Tecnotree, the Finland-based global provider of IT solutions for the telecom industry, announced its annual financial results for 2019, with unprecedented growth in profitability and performance across all the key areas, delivering an EPS of Euro 0.03 for 2019.
With the year-on-year growth of 12% in annual revenue, the company reported the revenue of EUR 47.0 million and the net profit of EUR 7.7 million. The net profit for Q4'2019 stood at EUR 2.8 million which was 155% better than Q4'2018. The order intake increased by EUR 14.7 million, a 40% year-on-year increase.
The company witnessed strong growth in the Middle East and Africa (MEA) region with an annual revenue increase of 34% in this region. All these developments strongly highlight that Tecnotree has been able to deliver on the 2019 plans that the management had crafted at the starting of the year.
The results show Tecnotree's shareholders' equity being lifted back to positive due to strong net profit supported by capital investments. The equity per share at the end of the period was 0.015 euros compared to negative 0.037 euros reported at the end of 2018.
In 2019, the company continued to have a major focus on R&D. In addition, Tecnotree made substantial investments in augmenting the sales & marketing, product development, and delivery teams by increasing the manpower by almost 10%. These investments have already started showing early signs of new order booking and revenue boost.
'2019 has been a stellar year for us with strong growth and extraordinary improvements in profitability and performance. During the year, we reinforced our product roadmap vision which enabled us in getting a strong response from our customers and fortified our values among employees across different geographies, making the company stronger and better aligned to achieve targets set for 2020'- comments Padma Ravichander, CEO of Tecnotree Corporation.
For 2020, the core focus area for Tecnotree remains market expansion and growth in profitability. Company is looking to build partnerships with IoT providers to gain a competitive edge and enter new markets, thereby, strengthening the global customer base and provide the full range of Tecnotree Digital Business Support Systems Suite 5 (BSS) products coupled with high-quality digital deployment, operational and managed services capabilities.