Asseco Business Solutions (ABS) H1 2024 earnings summary

Executive summary

• Revenue for HY 2024 increased by 14.0% year-over-year to PLN 201.3 million, with strong growth in Poland and abroad.

• Net profit rose by 18.4% year-over-year to PLN 47.1 million, reflecting robust operational performance.

• Dividend of PLN 2.60 per share was paid in July 2024, totaling PLN 86.9 million from 2023 profits.

• ERP systems segment accounted for over 94% of total revenues, with sales of PLN 188.7 million.

• Backlog at the end of HY 2024 reached PLN 348.3 million, up 15.7% from the previous year, covering 91.4% of 2023 sales.

Financial highlights

• EBITDA for HY 2024 was PLN 72.4 million, up 13.4% year-over-year.

• EBIT increased by 13.9% to PLN 52.7 million compared to HY 2023.

• Cash at 30 June 2024 stood at PLN 86.6 million, up from PLN 53.9 million at year-end 2023.

• Operating cash flow for HY 2024 was PLN 53.0 million; net cash from operating activities was PLN 59.4 million.

• Basic and diluted EPS for H1 2024 was PLN 1.41, compared to PLN 1.19 in H1 2023.

Outlook and guidance

• Backlog for 2024 covers 91.4% of prior year sales, indicating strong revenue visibility for the remainder of the year.

• No direct impact from the war in Ukraine is foreseen, but management remains vigilant regarding geopolitical risks.