Expert RA, a rating agency, has upgraded
- fast growth of the Group's operational indicators;
- sustainable expansion of the IT services market in the countries where the Group operates;
- the synergy effect of mergers and acquisitions and the start of steady operation of newly acquired companies within the Group’s perimeter.
Improved operational indicators had a good effect on Softline’s profitability in FY 2019. During FY 2018 the Group introduced numerous structural changes aimed at optimizing costs at recently acquired companies and increasing brand awareness in new markets. The outcomes of FY 2019 testify to the beneficial effect of the group's business transformation that had improved its financial performance, particularly due to economies of scale. Expert RA also commended the policy of achieving and maintaining a strong liquidity position that had been pursued by the Group during the monitoring period.
The Group’s continuing status of a key software vendor in the markets where it operates has a positive impact on the assessment of business risks. The global need to accelerate digital transformation and set up remote workplaces led to a surge in demand for products and services from
2018 was a period of operational consolidation for
According to Expert RA, the Group has sufficient liquidity resources (forecasted operating cash flows, accumulated cash, and unused credit lines) to cover 110% of its debt payments, capital expenditures and the cost of foreign acquisitions for 18 months from the credit report date. The Group also holds a stake in Crayon, a Norwegian public IT company specializing in cloud technology and digital business transformation. The market value of equity in the company more than doubled last year to about
According to IFRS-compliant consolidated financial statements that include foreign operations, Softline’s revenue in the 2019 financial year amounted to
"The upgrade of Softline’s credit rating by the Expert RA agency confirms that the company follows a sound strategy and has a strong leadership. Despite the slowdown in the global economy, the demand for our products and services keeps growing. This gives us every reason to believe that in the mid-term,
About us:
Softline’s 2019 turnover exceeded
We serve over 60 000 Enterprise and SMB clients, both from private and public sectors. Over 1500 account managers, 1000 solution sales and technical presale professionals and 1000 engineers and technical specialists help our customers navigate through the ever-changing complex IT environment. We build long-term relationships with our clients, partners and employees.
For more information, please visit: www.softline.com
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Valeriya.Aver@softline.com
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softline.com
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