Romanian IT group Bittnet reported RON 19,3 million (EUR 4 mln) in consolidated revenues in the first quarter of this year, up 21% compared to the same period of 2019. The group also reported a small operational profit, compared to losses in Q1 2019.

“The Q1 2020 results are the best first-quarter results in our history. The beginning of the year is generally the weakest period for us when the lowest revenues are registered. This year, we also had to struggle with the turbulences caused by the pandemic, which hit Romania mid-March,” said Mihai Logofatu, CEO and co-founder of Bittnet Group.

“We have reacted almost instantly by adapting our business model, and we came out strong, as our clients were eager to depend on our expertise to ensure their business continuity. Therefore, we registered an increase in revenues of 21%, and for the first time in history, we ended Q1 with operating profit,” he continued.

The group’s Education Division, which includes Bittnet Training and Equatorial, more than doubled its turnover to RON 2,2 million. The IT&C integration subsidiaries, Dendrio and Elian, increased their revenues by 14%, to RON 17 million (EUR 3.5 mln). For the whole year, Bittnet expects revenues of RON 125 mln and a net profit of RON 2.5 mln.

Bittnet is one of the first Romanian IT companies listed on the Bucharest Stock Exchange (BSE). The company will float its shares on the BSE’s Main Market in the following weeks. Currently, the shares are trading on the alternative trading system, AeRO. Bittnet has a market capitalization of RON 158 mln (EUR 32.6 mln). 

(Photo: Pixabay)

editor@romania-insider.com