UTI Grup, one of the biggest IT&C companies in Romania, increased its turnover by 29.3% last year, to EUR 110.5 million. However, the company’s losses also got 50% higher, reaching EUR 5.2 million.

The company’s total debts went up by 19%, reaching over EUR 85 million at the end of December 2015. UTI also had EUR 48 million to recover from its clients.

UTI Grup is one of the biggest IT&C integrators in Romania and much of its business comes from contracts with state institutions and companies. Between 2011 and 2015, UTI Grup had 25 contracts with the state, which brought it over EUR 60 million, according to Romania’s Digital Agenda Agency (AADR).

UTI Grup’s owner, local businessman Tiberiu Urdareanu, was arrested and sent to court by Romania’s anticorruption prosecutors last year for bribing Iasi’s former mayor Gheorghe Nechita to implement a traffic management system in the city.

Urdareanu pleaded guilty to the charges. He is currently under judicial control.

editor@romania-insider.com