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Epsilon Net: Turnover and profitability soared in nine months

Epsilon Net Group presented a particularly strong financial performance during the period January-September, overcoming the ongoing difficulties that the pandemic brings to the forefront for the Greek business scene. Taking, among other things, a boost from the newly established Epsilon SingularLogic and IQom, whose acquisition (amounting to 1.8 million euros) was completed in September, Epsilon Net more than doubled its turnover while EBITDA and earnings before tax soared by 217% and 354% respectively, confirming the group’s momentum and its commitment to the strategic plan, which has made Epsilon Net a landmark company in the implementation of the digital transformation of the private sector in Greece.

The group’s financial results

Epsilon Net’s turnover amounted to 28.56 million euros in the nine months of 2021, compared to 11.50 million euros in the nine months of 2020, recording an increase of 148%.

The group’s earnings before interest, tax, depreciation and amortization (EBITDA) amounted to 7.83 million euros compared to 2.47 million in the corresponding period of 2020, (+217%), while profit before tax increased by 354% to  5.53 million euros compared to 1.22 million in the same period of 2020. 

In the financial results of the third quarter of 2021, the results of Data Communication and Technolife are fully consolidated, as well as the results of the newly established Epsilon Singular Logic (based on the completion on 14/7/2021 at a legal level of the process of division and contribution of the respective branch by Singular Logic). The results of the newly acquired company IQom, specializing in retail, participate in the group’s results.

The group’s liquidity enables the implementation of new business moves and the exploitation of investment opportunities, moving at particularly satisfactory levels (Cash and Equivalents of  18.12 million euros), despite the significant acquisitions that have been fully repaid during the last quarter of 2020 and the first nine months of 2021, amounting to more than 18 million euros (Data Communication, SingularLogic, Technolife, iQom). Furthermore, during the nine months of 2021 the Group’s Equity (+69.7%) also strengthened significantly, amounting to 34.04 million euros.

“Going through the last months of 2021, a landmark year for our group, I feel that we have succeeded in laying the foundations for a new creative cycle with strong growth rates.Our leading role in the digital transformation of the private sector is proven daily by the acceptance of all the products and services we have developed for e-invoicing and the adaptation of businesses to myDATA, but also by the excellent course of the Web applications of the EpsilonSMART series.The group is at its most mature moment, in relation to the experience and know-how of our people, to the level of technological choices and our continuous investments and in relation to its ever-increasing potential for the future. In the large family of companies of the Epsilon Net Group, guided by the human-centered approach, the corporate vision and the dedication to our customers, we continue with consistency and continuity all together to create the next day. We methodically build a group based on all in one solution creating a strong working relationship with our customers. We are making a decisive contribution to the digital transformation. Our goal is to have the corporate size that inspires security in customers in the ever-changing business and technological environment with the successive legislative changes but at the same time to maintain the flexibility to personally see the needs of each customer individually. Our strategy remains to generate daily value for our people, partners and shareholders. The results of the nine months of 2021, reward us and give us the strength and responsibility to continue our growth path as the largest software group for businesses in Greece.”, stated Ioannis Michos, Founder of the Group, President of the Board of Directors and CEO of Epsilon Net.

It is noted that in order to support the transformation process of Greek businesses and especially of small and medium-sized enterprises, Epsilon Net has been cooperating in recent months with Eurobank for the interconnection of businesses with the IAPR’s ( Independent Authority for Public Revenue ) myDATA, through the products of electronic invoicing of the Epsilon Smart series, which the bank’s businesses – customers will be able to obtain on preferential subsidy terms provided by the bank, through its subsidiary, Business Exchanges.

The agreement ensures, among other things, the possibility of on-line communication with the accounting office that supports (or cooperates with) the business and access to upgraded information and support services on issues of legislative compliance and technological innovation. 

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