Asseco Group revenues grew by 14% in 2020

The Asseco Group closed its 2020 accounts with overall sales of €2.68 billion, an increase of 14% from the previous year. Revenues rose in all business sectors, despite the uncertainties of the world market with the ongoing pandemic.

At the root of last financial year's good results is the development strategy consistently implemented by the Group, as well as the accelerated process of digitalisation of companies and other types of non-business customers triggered by the Covid-19 pandemic.

Asseco's core business continues to be the sale of proprietary products and software services, with a total of €2.11 billion, an increase of 11% compared to 2019. In terms of results, the consolidated operating profit exceeded EUR 260 million, which represented an increase of 25%.

The good financial performance of the European multinational, with headquarters in Poland, was based on the growth recorded in foreign markets, which generated 88% of the total revenues. Breaking down revenues by sectors, general business, which includes sales to energy, telecommunications and health services companies, among others, accounted for 39%; banking and the financial sector for 36%; and public institutions were responsible for 25% of turnover.

'2020 was a very good year for Asseco. Despite great market uncertainty, we managed to improve results and strengthen our position in all business sectors. The accelerated digitalisation processes led us to focus on how to offer the best support to our customers in the face of the pandemic,' says Adam Góral, chairman of the BoD of Asseco Poland.

The business manager adds: 'We have embarked on a strategy of strong business diversification, both in terms of countries, sectors and products. Selling proprietary software and providing related services continued to be crucial for us, as was the scaling up of the business generated by new acquisitions. Last year, Asseco was joined by 15 new companies that have helped to strengthen our position in the foreign market.'

As for the Lusophone branch of the multinational, responsible for managing the business in Portugal and in Portuguese-speaking African countries, Asseco PST closed the 2020 financial year with a turnover of 37.4 million euros and a net result of 6 million euros. Despite the challenges posed by the pandemic, the company - whose core business is developing software for banks - recorded growth in Mozambique, Cape Verde, Sao Tome and Principe and East Timor.

Just this year, Asseco PST has acquired a majority stake in Finantech, a company specialised in capital market solutions, based in Porto. With an annual turnover of 5 million euros, this operation will allow Asseco PST to immediately increase its turnover, almost all of which is based in Portugal, by 15%. 'In the medium term, the goal will always be to deliver the best offer of added value to customers, leveraging synergies and complementarity of solutions between the two companies, which will continue to operate independently,' explains Daniel Araújo, CEO of Asseco PST.

As for 2021, on a global scale, the Asseco Group's consolidated book of orders currently amounts to 1.67 billion euros, 13% more than in the same period last year.

'In projecting our development prospects, we are aware that the economy is in a difficult phase, so we view the future with moderate optimism. Our aim is to maintain a leading position in the strategic sectors for the Group: banking, insurance, energy, telecommunications, health and public administration. We will invest in the development of cloud products and cybersecurity services. We also want to further grow through acquisitions and by strengthening our expertise in specific sectors. We are interested in companies similar to Asseco: with proprietary products, stable financial situation and whose shareholders want to continue with us, so we can help develop them', concludes Adam Góral.

Listed on the Warsaw, Tel Aviv and Nasdaq (New York) stock exchanges, Asseco will, as in previous years, distribute dividends to its shareholders. The respective board of directors proposed allocating 56.67 million euros for this purpose, corresponding to 0.68 cents per share.