Romanian Bittnet Group reports 45% higher consolidated revenues in first half

Bittnet Group (BVB: BNET), a Bucharest-based group of IT companies, reported RON 70 million (EUR 14.2 mln) in consolidated revenues in the first six months of 2022, up 45% compared with the same period of last year. The operating profit tripled to RON 3.6 million (EUR 0.73 mln).

The group continued its expansion through takeovers and completed the negotiations for new investments in TopTech and 2Net Computer.

The contribution of these new acquisitions to the group's consolidated financial results will be observed from Q4 2022.

"Our strong financial statement positions us extremely well to continue both internal sales generation and delivery process changes and expansion through M&A transactions," says Mihai Logofătu, the CEO and co-founder of Bittnet Group.

He added: "We believe that such transactions must continue to be a priority to increase the group's footprint, especially considering the success of the previous M&A projects."

Bittnet Group was founded in 2007 in the capital of Romania by the local entrepreneurs Mihai and Cristian Logofătu.

The group listed its shares on the Bucharest Stock Exchange in 2015 and has since drawn financing from investors through capital increases and bond offers to finance a streak of acquisitions.

The group now includes IT brands such as Bittnet Training, Dendrio, ELIAN Solutions, Equatorial Gaming, The eLearning Company, Softbinator, ISEC Associates, Computer Learning Center, IT Prepared, Global Resolution Experts and Nenos Software.

However, the BNET shares have lost 16% of their value in the last 12 months, according to BVB data. The company's capitalization is currently of RON 156 mln (EUR 32 mln).

(Photo courtesy of the company)