LIFE IS HARD, a technology company listed on the Bucharest Stock Exchange (BVB), AeRo market, announces a turnover of 15.7 million RON and a gross profit of 1.8 million RON in the first half of 2021, a result recorded by LIH and the companies in which it has holdings, namely Performia Finance (40%) and Innobyte Solutions (100%).
LIH shares reached two peaks in the first half of 2021, i.e. 13.8 RON/share and 13.15 RON/share, while the number of LIFE IS HARD shareholders amounted to 729, with a market value of over 58 million RON, according to the BVB.
“The consolidated financial statements for the first semester of 2021 show good growth momentum and make us optimistic that we will achieve the figures we have set as targets. Last year’s strategy has already brought us significant growth in our portfolio of companies, increasing our ability to act in the market, and has taken us to a phase of accelerated business growth. We continue to monitor several players with complementary competencies in the technology market in order to expand our portfolio of strategic partnerships, and we continue the investments that strengthen our current business directions,” says Cătălin Chiș, CEO of LIFE IS HARD and Chairman of the Board of Directors.
Results by Business Divisions
The Telecom Division: present in LIH’s portfolio following the takeover of the APS and TreeComm goodwill, it generated a turnover of almost 6 million RON in the first semester of 2021.
The Digitization Division: it maintained its focus on the insurance segment, where it is the market leader, and generated over 4 million RON in the first six months of the year. It is currently developing a new version of the 24broker platform, an initiative that means ongoing investments of EUR 500,000.
The E-Commerce Division: where LIH had no competences until the takeover of Innobyte in 2021, it generated more than 5 million RON in the first half of 2021.
The Financial Services Division: present in LIH’s portfolio since 2020, it exceeded the first million RON, recording a 20% increase in turnover compared to the same period of the previous year.
Furthermore, as a result of the acquisition of Active Power Solutions and Tree Comm Services goodwill, the assets held by Life Is Hard increased by 305.16%, i.e. by RON 29,765,111 – which increases the company’s ability to finance itself from its own assets and to cover its total liabilities from the total assets held. Cash and cash equivalents also showed a significant increase in the first half of the year, by 122.81%, due to the collection of invoiced amounts and receivables.
As to LIFE IS HARD’s own product portfolio, the main growth driver comes from the digitalisation area.
“With the new version of 24Broker that we are working on, we want to provide an insight into how technology can help the insurance industry. Basically, the new 24broker is intended to be a platform not just for brokers, but also for insurers and customers. From a technological point of view, we are looking at a Low-Code platform with a virtual sales assistant, while the algorithms used by the virtual assistant will be artificial intelligence algorithms (deep learning and predictive analysis), which we are developing together with specialists from the Technical University of Cluj,” says Erik Barna, founder and member of the LIH Board of Directors.
LIFE IS HARD is the first Romanian software company listed on the Bucharest Stock Exchange – AeRo market and has advanced expertise in developing digitization projects for companies and communities.
LIFE IS HARD’s performance has led to the company’s successive presence in Deloitte CE Technology Fast 50 and Deloitte FAST 500 EMEA (includes Europe, Middle East and Africa) rankings and has consistently brought recognition to the Romanian business community for its performance in the IT&C field, through nominations and awards obtained by LIH at top international competitions.