Entersoft Key Financials 2021: Consistent strong growth for revenues and profitability

Entersoft announces key financials for fiscal year 2021:

  • Revenue of €24.0 million, recording an increase of 45% compared to fiscal year 2020 (€16.6 million)
  • EBITDA of €8.9 million, increased by 53% compared to the same period last year (€5.8 million)
  • Profit before taxes of €6.5 million, increased by 51% compared to fiscal year 2020 (€4.3 million)
  • Cash balances €10.3 million compared to €7.7 million at the end of fiscal year 2020
  • Proposed dividend of €0.09 cents per share increased by 50% compared to the previous period

During 2021, Entersoft consistently implemented its budget, resulting in a significant revenue increase of 45%, half of which came from organic growth and half from the acquisitions of Optimum and Wedia.

In addition, an increase in the EBITDA margin from 35% to 37% was achieved, confirming the return on previous years’ investments both in new products and services and in the technological development of our existing products.

Recurring revenues amounted to €14 million or 58% of total revenue, up 24% compared to last year. Combined with new projects and customers they form the basis for achieving similar levels of organic growth in the current fiscal year 2022.

Based on the above, the Board of Directors will recommend dividend of €0.09 cents per share, an increase of 50% compared to the previous period. It is strongly believed that the remaining levels of liquidity coupled with potential new sources of loans and free cash flows of FY 2022 are sufficient to fund new acquisitions.

In implementation of our strategic plan, in recent past period, we proceeded with the establishment of a software implementation center in Patras (3rd largest city in Greece) and the acquisition of the LogOn company in central Greece. These investments will contribute to the decentralization of the implementation teams and address the lack of expert staff in the large urban centers of Athens and Thessaloniki. In addition, the acquisition of LogOn gives us access to a large base of small and medium-sized customers in the region of central and northwestern Greece, as well as the possibility to penetrate further this market.

In addition to potential new acquisitions, the company continues to invest in new products for Business to Business eCommerce and for demanding Business to Consumer (B2C eShops) in combination with its existing Backoffice CRM and Analytics products. At the same time, Entersoft is investing in a new product for Personnel Management, Time and Attendance Tracking and Payroll and is preparing its entry into this emerging market. Revenues from these new products are expected to be realized around the end of the current fiscal year 2022.