In the current year the Atende Group recorded significant increases in revenues and gross profit on sales. However, these increases were offset by an increase in fixed costs, which is related to additional expenses incurred on pro-development projects.
At the consolidated level in the first half of 2015 sales revenue amounted to PLN 95,709 thousand (up by 29% y/y) and gross profit on sales increased to achieve PLN 23,597 thousand (up by 20% y/y). Even better results were achieved by the Company in the stand-alone statement, namely an increase in the y/y revenue of 38% and an increase in gross profit on sales of 27%. However, the Group’s results show a slight decrease, which is due to incurring higher fixed costs and financial costs. Consolidated EBITDA in the first half of this year amounted to PLN 2,693 thousand compared to PLN 3,246 thousand the previous year, while the Group incurred net loss of PLN 1,649 thousand compared to the previous year loss of PLN 656 thousand.
The increase in fixed costs results mainly from planned additional expenses incurred to extend the scale of operations, expanding the offering by adding new products and the expansion of sales departments and deployment forces. Gross and net results were also adversely impacted by higher loss on financial operations (by PLN 493 thousand), which resulted mainly from the revaluation of liabilities and foreign currency receivables as on the balance sheet date of the holding company.
′The first half of this year was similar to the first half of 2014, with the difference that we were able to significantly increase sales. This confirms the merits of incurring the costs of development projects. We believe the achieved result to be neutral for the success of the whole year. Just like last year, the second half of the year should bring much better results, so the results throughout the year should be satisfactory.′ – says Roman Szwed, President of the Management Board of Atende S.A.
It is worth noting that in the first quarter of 2015 the Atende Group recorded significant sales increases in all sectors except the public sector, where sales were at the same level as in the corresponding period of the previous year. However, in the opinion of the Management Board, due to the orders on hand, the sales to the public sector in the second half of this year should be significantly increased. The Management Board of Atende also announced efforts to bring cost savings in the second half of this year, such as organisational changes involving joining the technical support and product portfolio optimisation departments.