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INVL Technology’s businesses added six countries to their sales geography

2020 / 08 / 26

INVL Technology, a company that invests in IT businesses, had equity of EUR 29.2 million at the end of the first half of this year, or EUR 2.40 per share. The latter figure increased by 0.9% from the end of 2019. The value of the company’s financial assets at the end of the reporting period was EUR 26.4 million and grew 1.8%from the start of the year. INVL Technology had a net profit of EUR 0.3 million in the first half of this year compared to a net loss of EUR 0.4 million in the same period last year.

“After completing the formation of a three-company group structure last year, this year we are further focusing on increasing the value of the companies. We’re pursuing that goal by expanding the sales geography and new technologies as well as by developing new services and products, especially in the area of cybersecurity. We are also open to new acquisitions,” said Kazimieras Tonkūnas, INVL Technology’s managing partner.

The aggregated revenues of the businesses owned by INVL Technology increased 4.8% in the first half of this year compared to the same period of 2019, to EUR 16.5 million, while the aggregated EBITDA increased 2.1 times to EUR 1.3 million.

According to Tonkūnas, global events in the first half of this year impacted the companies’ results unequally. Compared to the same period last year, the biggest contributor to the increase of EUR 0.76 million in the businesses’ sales was projects implemented in Lithuania, the revenue from which accounted for 57% of all the companies’ revenues, or EUR 9.4 million, and compared to last year grew by EUR 1 million, or 12%.

The biggest contribution to revenue growth in Lithuania was from the Novian group, which this year increased such revenue by EUR 1.25 million, or 21% to EUR 7.2 million. It was NRD Companies that increased sales in foreign markets the most. Its revenues from the foreign markets in the first half of the year reached EUR 3.4 million, up EUR 1.5 million or 75% from the same period last year.

Overall in 2020, INVL Technology’s businesses conducted projects in 50 countries. New countries where activities were carried out include Portugal, Serbia, Anguilla, Afghanistan, Saint Lucia and Senegal.

Assessing the impact of the coronavirus pandemic on the company’s operations in the first half of this year, the pandemic’s restrictions and closing of national borders had a negative impact on the signing of new projects, settlements and the performance of existing projects, and in seeking to ensure future orders and implement existing projects, businesses’ internal processes were reorganised. As forecast, the impact on results was not big. It is judged that if conditions do not change fundamentally, the impact will remain the same until the year-end.

INVL Technology’s companies operate in three directions. Operating in the area of business climate improvement and e-governance is the Norwegian company NRD Companies AS with its subsidiaries: Norway Registers Development AS of Norway with a Lithuanian subsidiary, NRD Systems UAB and Etronika UAB of Lithuania, Norway Registers Development East Africa Ltd in Tanzania, Norway Registers Development Rwanda Ltd in Rwanda, NRD Bangladesh Ltd in Bangladesh, and the associate company Infobank Uganda Ltd in Uganda.

Working in the area of IT services and software is the Lithuanian company Novian UAB with its subsidiaries Zissor AS of Norway, BAIP UAB of Lithuania with its subsidiaries Andmevara Services OU in Estonia and Andmevara SRL in Moldova, and Algoritmu Sistemos UAB of Lithuania with its controlled companies Acena UAB in Lithuania and Andmevara AS in Estonia. Operating in the area of cybersecurity is NRD CS UAB.

In July 2016, INVL Technology began to operate as a closed-end investment company. Its management was assumed by INVL Asset Management – a part of Invalda INVL, one of the leading asset management groups in the Baltics. INVL Technology will operate as a closed-end investment company until 14 July 2026.

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