The gross profit of Romanian IT group Bittnet (BVB: BNET) shrank by 59% YoY to RON 8.75 mln (EUR 1.75 mln) in 2022, according to a pro-forma, unconsolidated report sent to investors. On a like-for-like basis, including the 2021 results of the companies taken over by the group during 2022 (TopTech and 2NET), the plunge was even steeper: 65% YoY.

The deterioration took place against the background of doubling (+99%) of the revenues to RON 269 mln, or a 25% YoY advance in like-for-like terms.

It was largely the effect of a negative (RON 2.90 mln) mark-to-market of the Bittnet Education division, compared to a large positive (RON 9.74 mln) mark-to-market contribution.

The gross margin generated was RON 52.9 mln, an increase of 64% or 14% like-for-like.

“One thing that I believe is very important to keep in mind is that, given the current size of the group, and the M&A transactions that are almost completed plus pipeline transactions, we believe we have all the ingredients to reach the RON 500 million turnover target in 2024,” said Bittnet co-founder Cristian Logofatu.

andrei@romania-insider.com

(Photo source: Facebook/Bittnet)