During this period, the company acquired 10 new customers and strengthened its team of experts by 74 people. In the following quarters, the Group will focus on further revenue growth, expanding the portfolio of clients and of implemented projects, as well as invest in the development of its team.
Consolidated revenues of the Spyrosoft Group in the first quarter of 2021 amounted to PLN 35.5 million and were 40.6% higher than in the previous year. Their level was also 1.9% higher compared to the fourth quarter of 2020.
“The market of IT services is growing, and companies and organizations are undergoing an intense digitization of their operations. In the first quarter of this year, we continued the development of our business and took initiatives that will ensure our revenue growth in the future,” says Sebastian Łękawa, member of the management board of Spyrosoft. “The last quarter of the year usually brought us the highest revenues in a given financial year, so a quarter-to-quarter increase in revenues in the first months of this year is a good prognosis for subsequent periods,” he adds.
In the first quarter of this year, the Spyrosoft Group acquired 10 new clients from the following branches: automotive, financial services, HR, media and entertainment, industry and telemedicine.
The group of new clients includes, among others, an innovative company from the USA, together with which Spyrosoft is implementing an innovative project to create the best mixed reality solutions. Spyrosoft experts work with the best specialists from the Silicon Valley and Florida on its development. Currently, the company is expanding the team dedicated to this project and is looking for professionals in the field of Virtual Reality who would like to engage in such an innovative project.
The Group is dynamically increasing the number of associates, both in Poland and on foreign markets. In the first quarter of 2021, the Spyrosoft team increased by 74 people, thus increasing the total number of specialists cooperating with the company to 617 (as at the end of March 2021).
The Group plans to further increase the number of associates in the upcoming quarters. Therefore, it launched an internship as well as educational programs aimed at IT students and people who consider professional retraining. It also strengthened the promotion of the recommendation program.
In line with the strategic assumptions, the Group is expanding its presence on international markets. An important event in the first quarter in this context was the assumption by Ulf Magnus Wolkersdorfer of the position of managing director in Spyrosoft Solutions GmbH (Munich), responsible for business development on the German market. Ulf Magnus Wolkersdorfer has many years of experience in guiding industrial companies through the digital transformation process.
"We are also working intensively on the development of our office in Warsaw. We are increasing our presence in the capital to offer local experts with extensive experience and specialization a possibility to participate in our technologically advanced projects. Currently, in Warsaw we employ not only IT experts in .NET, Java, Python and iOS technologies, but also recruiters," says Sebastian Łękawa. In the last quarter, Rafał Gruszczyński joined the management team of the Group. As Site Manager, he is responsible for the expansion of the office and employment growth in Warsaw. Rafał Gruszczyński has many years of experience in managing people and processes in the IT industry.
Spyrosoft's investments in the area of human capital translate into an increase in costs. Consolidated general and administrative expenses of the Spyrosoft Group in the first quarter of 2021 amounted to PLN 5.8 million and were 10.9% higher than the Group's general and administrative expenses in the first quarter of 2020.
Consolidated operating profit for the period from January to March 2021 increased by 37% YOY to the amount of PLN 5.3 million, while the net profit in the first quarter of this year amounted to PLN 4 million, which means an increase by 42.4% YOY.
The Spyrosoft Group plans to further develop its business and strengthen its position in selected markets. It will also continue to strengthen the competences of its associates and acquire new talents.
"The growing number of new clients and the stabilization of the demand for IT services at a higher level than before the Covid-19 pandemic provide an optimistic perspective for the development of the industry, which should result in a steady increase in the Spyrosoft Group's revenues in the coming quarters," Sebastian Łękawa sums up. "The planned events that will further strengthen us in the coming quarters include the acquisition of shares in Norbsoft and the transfer of the company's shares to the main market of the WSE," he adds.
Selected financial results of the Spyrosoft Group (in PLN)
|Q1 2021||Q1 2020||change (%)|
|Net revenues||35 504 859||25 245 417||+40,6|
|EBITDA||5 765 918||4 177 796||+38,0|
|Operating profit||5 289 389||3 864 842||+36,9|
|Net profit||4 016 065||2 819 998||+42,4|
Spyrosoft is a Polish company that has been offering comprehensive software development services since 2016. The company operates globally - about 80% of its revenues come from contracts with foreign clients, mainly from the UK and Germany. The company cooperates with clients from 7 countries, whose diversified portfolio covers 6 specialized industries. The company has offices in Poland, the UK, Germany, Croatia, the United States and India.
Last year, Spyrosoft was ranked #1 in Europe among technology companies in the Financial Times "FT1000: Europe's Fastest Growing Companies" ranking. It was fifth in the overall ranking. This year Spyrosoft was also included in this prestigious list.
For more information, check www.spyro-soft.com or contact us:
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