Ascendia reports revenues of 6.2 million lei and a net profit of 0.73 million lei in H1 2023

Ascendia (BVB: ASC), a leader in the provision of digital learning solutions, reports operating revenue of 6.2 million lei, a 109% increase compared to the same period last year, and a net profit of 0.73 million lei compared to a loss of 0.47 million lei recorded in the first half of 2022.

“In the first half of the year, we focused on expanding the marketing and sales department and worked intensively on capturing the opportunities in the market in which we operate. We are therefore proud to have recorded the best first half-year in our history, both in terms of turnover and net profit. Also, concerning turnover, we have recorded a compound annual growth rate – CAGR – of 117% over the last three years. As of this year, a new local market has opened for us in the context of PNRR. We anticipate important revenues until the end of 2025, based on the many financing lines of the program, within which the company’s services and products will be able to be purchased by various public and private beneficiaries,” stated Cosmin Malureanu, co-founder and CEO of Ascendia.

Ascendia’s H1 2023 revenues were mainly based on earnings from large companies and the Edulib (Virtual Library) project. Edulib will bring modern tools for online learning to Romanian children and teachers. This project was important for the company because the Ascendia team is rarely involved in projects with public institutions as the final beneficiaries.

For the second half of the year, the company expects that requests for services in the area of e-learning will continue to be at a high level, and the sales and marketing teams are working intensively to promote them, being mainly focused on attracting customers from the private sector, which represents the core business for Ascendia.

At the same time, considering the increasing amounts of money directed at the public sector level to education, as well as the expected success in the case of Edulib, Ascendia is considering the setting up of an additional division dedicated to public procurement to increase further the results with more one-offs projects in the public sector, such as Edulib.

Ascendia is listed on the AeRO market of the Bucharest Stock Exchange as of July 7, 2016, and trades under the ASC symbol. Currently, the company has a market capitalization of 55 million lei.