The Romanian group Bittnet announces a 45% increase in its consolidated revenues in the first half
Bittnet Group (BVB: BNET), a Bucharest-based group of IT companies, recorded consolidated revenue of RON 70 million (€14.2 million) in the first six months of 2022, up 45% compared to the same period last year. Operating profit tripled to RON 3.6 million (EUR 0.73 million).
The group continues its expansion through takeovers and is finalizing negotiations for new investments in TopTech and 2Net Computer.
The contribution of these new acquisitions to the group’s consolidated financial results will be recognized from the fourth quarter of 2022.
“Our strong financials position us extremely well to pursue both internal sales generation and delivery process changes and expansion through M&A transactions,” said Mihai Logofătu, CEO and co- founder of Bittnet Group.
He added: “We believe that such transactions should remain a priority to increase the group’s footprint, particularly given the success of previous mergers and acquisitions projects.”
Bittnet Group was founded in 2007 in the Romanian capital by local entrepreneurs Mihai and Cristian Logofătu.
The group listed its shares on the Bucharest Stock Exchange in 2015 and has since attracted funding from investors through capital increases and bond offerings to finance a series of acquisitions.
The group now includes IT brands such as Bittnet Training, Dendrio, ELIAN Solutions, Equatorial Gaming, The eLearning Company, Softbinator, ISEC Associates, Computer Learning Center, IT Prepared, Global Resolution Experts and Nenos Software.
However, BNET shares have lost 16% of their value over the past 12 months, according to BVB data. The capitalization of the company is currently 156 million RON (32 million EUR).
(Photo courtesy of the company)