Novian Reports Solid Financial Performance Amid Market Challenges

Novian Reports Solid Revenue in Challenging Environment

The Novian software and IT infrastructure services group posted an aggregated revenue of EUR 16.4 million during the first half of the year. Although this reflects an 11.1% decrease from the previous year, the group has demonstrated significant improvements in key financial metrics. The EBITDA stood at EUR 1.1 million, a substantial increase from EUR 0.2 million in the same timeframe last year, highlighting effective cost management and operational efficiencies.

Operational Profit Indicates Strategic Improvements

In addition to the revenue performance, Novian achieved an operating profit of EUR 0.6 million, contrasting favorably against an operating loss of EUR 0.3 million during the first half of 2023. Such results signal a turnaround for the group, reflecting their strategic realignment efforts and robust project execution across diverse sectors.

Geographical Revenue Insights

It's notable that approximately 77% of Novian's revenue, totaling EUR 12.6 million, was generated from projects in Lithuania. The group continues to expand its international footprint, successfully engaging in projects across 36 countries worldwide.

Innovations Driving Client Engagement

“Our results underline our commitment to establishing solid groundwork for future growth,” said Tomas Vitkus, CEO of the Novian group. He remains optimistic about the expertise and capabilities of their specialists, which are aimed at meeting client expectations through innovative solutions and consulting services. The response to new contracts and awarded tenders suggests a positive outlook for revenue and profit growth moving forward.

Strategic Projects Across Multiple Sectors

In line with Novian's strategic vision, the software companies within the group have engaged in significant projects focused on healthcare, tax, and account management. Notably, the group is advancing their e-prescription initiative, a project enabling seamless transactions for prescription medicines across borders within the European Union.

Advancements in Defence and Technology

The group is also focused on various defence projects that necessitate innovative approaches to technology use. Additionally, they have commenced developing an AI-based X-ray image analysis system aimed at enhancing the operational efficiencies of Lithuanian customs.

Consultation Services Leading to New Opportunities

Novian Technologies has notably excelled in consultancy services, particularly within cloud computing architecture. Gytis Umantas, CEO of Novian Technologies, expressed pride in winning tenders pertaining to public sector organisations, underscoring the company's technological prowess in this domain.

Innovative IT Infrastructure Solutions

Of particular significance are the recent contracts awarded to Novian Technologies to supply over 14,500 laptops to more than 600 schools in Lithuania. As the organization looks to broaden its managed services offerings, they are set to introduce customizable service packages catering to varying client needs.

High-Performance Computing Initiatives

In the realm of high-performance computing (HPC), Novian Technologies is spearheading solutions designed for weather forecasting and climate change modeling. These initiatives are complemented by systems capable of providing early warning alerts, which demonstrates a commitment to tackling pressing global challenges.

Continued Focus on Digitalization and Media Projects

Moreover, the group remains committed to digitizing archives and media, with prominent projects underway including the extensive digitization of Estonia’s Soviet-era cultural archive. This ambitious effort aims to make 2 million historical files accessible online, alongside the establishment of a digitalization center in Sint Maarten to optimize public service efficiency.

The Novian Group: An Overview

Comprising entities such as Novian Technologies, Novian Systems, and Novian Pro, alongside subsidiaries across Estonia, Moldova, Norway, and Rwanda, the Novian group is a notable player in the IT landscape. They are backed by INVL Technology, which specializes in investing in IT-related businesses.

For further details, you can reach out to:
Kazimieras Tonk?nas
Managing Partner, INVL Technology
e-mail k.tonkunas@invltechnology.lt

Frequently Asked Questions

What is Novian's revenue for the first half of 2024?

Novian reported a revenue of EUR 16.4 million for the first half of 2024.

How much did Novian's EBITDA improve?

The group's EBITDA rose to EUR 1.1 million, compared to EUR 0.2 million in the same period last year.

What strategic projects is Novian involved in?

Novian is working on healthcare, tax management, and a significant e-prescription project among others.

Which regions contribute significantly to Novian's revenue?

77% of Novian's revenue comes from projects in Lithuania, but they operate in 36 countries globally.

How is Novian addressing technological advancements?

Novian Technologies is advancing HPC solutions and cloud computing services, emphasizing innovation and efficiency.

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