Epsilon Net – Significant increase in turnover and profits in 9 months – Not affected by the increase in raw materials

The Epsilon Net group of companies announced its basic financial figures and the development of its business activity during the third quarter of the year 2021.

The Group’s turnover in the first nine months of 2021 amounted to 28.56 million compared to 11.50 million in the first nine months of 2020, recording an increase of 148%, Earnings before Taxes, Interest and Depreciation (EBITDA) amounted to 7.83 million euros compared to 2.47 million euros in the corresponding period of 2020, (+ 217%), while Profits before Taxes increased by 354% to 5.53 million euros compared to 1.22 million euros in the same period of 2020.

It should be noted that in the financial results of the third quarter 2021 the results of Data Communication and Technolife are fully consolidated, as well as the results of the newly established Epsilon SingularLogic (based on the completion on 14/7/2021 at the legal level of the split and contribution process of the respective industry by Singular Logic). The results of the newly acquired company IQom specializing in the field of Retail participate in the results of the Group from 14/9/2021 (date of acquisition of the company) onwards.

The liquidity of the group, provides the possibility of implementing new business moves and taking advantage of investment opportunities, moving at very satisfactory levels (Cash and Equivalents 18.12 million euros), despite the significant acquisitions that have been repaid in full during the last quarter of 2020 and the first nine months of 2021, amounting to over 18 million euros (Data Communication, SingularLogic, Technolife, iQom), refers to a relevant update.

Furthermore, during the nine months of 2021, the Group’s Equity (+ 69.7%) increased significantly, amounting to 34.04 million euros.

Not affected by rising raw material prices

Regarding the possible effects due to COVID-19 and the increase in energy costs, the Epsilon Net group states that “as early as 2020, it has fully adapted its operation and successfully faced the difficulties arising from the consequences of the pandemic due to COVID-19, utilizing the appropriate technologies and infrastructure that it has developed for remote work, ensuring to the maximum extent the health of employees, while maintaining the high quality of services provided to customers and partners. The increase in the cost of energy and raw materials is not expected to affect the operation of the company, since due to the nature of its field of activity, they do not participate in production costs, in the development of new products and in the provision of services.

The achievement of strong growth rates in both 2020 and 2021, proves the adaptability and flexibility of all the companies of the Group, strengthening the prospects for the continuation of its significantly positive course and for the whole of the current year.

During the third quarter, the Group consistently continued the implementation of its investment plan, utilizing its know-how and its important position in the field of business software. “In September, the subsidiary of the Epsilon SingularLogic Group, acquired an 80% stake in iQom, which is active in providing specialized IT solutions to companies in the private sector.”

Landmark year in 2021

All the products, services and activities of the group, recorded an impressive increase in sales during the period January-September 2021, continuing the excellent course of the first half and strengthening the management’s estimate for a very dynamic year, which will be a milestone year for the start of a new development cycle and the basis for the further expansion of the Group, both in the domestic market and abroad.

Within the nine months of 2021, both the spin-off and the integration of the private proprietary software sector of Singular Logic in the newly established Epsilon SingularLogic, as well as the corporate transformation of the Group and the operational integration of the of the parts resulting from the strategic acquisitions of 2020 and 2021.

The operational and operational integration of various departments and specialized working groups, contributes significantly to the achievement of economies of scale and is the basis for improving the operating margin, while it is also the business model for the full utilization of future acquisitions.

The continuous utilization of cutting-edge cloud technologies, mobility that are integrated especially in the innovative software platforms Galaxy and Pylon, which give a significant technological advantage to the Group’s products and services for medium and large companies and for business groups have had a catalytic effect on dynamic development of the Group.