Novian Posts Solid Revenue and Stronger Profitability Despite Headwinds
Novian, the software and IT infrastructure services group, recorded aggregated revenue of EUR 16.4 million in the first half of the year. That’s an 11.1% dip from the same period a year ago, yet the story doesn’t end there. Profitability moved in the right direction: EBITDA came in at EUR 1.1 million, up sharply from EUR 0.2 million a year earlier. In plain terms, tighter cost control and smoother operations helped the group earn more from every euro of revenue.
Operating Result Turns Positive
The improvement showed up in operating profit as well. Novian posted an operating profit of EUR 0.6 million for the first half, a clear turnaround from the EUR 0.3 million operating loss in the first half of 2023. This swing points to strategy taking hold—fewer inefficiencies, better execution, steadier delivery across projects. It’s not just a blip; it reads like the early chapters of a disciplined course correction.
Where the Revenue Came From
Roughly 77% of revenue—EUR 12.6 million—was earned in Lithuania. That home-base strength matters. At the same time, the group continued to work across borders, carrying out projects in 36 countries. The mix suggests a stable core market with growing reach abroad.
Innovation That Keeps Clients Engaged
As CEO Tomas Vitkus put it, the half-year results reflect steady groundwork for growth. He underscored confidence in the group’s specialists and their ability to meet client expectations with fresh solutions and practical consulting. New contracts and recent tender wins back that up, hinting at a healthier pipeline and, by extension, a supportive outlook for both revenue and profit in the periods ahead.
Strategic Projects Spanning Key Sectors
Within software, the group is active in healthcare, tax, and account management projects. One highlight: progress on an e-prescription initiative designed to enable cross-border transactions of prescription medicines within the European Union. It’s the kind of system work that, once running, can make everyday tasks simpler for people and providers alike.
Defence Work and Emerging Technologies
On the defence side, Novian is engaged in projects that call for thoughtful, sometimes novel, uses of technology. Another notable effort is an AI-based X-ray image analysis system intended to help Lithuanian customs operate more efficiently. The common thread is purposeful application—using tools that fit the job and improve throughput.
Consulting That Opens New Doors
Novian Technologies stood out in consulting, particularly in cloud architecture. CEO Gytis Umantas highlighted recent tender wins with public sector organisations as a proof point of the team’s know-how. The message is straightforward: when clients need modern cloud foundations, the company can step in and build what’s required.
Modern IT Infrastructure at Scale
Recent contracts will see Novian Technologies supplying more than 14,500 laptops to over 600 schools across Lithuania. It’s a broad rollout—wide enough to matter in classrooms. Looking ahead, the organisation plans to expand its managed services with tailored packages so clients can pick support levels that fit their needs without overbuying.
High-Performance Computing With Purpose
In high-performance computing (HPC), Novian Technologies is delivering solutions for weather forecasting and climate change modelling. These are complemented by systems that can issue early warnings—tools built not just to compute, but to inform decisions when time is tight.
Digitisation and Media Work That Preserves Access
The group is also continuing long-running efforts in archive and media digitisation. One flagship project is the digitisation of Estonia’s Soviet-era cultural archive, with the goal of making 2 million historical files accessible online. In parallel, the group is setting up a digitalisation center in Sint Maarten aimed at streamlining public services. Different places, different needs, one throughline: turning paper and tape into searchable, usable records.
About the Novian Group
Novian brings together companies including Novian Technologies, Novian Systems, and Novian Pro, with subsidiaries in Estonia, Moldova, Norway, and Rwanda. The group is backed by INVL Technology, an investor focused on IT-related businesses. Structure matters here—a mix of software, infrastructure, and services gives Novian room to build systems end to end.
For more information, please contact:
Kazimieras Tonk?nas
Managing Partner, INVL Technology
e-mail k.tonkunas@invltechnology.lt
Frequently Asked Questions
What did Novian report for the first half of 2024?
Revenue was EUR 16.4 million. Profitability improved: EBITDA reached EUR 1.1 million and operating profit was EUR 0.6 million, compared with an operating loss in the first half of 2023.
How did profit rise even though revenue fell?
The group tightened costs and improved day-to-day execution. Those operational efficiencies lifted EBITDA from EUR 0.2 million to EUR 1.1 million and turned the operating result from a loss to a profit.
Where does most of Novian’s revenue come from?
About 77%—EUR 12.6 million—was generated in Lithuania. Beyond that, the group is active in 36 countries, combining a strong home market with international delivery.
Which projects are shaping Novian’s pipeline right now?
Key efforts include healthcare, tax, and account management systems; the EU-focused e-prescription initiative for cross-border medicine transactions; defence-related technology projects; an AI-based X-ray image analysis system for Lithuanian customs; large-scale laptop supply for schools; HPC solutions for weather and climate modelling; and archive digitisation, including Estonia’s Soviet-era cultural materials.
Who can I contact for more details?
Reach out to Kazimieras Tonk?nas, Managing Partner at INVL Technology. The email address is listed above in the contact section.
