Asseco South Eastern Europe Group improves results after Q2 2014

Asseco South Eastern Europe Group, (Asseco SEE, ASEE) published financial results for the 2nd quarter of 2014. Figures showed improvement both compared to the last year and to the previous quarter.

Asseco South Eastern Europe Group, (Asseco SEE, ASEE) published financial results for the 2nd quarter of 2014. Figures showed improvement both compared to the last year and to the previous quarter.

Results were boosted mainly by sales revenue, increasing by 4% year on year, from EUR 50.6 million to EUR 52.7 million. The company recorded the highest growth in revenue in Payment business unit, with over EUR 3.7 million increase compared to 1st half of 2013. Good performance of this business unit was driven mainly by organic growth in Croatia, Serbia and Slovenia, as well as successful consolidation of Croatian company EŽR Croatia, acquired by ASEE S.A. in October 2013.

Operating profit (EBIT) amounted to EUR 4.4 million and was comparable to profit recorded in the first six months of 2013. Maintaining comparable level of EBIT was possible thanks to better performance of System Integration and Payment business units which compensated for lower operating profit in Banking Business Unit.

The Group’s net profit grew by 7% year on year, reaching EUR 3.9 million in the 1st half of 2014. 

“The company’s good results stem from a consistently implemented strategy of the Asseco SEE Group which stipulates further growth of revenue from own services and solutions, as well as offering payment processes outsourcing as an alternative to traditional ownership of ATM and POS terminals. I also hope that financial results in Banking business unit will improve in the second half of the year as we are currently conducting a few very interesting projects in this unit, including a complex implementation of the front-office client service system integrated with a multichannel access system for Telenor in Serbia" - commented Piotr Jeleński, President of the Management Board of Asseco South Eastern Europe S.A.

Operating profitability of the Asseco SEE Group slightly exceeded 8% in 1st half of 2014.

The company announced backlog value for the year 2014 - it currently equals EUR 89.6 million and is 7% higher than at the same time of the last year.

On 30th July the company paid a PLN 16.6 million (EUR 4 million) dividend (PLN 0,32 per share).