Reditus increases its Operating Revenue by 12% to 11.2 million Euros in the 1st Half of 2021
- Operating Revenue reaches 11.2 million Euros
- Net Income of 65 thousand Euros
- EBITDA reaches 1.1 million Euros
- EBITDA Margin of 10.1%
- International Sales represented 22% of total
1. Summary of the Activity
During this period, Operating Revenues have increased by 12.0%, reaching 11.2 million Euros against € 10.0 million in 1H20.
Consolidated Net Income, whereas positive at 65 thousand Euros, represents nevertheless a 61.6% decrease over the same period of the previous year, when it had reached 168 thousand Euros.
EBITDA reached 1.1 million Euros in 1H21, which compares with € 1.3 million in the same period last year. This value represents a 10.1% EBITDA margin, or a 2.7 pp reduction from the same period in the previous year.
By Business Segment, Reditus registered a Revenue improvement from its ITC and BPO activities, and a contraction in ITO.
ITC’s segment revenues reached 1.9 million Euros, against € 0.98 million in the same period of the previous year, representing a 97.2% growth. EBITDA reached 351 thousand Euros, which compares with € 68 thousand in 1H20. The EBITDA margin also improved by 11.2 pp, reaching 18.1%.
The ITO sector revenues reached 2.4 million Euros, or a 36.7% contraction from the € 3.7 million achieved in the same period of the previous year. EBITDA reached 380 thousand Euros, or a 43.4% reduction from the € 671 thousand in 1H20. The EBITDA margin was also affected by 1.9 pp, reaching 16.1%.
The BPO Operating Revenue registered a positive development, with a 30% increase from the same period in the previous year, reaching 7.0 million Euros. EBITDA reached 401 thousand Euros, or a 25.5% decrease against the € 538 thousand reached in 1H20. The EBITDA margin was also impacted by 4.2 pp, reaching 5.7%.
The operational revenue of our International operations reached 2.45 million Euros, or a marginal 3% reduction from 1H20 and a minor reduction of its weight relative to the Group's overall revenue. This situation results from a range of difficulties associated with the ongoing COVID19 pandemic, mainly affecting personal travel and shipment of materials and equipment, associated with production issues suffered by major suppliers and disruption of stocks at the major distributors, which have resulted in project development delays and in the postponement of investment decisions for strategic Public Sector projects. Reditus will maintain its commitment to the international market, while focusing in the sustainability of its long-term projects in the ITC and ITO segments.
For the remaining of 2021 and despite the persisting uncertainty resulting from the on-going public health problems, it is worth noting that new challenges and opportunities began to emerge, for which the Group was prepared, so it expects positive growth with the award and kick-off of some strategic and large-scale projects, in the final contract stages or already awarded, both in the national and international markets. These new opportunities have already started to materialize during the third quarter of the current year and Reditus will, in addition to their implementation, still actively search for opportunities in Nearshore projects.