INVL Technology Reports Strong Interim Results for 2024
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INVL Technology Interim Results for 2024
Equity of the Company and the Company's net asset value as of 30 June 2024 was EUR 43.95 million or EUR 3.67 per share. At the end of the previous year, these figures were EUR 43.53 million and EUR 3.61 respectively.
Investment Growth Overview
Investments made by the Company into managed companies amounted to EUR 44.44 million at the end of June 2024, compared to EUR 34.22 million at the end of June 2023. This illustrates a noteworthy growth trend in the company's investment strategy.
Profitability Highlights
The net profit of the Company for the first half of 2024 reached EUR 0.624 million, contrasting significantly with the net loss of EUR 0.44 million recorded during the same period in 2023. This remarkable turnaround underscores INVL Technology's effective management and operational improvements.
Company Performance Insights
INVL Technology, focused on investing in IT businesses, reported that its equity and net asset value stood at EUR 43.95 million at the end of June this year. This figure reflects a 1% increase since the beginning of the year. Their per share value of equity and NAV was EUR 3.6658, showing a growth of 1.7% from earlier in the year.
Portfolio Companies' Performance
INVL Technology’s portfolio companies collectively generated revenues of EUR 27.34 million in the first half of this year, marking a 6% decrease from the same period last year. However, gross profit actually increased by 7.2% to EUR 8.74 million, while aggregated EBITDA surged 2.2 times to reach EUR 2.28 million, highlighting prosperous operational efficiencies.
Revenue Distribution
In the first six months of this year, the portfolio companies achieved EUR 17.47 million in revenue in the domestic market, accounting for 64% of total revenue, while EUR 9.86 million was garnered from international operations.
Core Companies Under Management
INVL Technology has established stakes in several key entities including the cybersecurity firm NRD Cyber Security, the GovTech company NRD Companies, and the Baltic IT firm Novian. Each of these subsidiaries plays a pivotal role in strengthening INVL's market position.
Future Expectations and Growth
According to Kazimieras Tonk?nas, the managing partner of INVL Technology, promising results are anticipated from these companies as they continue to innovate within their sectors. Expectations are high for NRD Cyber Security to sustain its growth trajectory. Novian's array of secured and ongoing projects is anticipated to enable it to not only recover but also exceed its 2023 revenue figures.
Sector-Specific Growth
NRD Cyber Security has shown impressive performance, achieving a 32.4% increase in consolidated revenue to EUR 3.64 million, alongside a gross profit growth of 13.9% totaling EUR 1.91 million, and a substantial EBITDA rise of 42.3% to EUR 570,000.
Performance of NRD Companies
Meanwhile, NRD Companies recorded a consolidated revenue of EUR 5.02 million in the first half of the year, which is a 19.4% reduction compared to 2023; however, the gross profits largely remained unchanged at EUR 2.49 million. The EBITDA for NRD Companies grew 3.9% to EUR 590,000, demonstrating resilience amidst market challenges.
Novian’s Revenue Performance
In the first half of 2024, Novian registered aggregated revenues of EUR 16.43 million, indicating an 11.1% decline from the same period in 2023, yet a rise in gross profit to EUR 3.75 million illustrates operational improvements. Novian's EBITDA surged to EUR 1.12 million, marking a whopping 5.5 times increase compared to the previous year.
Strategic Partnerships and Advisory
Earlier this year, INVL Technology collaborated with Corum Group, a leading M&A advisory firm, to facilitate the sale of its portfolio businesses. This strategic decision aims to enhance shareholder value and streamline operations.
Conclusion on INVL Technology’s Performance
INVL Technology, managed by INVL Asset Management, a premier alternative asset manager in the Baltics, is poised for growth. As a closed-end investment company, INVL Technology is mandated to exit its investments by mid-July 2026 while distributing proceeds to its shareholders.
Frequently Asked Questions
What were INVL Technology's net profits for H1 2024?
INVL Technology reported a net profit of EUR 0.624 million for the first half of 2024.
How much did the company invest by June 2024?
The company's investments into managed companies reached EUR 44.44 million by June 2024.
What are the core companies in INVL Technology's portfolio?
INVL Technology's portfolio includes NRD Cyber Security, NRD Companies, and Novian.
How did NRD Cyber Security perform in H1 2024?
NRD Cyber Security's revenue increased by 32.4% to EUR 3.64 million in the first half of 2024.
What is the future outlook for INVL Technology?
The company anticipates continued growth and profitability across its portfolio in the upcoming periods.
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