Softbinator Group posts revenues of 14.1 million lei and closes the first semester of 2024 on profit
Softbinator Technologies, a Romanian company that provides complete software product development services (product management, product design, software development, AI/ML development, and product marketing), reports, at a consolidated level, a net profit of 257 thousand lei in the first semester of 2024, compared to a loss registered in H1 2023, while turnover amounted to 14.1 million lei, lower than in the same period last year. Softbinator Technologies’ H1 2024 consolidated financial results are presented in accordance with IFRS.
“The results of the first semester reflect a significant recovery and offer an optimistic outlook for the coming period. The first six months of this year have been a period of adaptation and reconstruction for us, but above all, the consolidation of a solid and much more resilient foundation on which to build in the future. We continued to invest aggressively in our sales strategy and, during this time, we conducted the most extensive and sustained economic missions in the United States. Our goal was both to build a sales team and to adapt our services to the new market realities, based on the feedback received from potential clients. As we anticipated, after the crisis that began in 2023, the American market is starting to return to normal, now influenced by new factors. Currently, the requirements are much higher, and companies that continue to innovate are looking for exceptional professionals, focusing on talents who have that ‘x-factor’ in programming. After the adjustments implemented across the group companies, we are pleased to have completed the restructuring and that, at mid-year, we are back to profitability. Also, regarding the prospects for the coming semester, we are confident that we will achieve our objectives included in the 2024 budget,” stated Daniel Ilinca, founder and CEO of Softbinator Technologies.
Group turnover recorded a 20% decrease in the first six months of the year as a result of the difficult global IT market context, which led to a change in the customer profile Softbinator is targeting, as well as the implementation of cost adjustments at the group level. Thus, the company is targeting in the future mature companies, which generate stable revenues. At the same time, in the first half of 2024, total expenses decreased by 24%, an accelerated pace compared to turnover, which led to the recording of a positive net result. In addition, the company closed its long-term loans, having a debt ratio of 0.41%.
The results for the first half of 2024 at a consolidated level, in IFRS format, include the performances recorded by Softbinator Technologies, [es-pres-oh], Ixperi and Digital Tailors. In the first six months of this year, the group continued integrating its constituent companies, streamlining entities through mergers, and optimizing existing costs.
At an individual level, according to IFRS, Softbinator Technologies recorded a turnover of 9.9 million lei, a 3% decrease compared to the same period last year, and a net loss of 110 thousand lei, a 35% improvement compared to the loss in H1 2023.
“Our current strategy is based on land and expand, but in the medium and long term, we want to transform Softbinator into a platform, through which a large base of professionals can be engaged in activities, having an optimal mix between full-time employees and subcontractors. This model will help us scale the business or adjust much faster to the transformations that occur in the market. In the meantime, we will continue to rapidly develop sales, marketing and recruitment activities in order to achieve predictability of organic growth. Following the integration of the companies at group level and the consolidation of the financial situation, we are ready to make new acquisitions and we are in advanced discussions with several companies to join our mission,” added Daniel Ilinca.
In the second half of 2024, Softbinator Technologies will continue its economic missions in the USA, given the consistent results that this market generates. The group will intensify its activities here, with an emphasis on strengthening the sales team and establishing new partnerships, especially in Silicon Valley, New York and Florida, in order to attract new projects and expand the client portfolio.
Softbinator Technologies is listed on the AeRO market of the Bucharest Stock Exchange as of December 17, 2021, and is traded under the CODE symbol.
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About Softbinator Technologies
Softbinator Technologies, a Romanian company that provides full-stack product development services (product management, product design, software development, AI/ML development, and product marketing) using cutting-edge technologies and helps companies to launch high-performance and easily scalable products in a shorter time. The company’s services and products are used globally by startups, SMEs, unicorns, and Fortune 500 clients, with which they build versatile teams that use the Agile methodology. The organization’s profile is oriented toward product development, valued for its ability to deliver results quickly. Softbinator Technologies has approximately 80 programmers and collaborators in its team in Bucharest, and Timisoara as well as in Cluj, Brasov, Constanta, Iasi.