Romanian IT group Bittnet sees 60% increase in turnover

Bittnet, one of the most dynamic local IT companies, recorded a 58% organic increase of its business in 2017, to RON 21.7 million (EUR 4.75 million). IT integration brought revenues of RON 12.1 million (46% increased as compared to 2016), IT training generated RON 8.1 million (49% increase) while cloud services registered an increase of almost 400%, resulting in RON 1.6 million revenue in 2017. Bittnet’s net profit thus grew by 43%, to RON 1.65 million (EUR 361,000). Bittnet’s new acquisition GECAD NET closed 2017 with a turnover of RON 21.5 million (EUR 4.7 million) and net profit of RON 145,000 (EUR 32,000). “With the 2017 consolidated turnover exceeding RON 43 million, we are now moving into a new league of medium-size businesses. Nonetheless, we keep our values young and growing and we maintain our start-up and growth mentality as we see a significant potential for our continued, accelerated development” said Mihai Logofătu, CEO of Bittnet. The company is looking to replicate the Banca Transilvania growth model and will reinvest its profits and distribute free shares to its shareholders. The company reached a market capitalization of EUR 7.5 million at the end of last year, five times higher than in April 2015, when the company listed its shares on the Bucharest Stock Exchange’s AeRO market. editor@romania-insider.com