August 12, 2020//-Tecnotree, the global provider of IT solutions for the telecom industry, announced its half-yearly financial results for 2020.
Despite the highly volatile and challenging economic conditions, Tecnotree delivered strong results across all key metrics. Continuing the strong growth trajectory of Q1’20, Tecnotree posted a quarter-on-quarter increase of 28% in revenue and a whopping 61% in Adjusted EBIT for Q2 of 2020.
Key Half-Year Highlights:
- Revenue improved by 17% with Euro 24 million for H1 2020 against Euro 20.5 million for the same period in 2019
- The Adjusted Earnings Before Interest and Taxes (EBIT) for the half-year is reported Euro 8.1 million with a y-o-y increase of 76%
- Growth in revenue of 30% in the Middle East and Africa (MEA) & APAC regions
- Two new customer logos – including a major deal with a tier-1 operator from the MEA region for a value of USD 11 million
- New orders received during the period improved by 16% while Order Backlog at the end of H1 2020 increased by 55% to Euro 39.4 million from Euro 25.5 million reported at the end of 2019
- At the end of H1 2020, the company had cash and cash equivalents of Euro 5.8 million, an increase of 71% from 31st December 2019
- Earnings Per Share doubled from 1 cent to 2 cents
The positive momentum has translated to robust stock market performance for the company. Market saw a rally of 41% in the share price during the period and an increase of 54% in market capitalization compared to year-end 2019 situation, being EUR 64.8 million at the end of H1 of 2020.
“H1’20 has been challenging for the entire industry due to the COVID-19 pandemic resulting in decreased mobility and economic downturn. However, our right strategy and agile approach ensured continued business operations and strong growth with positive financial performance.
Our major outlook for 2020 was to strengthen our customer base globally and it gives me immense pleasure to announce that we have been successful in this regard with increased order booking and selection by two major CSPs for their transformation journeys.
At Tecnotree, we continue to look forward and innovate to achieve our targets for 2020”, Padma Ravichander, CEO of Tecnotree Corporation, said.
African Eye Report