Romanian IT solutions integrator Bittnet “moderates” growth target to 25%

Romanian Bittnet Group, which operates in the segments of education and integration of IT solutions, has revised downward the growth projection for this year but still expects its revenues to increase by 25%, to RON 125 million (EUR 26 mln).

The group also expects an EBITDA of RON 9.5 mln (EUR 2 mln) and a net profit of RON 2.5 mln (EUR 0.5 mln) this year.

“Clearly, the uncertainty about the general evolution of the economy, the confidence of people and companies in the future, generated by the state of emergency established as a result of the pandemic, lessens our ability to make forecasts, and that is why we have tempered our growth plans for only 25% for this year. On the other hand, we believe that the solutions we offer are even more relevant in this economic environment, and thus the demand for them will not decrease, but on the contrary it will grow,” said Mihai Logofatu, CEO and Chairman of the Board at Bittnet.

“We could even dare to say that the current context has significantly sped up the digital transformation of Romanian companies, something we expected to take place in the course of next 3 years, but which in fact has happened in the course 3 weeks,” he added.

Even in the context of the current pandemic, the group intends to continue investments to develop the range of products and services, proposing to the shareholders an investment budget of RON 10 mln (EUR 2 mln).

Bittnet is currently carrying out a capital increase operation that targets the amount of RON 9 mln, which will be allocated to the financing of the group's development.

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