TTMS IT posts PLN 34.5 mln net profit of in 2024, wants to pursue acquisitions
IT company Transition Technologies MS (TTMS) has recorded a 145 percent year-on-year increase in net profit to PLN 34.5 million (EUR 8.2 mln) in 2024, with revenue up by 7.7 percent to PLN 233.7 million (EUR 55.6 mln), TTMS said in a press release. The company's priority for this year is to complete further acquisitions.
EBITDA amounted to PLN 31 million (EUR 7.4 mln) last year, up from PLN 29.7 million (EUR 7.1 mln) in 2023.
"Another record year in terms of financial performance is behind us. This is the result of a steadily growing market awareness that advanced IT is not only a strategic tool for building competitive advantage, but above all a pillar of security in uncertain times. This principle is particularly reflected in the defence sector, where our competences and concessions allowed us to double the value of our order portfolio in 2024," said the CEO of TTMS Sebastian Sokolowski, quoted in the release.
"I see huge potential for the use of the latest technologies, especially with growing needs in the areas of cybersecurity and artificial intelligence. In the coming years, I expect further expansion of the company in this sector in cooperation with key international institutions such as NATO, ACT and ESA," he added.
The company is continuing its growth strategy through acquisitions. Following M&A transactions in Denmark and Switzerland, it is looking for further entities to acquire in Western Europe, Scandinavia and Australia.
"The priority for this year is to complete further acquisitions as part of the acquisition plans we discussed at the end of the 2024 during IPO. We are talking to potential partners and want to finalise further transactions later this year," CEO Sokolowski said.
"Acquisitions, especially in Western Europe, are a key part of the TTMS Group's growth strategy and an opportunity for accelerated growth and expansion into new markets. We are also getting closer to acquiring a company in Australia, which is expected to play a key role in acquiring customers in that region and to support the operations of our companies in India and Malaysia," he added.
Transition Technologies MS (TTMS) is a Polish software house. It is part of the Transition Technologies Group, one of the largest IT players in Poland.
Last year, TTMS launched a public offering, but this was suspended due to unfavourable market conditions. The company wanted to raise a net of up to about PLN 80 million (EUR 19 mln), and the primary purpose of the issue was to raise funds for future acquisitions.
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