Romanian software producer Bittnet to double business in 2019

Bittnet Systems (BNET), the first Romanian IT company listed on the Bucharest Stock Exchange (BVB), expects its revenues to double to RON 130 million (EUR 27.4 million) in 2019.

It also expects the results from operations to rise six-fold to RON 8.2 million (EUR 1.7 million). The net profit will, however, shrink by 30% to RON 3.5 million (EUR 0.74 million).

The company’s officials unveiled the projections as they listed RON 10 million (EUR 2.1 million) worth of bonds on the Bucharest Stock Exchange. The four-year bonds have a 9% annual coupon attached.

At the same time, the company confirmed plans to list its shares on the BVB’s main market. Currently, BNET shares are trading on the alternative AeRo market.

“If so far the company structure has fit with the AeRo market, the company now looks more like a company for the main market," said CEO Cristian Logofătu at the Bittnet Investor Day event.

For this purpose, the company has made some changes, including migrating from a single administrator structure to a board structure as well as publishing both financial results and auditing reports in IFRS format.

Bittnet is a Romanian IT company controlled by Mihai and Cristian Logofatu. The company currently has a market capitalization of EUR 16 million.