The financial report for the first half of 2021 published by Cuatroochenta in BME Growth, which includes audited accounts, presents pro forma results well above forecasts, doubling revenues and EBITDA. From January to June 2021, the company achieved a 123% increase in revenues, from €3.08 million in the same period of 2020 to €6.88 million this year, while its EBITDA grew from €0.42 million to €0.89 million, i.e. 110% more.
Furthermore, in compliance with its operational growth plan, Cuatroochenta has increased its workforce by 44% year-on-year, from 144 employees at 31 December 2020 to 207 at 30 June 2021, with offices in Spain and Latin America, while maintaining EBITDA margins.
The improvement in the first half of the year is mainly due to the contribution of Barcelona-based Fama Systems, which specialises in software for the Facility Services sector and was acquired in March 2021; the consolidation of the integration of Barcelona-based Iris-Ekamat and Colombian Sofistic SAS, whose acquisition was completed in December 2020; and the organic growth of the company, dedicated to cloud software and cybersecurity.
Income 1Q 2021*
EBITDA 1st of 2021
*proforma 1st half of 2021
It is precisely this active policy of inorganic growth that explains the variation between EBITDA and net income compared to the end of the same period of the previous year, as the amortisation of intangible assets generated by acquisitions, which in any case do not represent a cash outflow for the company, is passed through the income statement.
75% revaluation in BME Growth
ompanies which it joined on 22 October 2020 as 480S, the evolution of its value has also been upward. Cuatroochenta has appreciated significantly since its debut on the stock exchange, rising from 9.35 to 16.40 euros per share at 30 September 2021, representing a 75% increase.
A revaluation that is 19 points higher than the 56% average increase experienced during the same period by the 16 technology-based companies in BME Growth, specifically those belonging to the electronics, software sector and telecommunications. And 43 points higher than the 32% average increase in the value of the companies included in the STOXX 600 Technology index, the benchmark for technology companies listed on the main European stock exchanges.
Cuatroochenta’s CFO, David Osuna, makes a “very positive assessment of the results of the first half of 2021 and the company’s revaluation, especially considering the context of uncertainty that has been prolonged by the COVID-19 pandemic during this period”. Osuna also stressed “the company’s commitment to continue with its strategy of inorganic growth, as evidenced by the recent binding agreement to acquire 100% of Develapps”.