LIFE IS HARD (LIH), a technology company listed on BVB, AeRo market, ended 2022 growing all relevant business indicators. The company reached a turnover of 25 million lei and a net profit of 4.5 million lei. At the same time, the liquidity and solvency levels – indicators that confirm the “health” of the business – also have a positive evolution.
From the point of view of the development strategy, the key decisions of 2022 were related to:
- The LIFE IS HARD share split so that shareholders can more easily manage their holdings.
- Strengthening the internal team- by operationalizing the SOP program that made all employees become shareholders in the company, respectively by attracting new talent.
- The launch of LIH Ventures, a business project that will run from 2023 and will take the company to a new stage of growth, with a focus on regional relevance and increasing its innovation capacity.
“The preliminary results for 2022 follow the upward line that LIFE IS HARD has been following since 2020, and our objectives are 100% achieved and in line with the figures estimated at the beginning of the year. The net profit improved significantly, by almost 1 million lei compared to 2021, showing our constant focus on performance and our optimization mindset. Moreover, 2022 is relevant to the strategy announced in 2019 regarding our intention of accelerated growth and consolidation of the business foundation: today we have a functional LIFE IS HARD ecosystem – comprised of tech, telco, e-commerce, and finance – and we are in an area of balance and safety, with improvements that the more than 1000 LIH shareholders can observe each year”, mentions Cătălin Chiș, CEO and President of the LIH Board of Directors.
The companies in which LIFE IS HARD has holdings also recorded several performances in 2022.
Performia Finance, a company 40% owned by LIH, generated at the end of 2022 a turnover of 2,85 million lei, signifying an increase of 26.20% at the business level and a 12.07% improvement in profitability. The focus in 2022 was on increasing the client portfolio, thus expanding the company’s operating capacity in the SME category.
As for Innobyte Solutions, owned by LIH entirely, the company has increased its resilience and the foundation of profitability in the medium and long term, which allows easier access to specialists. The approach was supported by the launch of a new business line based on the VTEX platform – which is rapidly increasing its market share globally. The new capitalized business opportunity involved, in the first part of last year, decreases in financial performance compared to 2021. Still, the positive effects appeared quickly: the last quarter of 2022 was, for Innobyte, the best in the entire history of the company, and the new business line brought an increase of over 900 thousand LEI in turnover, which is in the amount of 9,72 million lei, positively influencing its profitability. At the same time, Innobyte launched several new large-scale projects, which will generate visible gains in 2023.
The two companies entered LIFE IS HARD’s portfolio in 2020 (Performia Finance), respectively in 2021 (Innobyte Solutions – completed in 2022).
Regarding 2023, “for LIFE IS HARD, the current year represents the beginning of a new growth cycle, emphasizing the market relevance of our skills. We aim for LIH’s leadership in the area of digitization in Insurance to be the starting point of a regional ecosystem, with LIH Ventures as the vehicle and arm of innovation, and all the companies in which we have holdings today to register growth”, states the CEO of the company.
The report on the preliminary financial results for 2022 can be consulted here https://www.lifeishard.ro/for-investors/, respectively on the BVB website (www.bvb.ro).