In H1 Span recorded an increase in sales of 22.8% YoY and a net profit of HRK 7.4m (+412% YoY).
In the first half of 2021, Span recorded an increase in sales of 22.8% YoY amounting to HRK 390.6m. Total revenues increased as a consequence of acquisition of new clients as well as an increase in the number of projects with existing clients.
As to revenues by segment, Software Asset Management and Licensing remains the leading segment contributing to revenues with 74%.
In terms of the segmentation by geography, Ukrainian market is the most significant market, attributing to 26% of revenues in 2021. It is followed by Slovenian (21.9%) and Croatian market (20.6%). This is due to the fact that licence agreements are usually renewed in the second half of the year in Croatia, which is the largest geographic market on an annual level.
The most significant growth of revenues by this segment was noted on the UK market totalling HRK 27.6m (120.9%).
Operating expenses reach HRK 384m, represneting an increase of 20%. Following expansion of business operations, the companies’ personnel expenses grew by 13% due to hiring headhunter (new employees in IT services).
EBITDA before one-offs amounted to HRK 16.56m, which represents 167% YoY growth. Such a result implies EBITDA margin of 4.15%, representing an increase of 1.44 p.p. from H1 2020.
One-off items present expenses which are related to operating costs needed for the realisationof listing Span d.d. on ZSE. As a reminder, the first day of trading companies’ share on the exchange was on 23 September.
On the bottom line, Span witnessed a net profit of HRK 7.42m, which corresponds to an increase of 412% YoY (or HRK 1.45m). Net profit margin stood at 1.89%, representing an increase of 1.44 p.p. YoY.
In the first six months of this year the company’s CAPEX amounted to HRK 1.7m.
The last day of Q3 was noted with a relatively high turnover on the ZSE of HRK 80.14m.
Of that, HRK 48.62m was traded as block. To be specific, HRK 28.65m worth of HT shares was traded as block, followed by a HRK 15.1m block of ATGR and HRK 2.64m of PODR. Meanwhile, regular turnover amounted to HRK 31.52m, of which HRK 29.97m relates to CROBEX constituents. To put things into a perspective, this marks the highest regular turnover of CROBEX constituents in 2021 so far.
Meanwhile, the index ended the quarter just slightly below 2,000 points (1,999.24 points) noting a daily increase of 0.79% and a YTD increase of 14.95%.
Of the prime constituents, Podravka has observed a solid daily increase of 4.4%, ending the trading day at HRK 664 per share. In the past month, the company’s share has increased by as much as 12.5%, while Mesna Industrija Braća Pivac, the majority owner of Kraš, has entered the top 10 shareholders. To be specific, MI Braća Pivac currently owns a 3.18% stake in Podravka.