Bittium Announces Half-Year Financials
Thursday, August 06, 2020 | Comments

Bittium announced its financial results for the first six months of 2020. Over that period, net sales increased from €33.1 million Euros for the same period the prior year to €42.5 million Euros, an increase of 28.7%.

The of product-based net sales was €30.1 million, or 70.7% of net sales, and the share of the services-based net sales was €12.5 million, representing 29.3% of net sales. Earnings before interest, taxes, depreciation and amortization was €8.4 million, and operating profit was €2.9 million. For the period, cash flow from operating activities was €300,000, and net cash flow was a negative €8.8 million.

The worldwide coronavirus pandemic significantly affects the global economy and market situation. The prevailing uncertainties in the markets cause weak visibility to the market situation.

Despite the delays in the business development in general and the significant increase of the risks and uncertainties, the effects of the pandemic have not significantly affected Bittium’s business operations yet. However, the prolongation of the situation may affect Bittium’s financial development negatively, which is currently difficult to evaluate.

Based on the current information the company sees no reason to change the financial outlook for 2020, published in the company’s Financial Statement Bulletin 2019. The company monitors the development of the market situation constantly and if the outlook should weaken, the company may need to re-evaluate the situation.

Bittium expects that the net sales in 2020 will grow from the previous year and the operating profit will be at the same level than in the previous year. The level of the operating profit in 2020 will be impacted by the investments in the international growth and depreciations of research and development (R&D) investments.

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