Novabase turnover grows 12% to €93.3M
The technology company Novabase enjoyed a 12% growth in turnover in the first nine months of the year, reaching €93.3 million.
The results were conveyed to the Portuguese markets regulatory body CMVM. “In the first nine months of 2020 there were no relevant Covid-19 impacts on the business, despite “some effects,” stated the company in a trading update.
In its annual results for 2019, its CEO João Nuno Bento stressed that, “In this period of crisis, protecting the present is critical, and preparing for the future in fundamental.”
In its financial highlights, its EDITDA WAS €9.4 million for 2019 compared to €6.5 million in 2018. The company’s net profit in 2019 stood at €20.4 million against €4.7 million in 2018.
The company notes that 2019 was marked by the culmination of a period of strategic reflection and a consequent update of its strategic plan for the 2019-2023 horizon.
Novabase reorganised its activity in two new operating segments: Next-Gen and Value Portfolio. In Portugal its profits were 42.3% in 2019, but so far this year those profits look set to increase as turnover grows 12%.
Over its 28 year history, Novabase has become the Portuguese leader in IT. It has been listed on Euronext Lisbon stock exchange since July 2000.
Novabase’s vision is to make life simpler and happier for people and businesses, through technology.
It works in the Energy, Financial Services, Government, Telecommunications and Transports industries. Its current businesses are Celfocus, Financial Services Industry Business Solutions, Government, Transports and Energy Business Solutions, Neotalent and Venture Capital.
The company says, however, that it remains cautious when taking into account that the next few months are to create great uncertainty due to the second wave of the pandemic, of a length and amplitude that is still hard to estimate”.
Novabase also added that its international business increased 13% compared to the same period last year where 62% of it’s Next-Gen area comes from overseas.
In the first half of 2020, Novabase raked in €4.8 million in profits, which represented an increase of 193% in relation to the same period in 2019.