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Iraklio, Attica, September 16th, 2024 | Press Release |
Board of Directors of Neurosoft S.A. approves
2024 1st Half Financial Statements
- Consolidated Revenues in H1 2024 amounted to € 16.22 million (€ 11.82 million in H1.2023)
• Gross Profit in H1 2024 amounted to €3.19 million (€2.67million in H1.2023)
- EBITDA in H1 2024 amounted to € 1.20 million (€1,32 million in H1.2023)
- EBIT in H1 2024 amounted to € 0.36 million (€ 0.65 million in H1.2023)
- Net Profit in H1 2024 amounted to € 0.27 million (€0.49 million in H1.2023)
- Net Financial Position H1 2024 amounted to € 1.47 million (€0.56 million in 2023)
- Total equity in H1 2024 amounted to € 6.92 million (€ 6.64 million in 2023)
Iraklio, Attica, September 16, 2024 - The Board of Directors of Neurosoft S.A., a fully integrated ICT Company with System Integration and Cyber Security capabilities, met today and approved Neurosoft's Consolidated 1st Half Financial Statements (including the results for its subsidiaries, Neurosoft Cyprus Ltd and Neurosoft Romania Srl) for the 1st Semester ended June 30, 2024. Neurosoft, traded on Milan's Euronext Growth Italia market (GRS802003004,Reuters NRST.MI,Bloomberg NRST:IM), has Banca Investis as its Euronext Growth Advisor.
"Neurosoft is poised for another strong fiscal year in 2024," said Epameinondas Paschalidis, CEO of Neurosoft, reflecting on the Group's half-year performance. "In the face of economic challenges, our company has shown impressive growth, underscoring our resilience and dedication to excellence. We are eager to build on this momentum, remaining focused on delivering outstanding value to our customers, shareholders, and the communities we serve. Looking ahead, we are optimistic and committed to sustaining our growth in the Managed Services sector, while exploring new opportunities and partnerships and continuing our investment in research and development to maintain industry leadership."
2024 - 1st Half Neurosoft Group Consolidated Performance
Neurosoft's reported H1.2024 consolidated revenues equal to € 16.22 million, an increase of 37% compared to H1.2023. The main factors that drove this top line growth are: the securing of significant contracts combined with the successful capitalization of the company's efforts in developing an innovative solutions portfolio, along with in Greece.
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The Gross Profit landed at €3.19 million (19% growth) better-off compared to the respective amounts of previous year 1st semester. The EBITDA reached the amount of €1.20 million and the Net profit stood at € 0.27 million marginally lower compared to H1.2023. The lower EBITDA and EBIT figures are due to the fact that, in 2024, the company secured major infrastructure projects, where the first phase of implementation involves the resale of goods, which is inherently a low-margin business line.
H1.2024 Net Debt amounted to € 1.47 million, as compared with € 0.56 million at 30th June 2024. H1.2023 Equity is equal to € 6.92 million (€ 6.64 million in 2023).
Cyber Security: Revenue and profitability have surpassed the H1 2024 performance targets. As cyber threats continue to evolve, Neurosoft remains at the cutting edge, providing clients with the most advanced cybersecurity solutions. The segment's performance in 2024 underscores our steadfast dedication to safeguarding clients' digital assets amid a growingly complex threat environment. Our solutions portfolio has been bolstered with new services, including Security by Design, VMaaS, and Ransomware assessment, which have generated additional revenue streams and secured new projects with numerous Tier 1 clients.
Field Services Operation: The company remained committed to its strategic goal of helping telecom organizations and
enterprises with geographically dispersed infrastructures overcome their key challenge: maintaining smooth, continuous, and cost-effective operations. To achieve this, Neurosoft focused on technological optimization within the FSO business unit, investing in the modernization of the Warehousing Management System to establish a cutting-edge logistics center and improve service quality for both enterprise and telecom clients. Additionally, the Group expanded its national network to support multiple large-scale retail projects across the country simultaneously.
Infrastructure and Cloud Operations: The ICO segment experienced significant revenue growth, driven by rising demand for scalable and secure solutions. By maintaining a strong focus on facilitating digital transformation, Neurosoft has reinforced its market position and established strategic partnerships with major industry players. The company has continued to innovate, introducing advanced cloud solutions that provide businesses with enhanced agility, scalability, and security. The growth achieved in H1 2024 highlights Neurosoft's dedication to equipping businesses with the tools and technologies essential for success in the digital era.
It is specified that Neurosoft Separate and Consolidated 1st Half Financial Reports (including the results for its subsidiaries, Neurosoft Cyprus Ltd and Neurosoft Romania S.r.l. on June 30th , 2024 will be available to the public in compliance with the terms and conditions required by the law, on the company's website www.neurosoft.gr.
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Neurosoft S.A., a Greek company listed on the Euronext Growth Milan market , organized and managed by the Italian Stock Exchange (ISIN GRS802003004, Reuters NRST.MI, Bloomberg NRST:IM), was founded in 1994 with the vision to provide superior products, innovative solutions and exclusive services to its international clients. Neurosoft is a fully integrated ICT company with Field Services,
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Systems Integration and Cyber Security capabilities. The staff headcount exceeds 200+ highly skilled employees with deep experience in their field. The company is based in Athens with presence in Cyprus.
Business areas covered by Neurosoft: Cyber Security Operations: Provision of high-end Cyber Security solutions and services and development of innovative security products. In a world of viruses, malwares, and hacktivists, Neurosoft has compiled a suite of practical and technologically advanced tools and methods to significantly enhance the protection of your mission-critical data. Infrastructure & Cloud Operations: Design, implementation, operation and support of large-scale ICT infrastructure solutions for Operators of Critical Networks and Critical National Infrastructure Stakeholders. Our vast experience in complex projects makes Neurosoft the ideal partner for any ICT infrastructure requirement. Field Services Operations: Neurosoft offers high-quality,on-site logistic and warehousing services with 200+ field service technicians, offering 40+ service points in Greece and Cyprus.
The company is committed to client impact, continuous investments in R&D, innovation, adoption of advanced methodologies and well-known international standards (ISO9001, ISO27001, ISO 14001, ISO 45001, ISO 22301). It demonstrates a track record of successful local & international group (multi-country) installations & continuous technical support, always on time - on budget - on spec.
As of today, Banca Investis is Neurosoft's Euronext Growth Advisor for the Euronext Growth Milan market.
Press release available on www.neurosoft.gr
For further information please contact:
INVESTOR RELATIONS
Neurosoft S.A. |ir@neurosoft.gr| T: +30 2106855061
EURONEXT GROWTH ADVISOR
Banca Investis| corporatefinance@bancaintermobiliare.com
T:+39 0299968111
INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION
GROUP | |||||||||
Note | 30.06.2024 | 31.12.2023 | |||||||
ASSETS | |||||||||
Non-current assets | |||||||||
Property, plant & equipment | 6 | 547,226 | 438,980 | ||||||
Right-of-use assets | 7 | 2,690,614 | 2,227,319 | ||||||
Intangible assets | 8 | 692,383 | 444,474 | ||||||
Investments in subsidiaries | 9 | - | - | ||||||
Other non - current assets | 134,409 | 93,301 | |||||||
4,064,632 | 3,204,074 | ||||||||
Current assets | 1,063,834 | ||||||||
Inventories | 732,763 | ||||||||
Trade receivables | 10 | 7,269,074 | 14,372,417 | ||||||
Other current assets | 11 | 2,527,843 | 1,145,870 | ||||||
Cash and cash equivalents | 12 | 1,633,135 | 768,160 | ||||||
12,493,886 | 17,019,210 | ||||||||
Total assets | 16,558,518 | 20,223,284 | |||||||
EQUITY | |||||||||
Share capital | 13 | 3,965,612 | 3,965,612 | ||||||
Share premium | 600,000 | 600,000 | |||||||
Reserves | 14 | 501,331 | 501,331 | ||||||
Retained earnings | 1,851,371 | 1,576,416 | |||||||
Total equity | 6,918,314 | 6,643,360 | |||||||
LIABILITIES | |||||||||
Non-current liabilities | |||||||||
Borrowings | 15 | 68,716 | 114,527 | ||||||
Lease liabilities | 7 | ||||||||
2,129,305 | 1,729,240 | ||||||||
Deferred tax liabilities | 53,935 | 62,186 | |||||||
Employee benefit plans | 80,781 | 64,702 | |||||||
2,332,737 | 1,970,655 | ||||||||
Current liabilities | 3,798,437 | ||||||||
Trade payables | 16 | 7,895,446 | |||||||
Borrowings | 15 | 91,621 | 91,621 | ||||||
Lease liabilities | 7 | 595,309 | 514,079 | ||||||
Income tax liabilities | 357,458 | 434,482 | |||||||
Other tax liabilities | 17 | 848,762 | 1,157,663 | ||||||
Other current liabilities | 18 | 1,615,880 | 1,515,978 | ||||||
7,307,467 | 11,609,269 | ||||||||
Total liabilities | 9,640,204 | 13,579,924 | |||||||
Total equity and liabilities | 16,558,518 | 20,223,284 | |||||||
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COMPANY
30.06.2024 31.12.2023
547,226438,980
2,690,6142,227,319
692,383444,474
249,508249,508
134,40993,301
4,314,140 3,453,582
1,063,834732,763
7,263,81414,367,137
2,530,4921,143,349
1,527,491742,014
12,385,631 16,985,263
16,699,771 20,438,845
3,965,6123,965,612
600,000600,000
501,331501,331
2,032,5931,782,882
7,099,536 6,849,825
68,716114,527
2,129,3051,729,240
53,93562,186
80,78164,702
2,332,737 1,970,655
3,798,4377,895,446
91,62191,621
595,309514,079
357,458434,482
846,2461,159,083
1,578,4271,523,654
7,267,498 11,618,365
9,600,235 13,589,020
16,699,771 20,438,845
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INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME
GROUP | COMPANY | ||||||||||||
01.01.2024 - | 01.01.2023 - | 01.01.2024 - | 01.01.2023 - | ||||||||||
Note | 30.06.2024 | 30.06.2023 | 30.06.2024 | 30.06.2023 | |||||||||
Revenue | 5 | 16,227,313 | 11,824,138 | 16,143,865 | 11,779,645 | ||||||||
Cost of sales | 19 | (13,039,361) | (9,154,628) | (12,995,353) | (9,121,891) | ||||||||
Gross profit | 3,187,952 | 2,669,509 | 3,148,512 | 2,657,754 | |||||||||
Distribution expenses | 19 | (950,294) | (696,816) | (945,722) | (693,415) | ||||||||
Administrative expenses | 19 | (1,781,802) | (1,306,530) | (1,773,229) | (1,300,153) | ||||||||
Other income | - | 10,438 | 45,697 | 10,438 | 45,697 | ||||||||
Other gain - (losses) | - | (31,905) | (28,717) | (31,305) | (27,597) | ||||||||
Operating Profit | 434,389 | 683,143 | 408,694 | 682,286 | |||||||||
Finance income | 20 | 22 | 8 | 22 | 8 | ||||||||
Finance expenses | 20 | (71,543) | (35,703) | (71,092) | (34,724) | ||||||||
Profit before income tax | 362,867 | 647,448 | 337,623 | 647,570 | |||||||||
Income tax | 21 | (87,912) | (153,251) | (87,912) | (153,251) | ||||||||
Profit after tax | 274,955 | 494,197 | 249,711 | 494,319 | |||||||||
Other comprehensive income | |||||||||||||
Total comprehensive income | 274,955 | 494,197 | 249,711 | 494,319 | |||||||||
Profit | for | the | period | ||||||||||
attributable to: | 274,955 | ||||||||||||
Equity holders of the parent | 494,197 | - | - | ||||||||||
274,955 | 494,197 | - | - | ||||||||||
Total comprehensive income | |||||||||||||
274,955 | |||||||||||||
Equity holders of the parent | 494,197 | - | - | ||||||||||
274,955 | 494,197 | - | - | ||||||||||
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INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY
GROUP | ||||||||||
Share | Share | Retained | Total | |||||||
capital | premium | Reserves | earnings | equity | ||||||
1 January 2023 | 3,965,612 | 600,000 | 445,832 | 331,538 | 5,342,983 | |||||
Net profit for the period | - | - | - | 494,197 | 494,197 | |||||
Total comprehensive profit for the period | ||||||||||
(net of tax) | - | - | - | 494,197 | 494,197 | |||||
30 June 2023 | 3,965,612 | 600,000 | 445,832 | 825,736 | 5,837,180 | |||||
Net profit for the period | 786,056 | 786,056 | ||||||||
Other comprehensive income | - | - | - | 20,123 | 20,123 | |||||
Total comprehensive income for the year | ||||||||||
(net of tax) | - | - | - | 1,300,376 | 1,300,376 | |||||
Legal reserve | - | - | 55,499 | (55,499) | - | |||||
31 December 2023 | 3,965,612 | 600,000 | 501,331 | 1,576,416 | 6,643,360 | |||||
1 January 2024 | 3,965,612 | 600,000 | 501,331 | 1,576,416 | 6,643,360 | |||||
Net profit for the period | - | - | - | 274,955 | 274,955 | |||||
Total comprehensive income for the period | ||||||||||
(net of tax) | - | - | - | 274,955 | 274,955 | |||||
30 June 2024 | 3,965,612 | 600,000 | 501,331 | 1,851,371 | 6,918,314 | |||||
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COMPANY | ||||||||||||
Share | Share | Retained | ||||||||||
capital | premium | Reserves | earnings | Total | ||||||||
1 January 2023 | 3,965,612 | 600,000 | 445,832 | 708,286 | 5,719,730 | |||||||
Net | profit | for | the | |||||||||
period | - | - | - | 494,319 | 494,319 | |||||||
Total | comprehensive | |||||||||||
income for the period | ||||||||||||
(net of tax) | - | - | - | 494,319 | 494,319 | |||||||
30 June 2023 | 3,965,612 | 600,000 | 445,832 | 1,202,604 | 6,214,048 | |||||||
Net | profit | for | the | |||||||||
period | - | - | - | 615,655 | 615,655 | |||||||
Other | comprehensive | |||||||||||
income | - | - | - | 20,123 | 20,123 | |||||||
Total | comprehensive | |||||||||||
income for | the year | |||||||||||
(net of tax) | - | - | - | 635,778 | 635,778 | |||||||
Legal reserve | - | - | 55,499 | (55,499) | - | |||||||
31 December 2023 | 3,965,612 | 600,000 | 501,331 | 1,782,882 | 6,849,825 | |||||||
1 January 2024 | 3,965,612 | 600,000 | 501,331 | 1,782,882 | 6,849,825 | |||||||
Net | profit | for | the | |||||||||
period | - | - | - | 249,711 | 249,711 | |||||||
Total | comprehensive | |||||||||||
income for the period | ||||||||||||
(net of tax) | - | - | - | 249,711 | 249,711 | |||||||
30 June 2024 | 3,965,612 | 600,000 | 501,331 | 2,032,593 | 7,099,536 | |||||||
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Restricted
INTERIM CONDENSED CASH FLOW STATEMENT
Profit before tax
Adjustments for:
Depreciation & amortisation
Employee benefit plans Net finance expenses Exchange differences Increase in inventories (Increase)/decrease in receivables Decrease in payables
Less:
Interest and other finance expenses paid
Income tax paid
Net cash flows generated (used in) /from operating activities
Investing activities
Purchase of property, plant and equipment and intangible assets
Interest received
Net cash flows used in investing activities
Financing activities
Repayments of borrowings Repayment of lease liabilities
Net cash flows used in financing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at the end of the period
GROUP | COMPANY | |||||||||||
Note | 01.01.2024 - | 01.01.2023 - | 01.01.2024 - | 01.01.2023 - | ||||||||
30.06.2024 | 30.06.2023 | 30.06.2024 | 30.06.2023 | |||||||||
362,867 | 647,448 | 337,623 | 647,570 | |||||||||
6,7,8 | 769,970 | 636,446 | 769,970 | 636,446 | ||||||||
14,918 | 13,190 | 14,918 | 13,190 | |||||||||
20 | 71,522 | 35,695 | 71,071 | 34,716 | ||||||||
7,324 | 4,200 | 7,324 | 4,200 | |||||||||
(331,070) | (4,972) | (331,070) | (4,972) | |||||||||
5,680,262 | (881,381) | 5,675,072 | (887,870) | |||||||||
(4,368,822) | (2,756,121) | (4,417,886) | (2,709,689) | |||||||||
(24,869) | (18,310) | (24,418) | (17,331) | |||||||||
(163,212) | - | - | - | |||||||||
2,018,889 | (2,323,806) | 1,939,391 | (2,283,741) | |||||||||
6,8 | (815,227) | (406,531) | (815,227) | (406,531) | ||||||||
22 | 8 | 22 | 8 | |||||||||
(815,205) | (406,523) | (815,205) | (406,523) | |||||||||
15 | (45,811) | (45,811) | (45,811) | (45,811) | ||||||||
(292,898) | (253,660) | (292,898) | (253,660) | |||||||||
(338,709) | (299,471) | (338,709) | (299,471) | |||||||||
864,975 | (3,029,800) | 785,477 | (2,989,734) | |||||||||
768,160 | 3,808,313 | 742,014 | 3,749,981 | |||||||||
12 | 1,633,135 | 778,513 | 1,527,491 | 760,247 | ||||||||
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