Athens, October 12, 2020.
The Entersoft group achieved increased revenues and profits for the first nine months of 2020 compared to last year’s corresponding period, confirming once again, despite the pandemic, the trend for sustainable growth. At Group level, revenues amounted to 11.61 mil. Euros compared to 10.64 million in the corresponding period last year, recording an increase of 9.1%. The Group’s profits more than doubled and amounted to 3.15 mil. Euros, compared to 1.51 mil. Euros in the corresponding period last year, recording an increase of 108%.
This increase comes both from the good performance of Entersoft SA and the excellent performance of the subsidiary Retail Link in Greece as well as all the subsidiaries abroad, mainly in Romania. The results in the previous corresponding period were burdened with a non-recurring amount of 0.37 mil. €, due to impairment of goodwill of the subsidiaries that have been fully absorbed by Entersoft SA.
Entersoft SA’s revenues amounted to 8.87 mil. Euros, increased by 6.3%, while profits before taxes increased by 135% and amounted to 2.48 mil. Euros. The results in the current period have benefited from the increased income from dividends of the subsidiary Retail Link by 105%, compared to the previous corresponding period.
The Group’s cash and cash equivalents more than tripled, exceeding 10 mill. Euros. Combined with approved credit lines, the Group has the possibility for investment opportunities exceeding 13 mil. Euros, of which only 3.6 mil. Euros came from the recent share capital increase for its listing in the Athens Stock Exchange. The Group is considering acquisition opportunities as well as the development of new products and services. The backlog of new projects further strengthened in the third quarter, due to the implementation of tax e-books which is motivating businesses to adopt electronic invoicing as well as new ERP systems and contributes to the revenue growth of both the Entersoft SA and the subsidiary Retail Link. The latter holds a leading position as one of the four certified Electronic Invoicing Providers.
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