Business Wire

Tecnotree Posts Strong Growth in 2020 Despite Pandemic & Global Slowdown

Share

Tecnotree, the global provider of IT solutions for the telecom industry, has recently announced its Q4 and full-year 2020 financial results.

In a year that will globally go down in history as the year of pandemic and resultant economic slowdown, Tecnotree posts a different story. With a substantial 76% increase in net income and 48% EBIT growth, Tecnotree displayed strong resilience even during the most difficult times. The company struck the right chord for all the key metrics in 2020; and with 4 new clients and an Order-Book of more than €32 million, Tecnotree appears set to continue the growth momentum in 2021.

2020 year performance at a glance:

  • Net sales grew by 12% to €52.8M (€47M)
  • Net income registered 76% growth to €13.6M (€7.7M)
  • Earnings Before Interest and Tax (EBIT) grew by 30% to €18.6M (€14.4M)
  • Cash & Cash Equivalent showed a 138% growth at the end of the period
  • Share price soared by 312% in the year
  • Market Capitalization grew by 360% to 193Me (42Me)
  • EPS grew to 5c from 3c

As per Helsingin Sanomat, a leading media publication in Finland, Tecnotree is one of the two stocks that gave more than 100% returns to the shareholders after Black Monday in March 2020, while the reputed financial publication Kauppalehti from Finland listed Tecnotree CEO as one of the top 3 CEOs among the companies listed on Helsinki Stock Exchange. This is a strong testament to the healthy financial performance that company has been delivering.

Tecnotree CEO Padma Ravichander states that “The years of investment in developing the futuristic products and agile delivery capabilities are paying off for Tecnotree. We finished 2020 with momentum and robust performance. In times when the industry is struggling to stay afloat, Tecnotree scaled new highs on every front.

She further adds, “Despite the pandemic and lockdown, Tecnotree pushed all boundaries and completed all its software deliveries remotely as per the schedule. This feat had been possible only because of our agile and customer-centric approach.”

The company continued to increase its global footprint with four new clients, namely Altice Dominicana & Red Digital in Latin America, STC in the Middle East, and TRAI Mobile in APAC. The company continued to deepen the partnerships with the existing customers too, including MTN & America Movil.

Going forward in 2021, the company is focused on investments in key areas like Artificial Intelligence and Machine Learning (AI & ML) enabled products, Robotic Process Automation (RPA), 5G monetization, and building a new Partnership Ecosystem Platform that will enable Communication Service Providers to increase their top-line.

Contact information

Padma Ravichander, CEO
tel. +97 156 414 1420
www.tecnotree.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

A Digital Transformation: Mary Kay Inc. Launches Immersive Virtual Experience Platform Suite 13 TM15.4.2021 15:03:00 CEST | Press release

Global beauty brand Mary Kay Inc. and its Mary Kay Global Design Studio present Suite 13TM, an innovative virtual beauty experience that leverages the use of virtual reality to digitize Mary Kay's first virtual pop-up showroom. Designed with the latest virtual reality technology, the new Suite 13TM offers Mary Kay Independent Beauty Consultants and their customers a 360-degree, 3D beauty experience where users can virtually browse the beauty brand’s portfolio of skin care as well as explore the company and its founder Mary Kay Ash’s history. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210415005306/en/ The new Suite 13™ offers Mary Kay Independent Beauty Consultants and their customers a 360-degree, 3D beauty experience. (Photo: Mary Kay Inc.) The new Suite 13TM invites users to tour through virtual “rooms”. Upon entering the “Lobby”, users can learn about the Company’s global legacy. The other virtual rooms include the “P

Conviva Works With ServiceNow to Provide Next Generation Customer Service for Streaming Customers15.4.2021 15:00:00 CEST | Press release

Conviva, the intelligence cloud for streaming media, today announced that its streaming insights data will be integrated with ServiceNow telecom and media industry solutions. This new integration will enable streaming providers to offer more reliable streaming services and personalized customer care experiences to drive user acquisition, reduce operational costs and increase customer lifetime value. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210415005156/en/ Conviva and ServiceNow Provide Next Generation Customer Service For Streaming Customers (Graphic: Business Wire) Conviva’s integration with ServiceNow extends ServiceNow’s offerings within the telecom and media industry and will help streaming customers to automate proactive case creation and ticket generation to identify and diagnose incidents across the entire video delivery supply chain. Adding this additional layer of automation to root cause analysis delivers im

Thales IoT SAFE to Secure Cloud Connectivity for New Internet of Things Services in Canada15.4.2021 15:00:00 CEST | Press release

Thales technology is at the heart of a new Canadian IoT project that is enabling instant, secure and scalable cloud connectivity for SIM/eSIM-enabled IoT. Working alongside TELUS, a leading Canadian wireless network operator, and the Canadian Internet Registration Authority (CIRA), the project’s certification partner, Thales is supplying SIMs and the IoT server, both compliant with the GSMA IoT SAFE specifications. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210415005017/en/ (Photo: Thales) The Thales IoT SAFE service offers an interoperable framework enabling swift deployment of IoT applications. Delivered in a plug & play SaaS mode, it benefits minimal integration effort. It creates a scalable and automatic environment for cloud data security of SIM-equipped devices with a remote management feature. TELUS continues its IoT expansion with devices across Canada, offering enterprises an innovative system that eliminates th

First Patient Enrolled in PROTECT IV Randomized Controlled Trial of Impella15.4.2021 14:03:00 CEST | Press release

Abiomed (NASDAQ:ABMD) announced today that the first patient has been enrolled in PROTECT IV, a large, prospective, multi-center randomized controlled trial (RCT) that is designed to provide the level of clinical evidence needed to achieve a Class I guideline recommendation for Impella in high-risk percutaneous coronary intervention (HRPCI). The first patient was enrolled at Ascension St. John Hospital in Detroit by Dr. Ted Schreiber, chief of cardiology at Ascension St. John Macomb-Oakland Hospital and Dr. Amir Kaki, interventional cardiologist and director of mechanical circulatory support at Ascension St. John Hospital. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210415005234/en/ Impella Clinical Pathway to Class I Guideline (Graphic: Business Wire) The two-arm trial will compare the benefits of HRPCI with Impella versus HRPCI without Impella support. The primary endpoint of the study is the composite of all-cause deat

Blackstone Hires Paul Morrissey to Lead European Investing for Blackstone Growth (BXG)15.4.2021 13:30:00 CEST | Press release

Blackstone (NYSE: BX) today announced that it has hired Paul Morrissey, a seasoned investment professional with extensive private equity and venture capital experience, as a Managing Director to lead investing across Europe for Blackstone Growth (BXG). This newly created role will see Mr. Morrissey manage the European deployment for BXG, which recently completed the final close of its oversubscribed, inaugural $4.5 billion growth equity fund – the largest first-time growth equity private vehicle ever raised. BXG has already made significant investments in fast-growing European companies, including Epidemic Sound, which delivers restriction-free music to internet content creators across the globe, and oat milk pioneer, Oatly. Jon Korngold, Global Head of Blackstone Growth, said: “I’m delighted that Paul has joined us to lead BXG in Europe. Paul is a world-class growth equity investor and his appointment underlines Blackstone’s already-strong commitment to partnering with fast-growing Eu

Bank of America Reports First-Quarter 2021 Financial Results15.4.2021 12:04:00 CEST | Press release

Bank of America reported its first-quarter 2021 financial results today. The news release, supplemental filing and investor presentation can be accessed in the following ways: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210415005486/en/ Bank of America newsroom at https://newsroom.bankofamerica.comQ1-21 Bank of America Financial Results Press ReleaseQ1-21 Bank of America Investor Relations PresentationQ1-21 Bank of America Supplemental Information Bank of America Investor Relations website at https://investor.bankofamerica.com Business Wire’s news webpage at http://www.businesswire.com/portal/site/home/news Investor Conference Call information: Chief Executive Officer Brian Moynihan and Chief Financial Officer Paul Donofrio will discuss the financial results in a conference call at 9 a.m. ET today. For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international), and the co

REPLY: The Creative Challenge 2021, Organized by Reply, Kicks off in Search of the Creative Talents of Tomorrow15.4.2021 12:02:00 CEST | Press release

Reply announces the opening of registrations for the https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fchallenges.reply.com%2Ftamtamy%2Fchallenges%2Fcategory%2Fcreative&esheet=52411638&newsitemid=20210415005479&lan=en-US&anchor=Creative+Challenge+2021&index=1&md5=a7a453e02454ad9f83092e3da17a94e4 Creative Challenge2021, the team-based competition and part of the Reply Challenges program, that brings together students and young creatives from all over the world. The challenge consists of the development of a creative concept, conceived by some of Europe’s most qualified art directors and marketing and communication professionals. In last year's edition, over 6,200 participants between 18 and 29 years old from more than 70 countries answered the call and, split into over 1,000 teams, submitted more than 500 projects. The challenge, which is going to take place online from Friday 21st to Sunday 23rd May, is enriched by the participation of world-renowned partners such as AC