Entersoft announces its key financials for fiscal year 2022:
- Revenues of €29.6 million, increased by 23% compared to fiscal year 2021 (€24.0 million)
- EBITDA of €9.5 million, increased by 7% compared to the same period last year (€8.9 million)
- Earnings before Taxes of €6.7 million, stable compared to prior year 2021 (€6,6 million)
- Cash balance of €14.8 million, compared to €10.3 million at the end of prior year 2021.
2022 was a year of intense activity for Entersoft, as we concluded 4 acquisitions in a period of 13 months, the development of our new products entered their final stages, we accelerated the entrance into new geographical and vertical markets, we created new regional remote implementation centers in Patras and Larissa and we concluded our internal restructuring and simplification plan with legal mergers in Greece and Romania.
In this framework, Entersoft consistently executed its budget, achieving strong organic and inorganic revenue growth of 23%, in a macroeconomic environment that was characterized by a rare mix of multiple volatility factors.
At the same time, the company achieved strong profitability with EBITDA margin above 30% and an exceptionally healthy base of recurring revenues of €16.7 million, compared to €14.0 million during the prior year 2021.
In the last quarter of 2022, we signed multiple notable contracts for new projects in both of the company’s main geographical markets, Greece and Romania. This positive trend continued during the first months of 2023, and we believe it will lead to the acceleration of growth in this year, that started with the addition of a new acquisition of CGSoft.
