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Bittnet posts 58 per cent increase in turnover

Bittnet, one of the most dynamic local IT companies, recorded a 58 per cent organic increase of its business in 2017, to 21.7 million RON (4.75 million Euro).

2018-02-19 12:46:03

IT integration brought revenues of 12.1 million RON (46 per cent increased as compared to 2016), IT training generated 8.1 million RON (49 per cent increase) while cloud services registered an increase of almost 400 per cent, resulting in RON 1.6 million revenue in 2017. Bittnet's net profit thus grew by 43 per cent, to 1.65 million RON (361,000 Euro), according to Romania-Insider.

"With the 2017 consolidated turnover exceeding RON 43 million, we are now moving into a new league of medium-size businesses. Nonetheless, we keep our values young and growing and we maintain our start-up and growth mentality as we see a significant potential for our continued, accelerated development" said Mihai Logofatu, CEO of Bittnet.

The company is looking to replicate the Banca Transilvania growth model and will reinvest its profits and distribute free shares to its shareholders. The company reached a market capitalization of EURO 7.5 million at the end of last year, five times higher than in April 2015, when the company listed its shares on the Bucharest Stock Exchange's AeRO market.

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