INVL Technology results for 6 months of 2023
28 Agosto 2023 - 8:05AM
INVL Technology results for 6 months of 2023
Equity of the Company and the Company's net
asset value as of 30 June 2023 was EUR 37.9 million or EUR
3.14 per share. At the end of 2022, these figures were
EUR 38.27 million and EUR 3.17 respectively.
Investments of the Company into managed
companies amounted to EUR 34.22 million at the end of June 2023 and
EUR 33.86 million at the end of June 2022.
The net loss of the Company for 6 months of 2023
was EUR 0.44 million, the net profit of the Company for 6 months of
2022 amounted to EUR 1.28 million.
Additional information:
As at end of June this year, the equity and net
asset value of INVL Technology, a company that invests in IT
businesses, amounted to EUR 37.9 million, while equity value
per share was EUR 3.1409. These indicators have decreased by
0.95% since the beginning of the year.
The company’s net loss in the first half of 2023
stood at EUR 0.44 million, compared to a net profit of
EUR 1.28 million in the same period last year. Decreased
success fee provision of EUR 2.3 million had a positive impact on
the 2022 H1 results.
“The strong performance of the business holdings
in the first half year and contracts signed with international
customers allow the companies NRD Companies and NRD Cyber Security
to anticipate a fast growth rate, higher profitability and a
significant value gain this year. The companies of the Novian
group, which mostly operate in the Baltic and Nordic countries, are
expected to achieve somewhat more moderate results,” says
Kazimieras Tonkūnas, Managing Partner at INVL Technology.
INVL Technology carries out a full financial
valuation of its assets at the end of the financial year. The
company’s business outlook and value dynamics are reflected in the
interim reports of the holdings.
Performance of INVL Technology’s
business holdings
The aggregated revenue of the companies managed
by INVL Technology amounted to EUR 29 million in the first
half of 2023, having increased by 34.2% year-on-year. Their gross
profit grew by 42.4% to EUR 8.1 million during the comparative
period, while the aggregated EBITDA reached EUR 1 million,
respectively an increase of 9.2 times.The revenue of these
companies generated in Lithuania accounted for 58% of the total and
came to EUR 16.8 million, showing a 13.3% increase in H1
year-on-year, while the revenue outside Lithuania grew by 79.3% to
EUR 12.3 million, respectively.
During the reporting period, enterprises of NRD
Companies posted a consolidated revenue of EUR 6.2 million,
almost doubling it year-on-year. The group's EBITDA amounted to
EUR 0.6 million, respectively, reversing a negative result of
EUR 0.4 million reported a year earlier.
The consolidated revenue of NRD Cyber Security
reached EUR 2.8 million in the first half of 2023, a 13.7%
increase year-on-year, while EBITDA climbed by 52.7% to
EUR 0.4 million, respectively.
In the first half of 2023, the Novian group
reported an aggregated revenue of EUR 18.5 million, up 27.6%
from the same 2022 period. The group’s EBITDA reached EUR 0.2
million, a rise of 25.9%, respectively.
Revenue of Novian software development companies
was EUR 4.3 million in the first half of 2023, up 19.8%
year-on-year, and EBITDA was negative at EUR 0.3 million, while a
year ago this negative indicator stood at EUR 0.17 million.
This year’s EBITDA result was determined by the enlarged scope of
one of the software development projects, devoted to the
development of the public procurement information system in
Lithuania. The Novian group comprises technology, software
development and digitisation service companies.
INVL Technology manages NRD Cyber Security (a
cybersecurity company), NRD Companies (a GovTech company) and
Novian (a Baltic IT company).
INVL Technology is a closed-end investment
company traded on the secondary list of the Nasdaq Vilnius stock
exchange (INC1L). It is managed by INVL Asset Management. INVL
Technology’s investments will be realised by
14 July 2026, the proceeds will be paid out to
shareholders, and the fund will be wound down.
The person authorized to provide additional information:
Kazimieras Tonkūnas INVL Technology Managing Partner
E-mail k.tonkunas@invltechnology.lt
- INVL Technology_2023 H1 results
- INVL Technology_Factsheet_2023 H1
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