HELSINKI, Oct. 29, 2021 /PRNewswire/ -- Tecnotree, the
IT products and services provider from Finland, today announced its financial results
for the third quarter of 2021. With the highest revenue in the
last 5 years and the highest order book in 9 years, Q3
of 2021 is another historical quarter for the company. Driven by
growth in almost all the business parameters, Tecnotree also
reported becoming debt-free this quarter, as it retired the
long-standing debt and achieved an important milestone towards the
company's goal.
Key Q3 Highlights of the financial results:
- Revenue of EUR 18.2 million in
the third quarter, an increase of 24.7% year-on-year, being
the highest in 5 years
- Net income grew to EUR 5.4
million, an increase of 21.5% for the same period in
2020
- Order book at the end of the reporting period stood at
EUR 58.6 million, highest in last
9 years
- MEA (the Middle East and
Africa) reported the strongest
growth, and LATAM (Latin America)
on track for recovery after the market was heavily impacted by the
pandemic
- Purchased all outstanding debt and ended the restructuring
program. With this, the company became debt free and is in very
strong financial situation.
- Cash and cash equivalent of EUR 13.9
million at the end of the period, an increase of more than
100% in comparison to last year.
Padma Ravichander, CEO of Tecnotree Corporation, said,
"I am delighted that our strong half yearly performance
continued in the third quarter of 2021. As our strong results
demonstrate, we are in a great position to have continued market
momentum with our leading-edge digital BSS Suite 5 product
portfolio."
She further commented, "Tecnotree made significant strides
this quarter with the B2B2X platform - Tecnotree Moments. With the
emergence of Moments and fintech offerings launched earlier this
year, we hope to forge new partnerships with Digital Service
Providers (DSPs), ecosystem players, and Internet of Things (IoT)
providers, to build multiple new revenue models. The
multi-experience platform will help break new grounds and empower
digitally connected communities, with the help of 5G-powered
cross-sectoral lifestyle connectivity bundles in the sectors of
Education, Health, E-commerce, Gaming, Sports, and
Entertainment."
Other Company Highlights from the Quarter:
- Achieved TM Forum Platinum Badge for Open APIs Conformance,
becoming one of the top companies globally to support an open IT
ecosystem, a collaboration that is essential for new-age providers
to deliver best-in-class customer experience.
- Launched DevOps offering and won a deal already from one of the
largest customers in the MEA region to implement DevOps-based
digital services delivery capability to further enhance its
Business Support Systems.
- Won a new logo - a tier 1 customer in the MEA region for
digital BSS products
- Featured as 'Share of the Week' by the leading financial media
of Finland, Kauppalehti
Tecnotree continues to make significant strides, strengthening
its footprints across global markets. The company increased its
brand presence by taking advantage of digital modernization and
supporting the needs of Digital Service Providers (DSPs) to improve
customer experience.
(Refer to attached Stock Release for more details and Jan-Sep
report)
CONTACT:
Contact Tecnotree at marketing@tecnotree.com to know
more.
This information was brought to you by Cision
http://news.cision.com
The following files are available for download:
https://mb.cision.com/Main/15858/3443344/1488728.pdf
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SOURCE Tecnotree