Inform Lykos sales up by 37.7 percent in first half of 2022
Inform Lykos published its consolidated financial statements for the first half of 2022. During the first 6 months, Group sales increased by 37.7 percent and reached 47.8 million Euro compared to 34.7 million Euro in the corresponding half of 2021.
The significant increase in turnover is mainly from:
a) the initiation of the project implementation concerning the conduct of the 6 electoral events in Kenya. The Group has undertaken the production and delivery of all election materials necessary for the implementation of the elections in Kenya in August. The value recognized in June was 3.4 million Euro as the rest of the project was completed in July,
b) the increase in sales by 3.2 million Euro in the sector of the digital printing and postal services, resulting mainly from the incorporation of new customers, the increase in the delivery volume, as well as the selling prices increase compared to last year, as a result of the increased service costs,
c) the higher demand for printed forms in Greece and Romania by 3.1 million Euro both from sectors that were affected by the COVID-19 pandemic in the first half of 2021, as well as from the increase in costs and the consequent increase in selling prices,
d) the increased number of requested bank payment cards in the Greek market related to the redesign of the cards by 2.1 million Euro and
e) the continued increase of digital transformation solutions contribution by 1.2 million by attracting new customers and increasing the solutions provided both in the Greek and Romanian markets.
As a result of the increase in turnover, the key profitability figures of INFORM Group are presented below:
-The gross profit of the Group reached € 9.3 million compared to € 5.9 million in the corresponding first half of 2021, increased by € 3.3 million or +55.8% and the gross margin improved by 2.3 points from 17.1% to 19.4%. The Kenya project concerning the production of the electoral material has a significant contribution to the improvement of the gross profit. At the same time, the Group managed to absorb the significant increase in raw material prices, energy prices and transportation costs without losing on a Gross Profit level,
-The earnings before interest, taxes, depreciation and amortization (EBITDA) of the Group reached € 6 million compared to € 3.2 million in the corresponding half of 2021, increased by € 2.8 million or +84.9%, as a result of the significant increase in turnover and the improvement of gross profit.
-The earnings before interest and taxes (EBIT) of the Group, reached € 3.7 million compared to € 1 million in the corresponding half of 2021, increased by € 2.7 million,
-The earnings before taxes (EBT) of the Group reached € 3 million compared to € 0.3 million in the corresponding half of 2021, increased by € 2.7 million,
-The earnings after taxes (EAT) of the Group reached € 2.2 million compared to € 0.1 million in the corresponding half of 2021, increased by € 2.1 million.
In relation to the business performance by main geographical markets, and excluding the intercompany transactions, sales in Greece reached € 21.0 million compared to € 13.1 million in the corresponding first half of 2021, having an increase of € 7.9 million or +37.6%, mainly coming from
a) the beginning of the production of election materials necessary for the elections in Kenya by recognizing revenue of €3.4 million in June,
b) the higher demand for forms by € 1.3 million in comparison with the first half of 2021,
c) the increase in sales of payment cards due mainly to the redesign of the cards by € 2.1 million,
d) the increase in digital printing and postal services from new customers by € 0.5 million and
e) the increase in digital transformation solutions by attracting new customers by € 0.3 million.
In the Romanian market, the sales reached € 26.7 million compared to € 21 million in the corresponding first half of 2021, recording an increase of € 5.7 million or +21.3%, mainly coming from a) the increase in sales of digital printing and postal services with the incorporation of new customers and the increase in delivery volume by € 2.9 million,
b) the increase in sales of forms by € 1.8 million both from existing and new customers, but also the increase in prices due to the increased cost of materials, energy, etc. in the first half of 2022 and
c) the continued increase in the digital transformation solutions contribution by attracting new customers to the turnover by 1 million.