Asseco's strong performance in H1 2024 – stable business development and gradual increase in order backlog value

In H1 2024, the Asseco Group generated PLN 8.4 billion (EUR 1.9 billion) in revenues, of which more than PLN 6.6 billion (EUR 1.5 billion) were sales of its proprietary IT products and services. Operating profit was 4% higher than in the comparable period of 2023, at PLN 824 million (EUR 191 million), and net profit attributable to shareholders of the parent company, after a 2% increase, amounted to PLN 235 million (EUR 55 million). The Group continued its stable growth and gradually built its order backlog for the coming months.

During the reported period, the Group developed its operations both in Poland and abroad. Revenues in the Asseco Poland segment increased by 2% and amounted to PLN 992 million (EUR 230 million), mainly thanks to growing sales in the area of solutions for finance and solutions for public institutions.

The Group's performance is highly diversified, with 88% of sales coming from foreign markets represented by the Formula Systems and Asseco International segments. Sales of the Asseco International segment amounted to PLN 1.96 billion (EUR 454 million), which – excluding the effect of exchange rate differences – represents an increase of 8% compared to H1 2023. The segment saw increased sales in the payments area of the Asseco South Eastern Europe Group. Revenues of ERP solutions in the Asseco Enterprise Solutions Group also increased. The Formula Systems segment, in turn, recorded revenues of PLN 5.47 billion (EUR 1.27 billion) – excluding the effect of exchange rate differences, this represents a 6% increase versus the corresponding period in the previous year. Good results, in reporting currencies, were reported by Matrix IT and Sapiens International.

Asseco's consolidated order backlog for 2024, in the area of proprietary software and services, is now worth PLN 12.4 billion (EUR 2.9 billion). In constant exchange rates, in which the backlog for 2023 was calculated, it is 7% higher than in the same period last year.

This is a very good half-year period for Asseco. Our geographic, product and sector diversification of business and strong demand for digital solutions allow us to grow steadily. Excluding the effect of exchange rate fluctuations, our revenues grew by 6% and operating profit by 11% during this period. In addition, we are gradually building the backlog, which allows us to look ahead to the second half of 2024 with optimism. We are consistently implementing our M&A strategy. Since the beginning of 2024, 7 companies have joined the Group (3 in the first half of the year and 4 in the third quarter of 2024), operating in the markets of Israel, the US, Portugal, as well as India and the United Arab Emirates, among others – said Karolina Rzońca-Bajorek, Vice President, CFO of Asseco Poland.