew by 18 percent, topping the previously disclosed range of forints.
The IFRS (International Financial Reporting Standards) profit after tax increased by 51%, despite the significant negative impact of one-off items, the recognition of one-off impairment losses on the Gloster ordinary shares held by MRP and the expenses related to tender obligations, which reduced the IFRS profit after tax for 2024 by a total of HUF 176 million.
Adjusted EBITDA increased by 18% to HUF 1.152 million compared to 2023 adjusted EBITDA, which confirms the stability of operations, but also indicates further efficiency potential. EBITDA calculated under IFRS rules was HUF 899 million, an increase of 23% (HUF 169 million).
Consolidated, audited IFRS data in millions of HUF
Correction factors 2023: reorganisation of the foundation 28.850 eFt; KIVA reclassification to salary costs 109.574 eFt, P92 calculated for the full year 2023
Correction factors 2024: Systemfarmer Zrt. Results and discontinued operations for the period 01.01.2024 - 15.08.2024 result of discontinued operations
The export market performance continues to play a key role in Gloster's growth: adjusted export revenue increased by +10% to HUF 5.1 billion (including export-related revenue from discontinued operations), while IFRS export revenue was HUF 4.8 billion, an increase of 36%. As a result, the share of exports in IFRS turnover increased to 46%, exceeding the target of 30-40% set in the long-term strategy. The performance on the external market underlines the success of the company's export-oriented operations and confirms the sustainability of its internationally focused business development.
The share of recurring revenues continued to strengthen, to 67.5% of adjusted revenues and 78.6% under IFRS. IFRS recurring revenues also increased by nearly HUF 3 billion in absolute terms, up 57% year-on-year.
Business sector performance
In 2024, the primary driver of growth for Gloster Infocommunications Plc was its Cloud business. The net revenue of the business unit, taking into account the effects of the recent merger, showed an increase of 122% compared to the previous year. This significant growth contributed to a substantial improvement in the profitability of the Group as a whole.
The International Software Development business also had a successful year, with revenue up 21% compared to 2023. However, the division's ability to generate results was negatively affected by rapidly rising labour costs due to competition for skilled labour.
The performance of the different business lines confirms the stability of Gloster's diversified business model, but also highlights the cost challenges in the technology sector.
| Net turnover by business line | 2023 | 2024 | change (mFt) | 2024/ 2023 % | 2023 | 2024 | change (mFt) | 2024/ 2023 % |
| IFRS | IFRS | IFRS | IFRS | corrected by | corrected by | corrected by | corrected by | |
| Systems Integration Business Unit | 4 070 | 1 957 | -2 113 | -52% | 4 070 | 4 294 | 224 | +5% |
| Cloud business | 1 596 | 2683 | 1 087 | +68% | 1 596 | 3 539 | 1 943 | +122% |
| International software development business | 3 329 | 5 682 | 2 353 | +71% | 4 653 | 5 648 | 995 | +21% |
| SUMMARY | 8 995 | 10 321 | 1 326 | +15% | 10 319 | 13 480 | 3 161 | +31% |
Consolidated, audited IFRS figures in millions of HUF
A The 2024 results confirm that Gloster's business model will continue to be successful in the long term sustainable, stable and scalable. The Company will continue to focus on its strategic objectives, with a particular focus on operational efficiency further improving operational efficiency, strengthening its presence in external markets, generating recurring revenues increasing regular revenues.
About Gloster
The Gloster in Hungarian listed on the Hungarian stock exchange, a broad spectrum IT service provider. For more than 20 years history from a hardware garage company to a software-focused international IT to a medium-sized company with a global IT focus. Gloster's intensive acquisition strategy successfully closed ten acquisitions since 2018 and expanded its and has expanded its activities into the public cloud and international software development services. The group now has nearly 270 people, with adjusted revenue before audit in 2024 of 13.48 billion HUF and EBITDA of HUF 1152 million. Gloster will continue to continue to seek IT companies whose acquisitions will help strategic objectives, while continuing to integrate into its operations solutions that make its existing portfolio more efficient.
Nagytarcsa, 25 April 2025.
Gloster Infocommunications Plc.
More information:
dr. Adrienn Karlovich-Szabó
Investors relations officer
