Gloster, a provider of services to more than 20 countries in 4 continents with 274 employees in 8 locations, increased its adjusted net sales by 75 percent to HUF 10.3 billion in 2023 (~26.3 million EUR), including revenue from foreign sales by 130 percent to HUF 4.6 billion (~11.7 million EUR). Compared to the previous year, adjusted EBITDA increased by 29 percent to HUF 976 million (~2.48 million EUR).
Exceeding its export targets and setting a new adjusted revenue record in 2023 (HUF 10 319 million +75%) compared to previous years, the emerging international IT services company on the domestic stock exchange is growing strongly. The growth continues to be impressive: domestic sales closed at HUF 3.9 billion, up 46%, with adjusted foreign currency-adjusted sales closing at HUF 4.6 billion.
The largest acquisition in Gloster’s history contributed significantly to this growth: the contract for the acquisition of P92 IT Solutions Kft. was signed by the parties on 15 June 2023. As the transaction closed only on 3 August 2023, but the sale and purchase agreement stipulates that the parties will share the entire 2023 profits in line with the new ownership structure that has been established, the growth figures adjusted by the P92 time-proportional figures, full-year turnover and EBITDA are also included in the just published report.
In 2023, the Group exceeded the targets for the share of export turnover set out in its 2026 strategy. According to the report, adjusted net sales of the IT company, listed on the Standard Market of the Budapest Stock Exchange, increased by 75% to HUF 10.3 billion, with revenue from foreign sales growing by 130% compared to 2022. The resulting HUF 4.6 bn in foreign revenue represents 45% of total revenue, which is already higher than the 30-40% target set in the long-term strategy.
The share of regular turnover has also risen by 63% to HUF 6.3 billion in 2023, higher than the strategic target set earlier. This brings the Gloster Group’s share of revenue from long-term renewable contracts to 61.1% of total revenue, down from 2022, due to an increase in one-off project revenue in the Systems Integration business.
The growing revenue was also accompanied by expanding adjusted EBITDA: on this line, Gloster reached HUF 976 million in 2023 (IFRS EBITDA was HUF 730 million), up 29% year-on-year.
Profit after tax and adjusted EBITDA were reduced by one-off expenses related to the integration of the 10 acquired companies, the IFRS transition and the preparation of the listing category change. The growth driver in 2023 was again driven by the International Software Development business, whose net sales grew by +137% including the latest acquisition, significantly improving the profitability of the group as a whole. The company’s Systems Integration business also had a successful year, with revenue up 56%, but Gloster Cloud also had a strong period, with 19% growth despite the fact that its revenue comes mainly from the currently rather stagnant domestic market.
Gloster also significantly increased its headcount with the acquisition of P92, as the total number of employees in the group reached 274 at the end of the year, compared to 199 registered last year.
