Performance Technologies S.A. published the Financial Statements for the first half of 2023 for the Company and the Group. As mentioned in there, we achieved a historical record of revenue (+40%) and gross profit (+20%).
Specifically, on a consolidated basis:
The turnover of the first half of 2023 amounted to 24,437 thousand euros, against the amount of 17,461 thousand euros of the corresponding half of the previous fiscal year 2022, showing an increase of 40%.
Gross profits amounted to 7,441 thousand euros, compared to 6,185 thousand euros in the first half of 2022, showing an increase of 20.3%.
Profits before taxes, financing, investment results and depreciation (EBITDA) amounted to 2,924 thousand euros, compared to 2,906 thousand euros in the first half of 2022, showing an increase of 0.6%.
Profits before taxes, financial and investment results (EBIT) amounted to 2,594 thousand euros, compared to 2,639 thousand euros in the first half of 2022, showing a decrease of 1.7%.
Profits before taxes amounted to 2,451 thousand euros, compared to 2,504 thousand euros in the first half of 2022, marking a decrease of 2.1%.
Profits after taxes amounted to 1,926 thousand euros, compared to 1,986 thousand euros in the first half of 2022, showing a decrease of 3%.
The group’s net borrowing on 30/06/2023 was negative at -6.5 million euros, compared to -3.0 million euros on 31/12/2022, with cash available on 30/06/2023 at 8,490 thousand euros.
The group’s equity amounted to 21.17 million euros compared to 19.86 million euros on 31/12/2022, showing an increase of 6.6%.
It should be noted that the consolidated figures for the first half of 2023 include Adaptera, as opposed to the corresponding period of 2022, as the acquisition was held in the second half of 2022.
The increase in revenue and gross profit is almost entirely organic and comes from all business lines. It is due to our management choices and investments, which took place from the beginning of 2022 and continued into the first half of 2023. During this time, we attracted and integrated high-quality human resources that staff our activities in high-demand sectors. Thus, we have strengthened our position in large private sector clients, and we can respond to needs created by planned public investments for modern IT and digitization projects. We reorganized and significantly strengthened the Cloud, Analytics & BI, Enterprise Software & Services, Technology Software & Services and Public Sector departments. As a result, the rate of job growth we had achieved over the past 5 years accelerated, and this trend continues for the rest of 2023.
These investments in human resources already caused an increase in operating costs from the second half of 2022, which remained stable at this higher level, during the first half of 2023. The Company continues not to capitalize Research and Development costs, which are borne entirely by the use. As a result, EBITDA showed only a small increase (6.8% for the Company compared to the corresponding period of 2022, and on a consolidated basis 0.6%. It should be noted that historically, and due to the nature of Adaptera’s operations, its contribution to EBITDA is mainly achieved in the second half of each year). Comparing the second half of 2022 to the first half of 2023, the increase in organic profitability at the EBITDA level is 43%.
This positive trend continues in the current half of 2023. Already the picture formed for the nine months of 2023 shows a significant increase in revenue, gross profit and EBITDA compared to the corresponding period of 2022, but also for the rest of the year.
We are pleased to see that the results achieved and the positive trends confirm our strategy and choices. We believe that we have an excellent level of human resources that support our operations and our growth prospects, and drive consistently higher levels of profitability.