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Author: Cornelia Wels-Maug
Last week, leading Polish software and services player Prokom Group published its preliminary Q2 and H1 results.
In the H1 2006, revenues grew by 26.2% to Zl 792.8m (€203.3m). The group's EBIT margin was 6.4%, compared to 6.2% in H1 2005. Sales of its own software products were up 168% and generated 21% of total revenues. 51% of revenues were produced by related IT services (down by 2.7%), and the remaining 28% were generated by sales of hardware and third-party software (up 46%). Headcount was at 4,575, down 4.1% from H1 in 2005.
In Q2, sales rose 29.6% to Zl 452 (€m). EBITDA margin was 30.4%, down from 33.3% in Q2 2005. Sales of products and services were at Zl 315m, up 16%, and contributed 70% to overall revenues. The remaining 30% or Zl m (€m) were generated by sales of hardware (to 80%) and third-party software, up 77% period-on-period.
The management didn't give any guidance for the current year.
Comment: It has been a successful first-half for the Prokom Group, which grew in sales and profitability. The restructuring programme, inaugurated last year (see EuroView Daily Comment 17 May), seems to be going in the right direction.
Some major changes have already become evident. Compared to H1 2005, the group has excelled in the sales of its own software products and strengthened its IT support-services business. It also grew its overall activities in hardware sales significantly.
In the financial-services sector, the merger of Softbank (the group's sophisticated software and services provider for the financial world) with asseco is pending. Prokom just increased its stake in Safe Computing to better tackle the promising IT security market. We are waiting for the audited results later in September for more details on its progress in the different industry segments.
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