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Globo

  • BY: Andrew Hore |
  • POSTED: 17/05/2010 |

Athens-based e-business software and services provider Globo has ridden out the problems in Greece relatively well and continued to grow its profit.

Revenues grew by 31% to €23.5m in 2009 and profit improved from €2.86m to €3.2m. The private sector is becoming increasingly important and Globo is cautious about public sector work. Management believes that margins can be maintained.

Greece remains an important source of revenues but Globo is diversifying geographically, particularly in the mobile telecoms area. A trade office has been opened in Singapore. The order book is worth €4.9m, which does not include recurring revenues from Software-as-a-Service contracts.

Operating cash flow was strong in 2009 but much of it went on investment in new products. Net bank debt was €9.9m at the end of 2009. This figure would have been even better if the Greek government had not delayed making payments to Globo.

At 10.75p a share, Globo is valued at £15.3m.

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