ASEE Group revenues increased by 9% in 2023, to 362.8 million euros, and net profit in Q4 2023 increased by 41%

The ASEE Group (WSE: ASECOSEE, ASE) recorded in the fourth quarter of last year sales revenues of 112.9 million euros, up by 8%, and a net profit of 11.4 million euros, higher by 41% compared to the same period in 2022. For the full year 2023, the company’s revenues recorded an advance of 9% to 363.4 million euros, based mainly on the organic growth of the company.

The largest increase in sales revenue in the last quarter of last year, totaling €46 million, was generated by dedicated solutions, followed by payment solutions, which totaled €49.1 million. Revenues from sales of banking solutions registered a slight decrease, reaching 17.8 million euros.

“ASEE Group’s better results in 2023 are mainly due to organic growth and, to a lesser extent, completed acquisitions. The increased scale of operations in the Banking Solutions segment and changes in the business structure of the Payment Solutions segment contributed to the improved financial performance. In the Payment Solutions segment, revenue growth was recorded in the eCommerce and Processing business lines, as well as in lines directly targeting the points of sale, such as the Independent Payment Terminal Network (IPD) and Electronic Fiscal Cash Registers (ECRs ). In the Banking Solutions segment, higher revenues were achieved by all three lines that make up the segment, with the largest increase being recorded by the line responsible for central banking systems and other software, mainly due to several large implementation projects carried out in 2023” , said Piotr Jeleński, CEO of ASEE & Payten Group.

The operating profit related to the period October-December 2023, after adjusting the effects of accounting reporting in conditions of hyperinflation, was generated by payment solutions, which increased by 2.4 million euros, to 8.2 million euros. Banking solutions generated an operating profit of 4.3 million euros, while the operating profit of dedicated solutions decreased by 1.4 million euros.

Results for the full year 2023

In 2023, ASEE Group’s sales revenues, after adjusting for the effects of accounting reporting in hyperinflation conditions, increased by 31.5 million euros or 9%, to 363.4 million euros, compared to 2022. The highest revenues in sales were generated by payment solutions (166.5 million euros, up 4%), followed by dedicated solutions, where sales revenue rose by 16% to 130.3 million euros. Revenues from sales of banking solutions advanced by 13%, to 66.6 million euros. ASEE Group’s operating profit, after adjusting for the effects of accounting reporting in hyperinflation conditions, increased by 11% in 2023 to 50.7 million euros, while EBITDA increased by 5% to 69.5 million euros.

ASEE Group (WSE: ASECOSEE, ASE) is one of the largest IT companies in the field of production and implementation of own software solutions and services in the region of Southeast Europe, Turkey, Spain, Portugal, Andorra, Colombia, Peru, Dominican Republic , Slovakia and the Czech Republic. The company provides ICT solutions for various industry verticals, including the financial sector, payments sector, public administration and telecommunications. The company offers products and services in the payments business under the name Payten. Since October 2009, ASEE Group shares are listed on the Warsaw Stock Exchange. ASEE Group has more than 3,800 employees in 23 countries. More than 10 of the 15 largest banks in South-East Europe are already clients of ASEE.

photo credits: ASEE & Payten Group