Tecnotree Turns in Stellar Financial Results Defying Global
HELSINKI, Aug. 14, 2020 /PRNewswire/ -- Tecnotree, the global provider of IT solutions for the telecom industry, announced its half-yearly financial results for 2020. Despite the volatile and challenging economic conditions, Tecnotree delivered strong results across all key metrics. Continuing the strong growth trajectory of Q1'20, Tecnotree posted a quarter-on-quarter increase of 28% in revenue and an impressive 61% in Adjusted EBIT for Q2 2020.
Key Half-Year Highlights:
- Revenue improved by 17% with Euro 24 million for H1 2020 against Euro 20.5 million for the same period in 2019
- The Adjusted Earnings Before Interest and Taxes (EBIT) for the half-year is reported Euro 8.1 million with a y-o-y increase of 76%
- Growth in revenue of 30% in the Middle East and Africa (MEA) and APAC regions
- Two new customer wins which includes a major deal with a tier-1 operator from the MEA region for a value of USD 11 million
- New orders received during the period improved by 16% while Order Backlog at the end of H1 2020 increased by 55% to Euro 39.4 million from Euro 25.5 million reported at the end of 2019
- At the end of H1 2020, the company had cash and cash equivalents of Euro 5.8 million, an increase of 71% from 31st December 2019
- Earnings Per Share doubled from 1 cent to 2 cents
The positive momentum has translated to robust stock market performance for the company. The market saw a rally of 41% in the share price during the period and an increase of 54% in market capitalization compared to year-end 2019 situation, being EUR 64.8 million at the end of H1 of 2020.
Tecnotree is a global provider of telecom IT solutions for the management of products, customers and revenue. Tecnotree helps Communications Service Providers to transform their business towards a marketplace of digital services. Tecnotree empowers service providers to monetize service bundles, provide personalized user experiences and augment value throughout the customer lifecycle. Tecnotree serves 90 service providers in around 70 countries. Tecnotree is listed on the main list of NASDAQ Helsinki.
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