Athens, 30 April 2024: Profile Group has presented today, in the context of the annual briefing for analysts and institutional investors, the financial results for the fiscal year 2023, as well as those for the first quarter of 2024, the upcoming investment plans and the picture of its international activities, which represent the largest percentage of total sales.

 

In particular, the upward trajectory of the GroupΆs financial figures was presented, as a result of the globalisation, the systematic investment in software development but also its wider reorganisation, by strengthening the human resources at all levels, within and outside the countryΆs borders, whilst the backlog of projects amounts to ¤ 130 million for the next three years.

 

During the presentation, special reference was made to ProfileΆs brand-new and autonomous Artificial Intelligence solution, AI. Adaptive, which offers immense user experience, converting data into actionable insights and significantly streamlining workflows. In addition, it allows users to pose questions in natural language and make fast decisions with the help of advanced machine learning algorithms. Anticipating trends for the adoption of Artificial Intelligence in financial software, Profile Group estimates that the use of AI will drive significant sales growth in each one of its products. This estimate is supported by a study conducted on behalf of Gartner according to which the needs of the global financial industry in Artificial Intelligence are expected to skyrocket to $ 55.20 billion in 2027.     

 

 

Key financial figures for 2023

       

At a consolidated level, the sales revenue of the Profile Group marked an increase of 20% and amounted to ¤ 30,1 million compared to the corresponding period of 2022. Special reference was made to the GroupΆs extroversion with new project implementations in Europe, the Middle East, Asia and America, as the Group now has a presence in more than 50 countries.

 

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) amounted to ¤ 7.33 million compared to ¤ 6.20 million in 2022, while the Profits Before Tax increased by 34% amounting to ¤ 5.13 million from ¤ 3.83 million. At the same time, Profits After Tax increased by 18%, to ¤ 3.85 million from ¤ 3.27 million. The strong profitability enables significant investment in Research and Development (R&D), in order to keep products at the cutting edge of technology and meet the ever-evolving clientsΆ needs.

 

The Group maintains its financial strength, with a debt/equity ratio of 19% and a general liquidity ratio of 1.6x, as a result of the effective management of working capital. With these data, the Management intends to propose to the General Assembly of shareholders, the distribution of a dividend of ¤ 1.200 thousand, increased by 20% compared to 2022, which corresponds to ¤ 0,048807 per share (gross amount).

 

In 2023, Profile Group received significant distinctions at Group level as well as at the provision of independent solutions level including Investment Management (Axia) and Digital Banking (Finuevo) from international analysts and bodies such as Gartner, Forrester, IBS Intelligence, Digital Finance Awards, Finance Derivative, International Investor, International Business Magazine and Fund Awards.

 

At the product level, the Profile Group launched the Finuevo Digital and Finuevo Core Banking solutions as SaaS through Amazon Web Services (AWS) as well as through MicrosoftΆs Azure platform, enabling clients to benefit from the power of the cloud to entirely transform their banking operations.

 

Profile GroupΆs executives presented the new solution, AI.Adaptive, thoroughly analysing the ways in which Artificial Intelligence integrates into existing financial technology infrastructure, simplifying interaction with databases and applications with the use of Large Language Models (“LLMs). The solution is LLM-agnostic and functions independently from the specific language model used, communicating with various Business Intelligence and Data Warehousing subsystems. In particular, AI.Adaptive was successfully implemented in the AXIA (Investment platform) and Finuevo.Suite (Digital Banking), transforming the way of interaction with the end user. In addition, the design of the solution is characterised by a modular architecture where, combined with the appropriate degree of autonomy, it enables clients to integrate it to their existing solutions including financial and banking databases, APIs, Data Lakes and other applications.

 

 

Group Outlook for 2024

 

As pointed out during the presentation, the GroupΆs sales revenue for the first quarter of 2024 is expected to increase further, compared to the corresponding percentage of 2023, as the continuous and successful investments in new solutions of the financial sector such as Finuevo.Suite that integrates the unique Digital experience of the end user with a sophisticated Core Banking system make the Management optimistic for the current year. The Group aims at further development and the enrichment of its portfolio with the utilisation of Artificial Intelligence (AI) in the existing and new solutions, which are functional with its Fintech platforms.

 

At the same time, the digital modernisation of the State continues at a staggering rate with Profile Group implementing seamlessly projects undertaken, based on years of experience and expertise, and creating the corresponding positive expectations in the further assignment of projects of relative interest.

 

Another pole of growth shall come from acquisitions, which are on the GroupΆs radar, where specific cases are examined that are expected to create multiplier profits for its shareholders, leaving a lasting impact on the market.

 

Profile GroupΆs growth and profitability rates are amongst the industryΆs leading ones and this upward curve creates prospects for doubling the figures over the next three years.

Profile IR Presentation to the Hellenic Fund and Asset Management Association