“Bianor Holding” AD reported a 27% increase in revenues

Bianor’s sales revenue rose in the first quarter
(photo: CC0 Public Domain)

“Bianor Holding” AD announced a 27% increase in consolidated sales revenue in the first quarter of 2023 compared to the same period last year, continuing the long-term trend of average annual organic growth of over 20%.

The company’s consolidated sales revenue for the quarter reached BGN 1.476 million, compared to BGN 1.164 million a year earlier. During the reporting period, Bianor realized a loss of BGN 137 thousand compared to a profit of BGN 5 thousand a year earlier.

On a pro forma consolidated basis with the newly acquired companies ITIDO and Databreathe, the group’s sales revenue for the first quarter reached BGN 2.991 million, and the profit was BGN 39 thousand. In March, Bianor signed definitive contracts for the acquisition of ITIDO and Databreathe, and more early this month he also signed a bank loan agreement to finance the transactions.

“We note a continued growth in revenues from the activities of the main subsidiary Bianor Services and an increase in the share of its revenues from projects in the defense industry,” said Kosta Yordanov, executive director of Bianor.

“In the first quarter of the year, we have significant one-time costs for the realization of the acquisitions, the integration of the companies and the capital increase. We expect that in the second and partly the third quarter of the year there will also be such, and in the second half of the year the profit margin will return to the standard levels for the industry”, Yordanov added.

Earlier this year, “Bianor Holding” AD announced that it is planning a capital increase in order to raise funds to support the group’s inorganic growth strategy. On May 25, the public offering procedure for the issue of up to 545,000 (five hundred and forty-five thousand) ordinary, registered, non-stock voting shares, with a nominal value of BGN 1 (one) and an issue value of BGN 17 (seventeen) each, officially began .

The capital increase procedure is conducted by the investment intermediary “Sofia International Securities” AD. On May 31, the two companies are organizing a presentation meeting where all interested parties will be able to get more information about the group and its development plans.

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