Gloster continues to grow: sales revenue to exceed 13 billion in 2024

Regular UPDATE
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Gloster Infocommunications Public Limited Company (company registration number: 13-10-042012; registered office: 2142 Nagytarcsa, Csonka János Street 1/A, Building A/2; hereinafter: the Company, Gloster) hereby informs its esteemed investors of the following in accordance with applicable laws and the General Rules of the Budapest Stock Exchange.

Gloster continues to grow: sales revenue to exceed 13 billion in 2024

An IT company listed in the BÉT Standard category has published its 2024 report

Nagytarcsa, April 25, 2024. – Gloster, an IT service provider with 271 employees that primarily outsources work abroad, saw its adjusted net revenue increase by 31 percent to 13.48 billion forints in 2024, with adjusted recurring revenue rising by 44 percent to 9.098 billion forints. Compared to the previous year, adjusted EBITDA grew by 18%, reaching 1,152 million forints—the upper end of the previously announced range.

Profit after tax under IFRS (International Financial Reporting Standards) increased by 51% despite being significantly impacted by one-time items, the recognition of one-time impairment losses on the Gloster common shares owned by MRP, and expenses related to tender obligations—which together reduced the 2024 profit after tax under IFRS by 176 million forints.

Adjusted EBITDA rose by 18% to 1,152 million forints compared to the 2023 adjusted EBITDA, which underscores the stability of operations while also indicating further potential for efficiency gains. EBITDA calculated in accordance with IFRS was 899 million forints, representing a 23% increase (169 million forints).

Consolidated, audited IFRS financial data in millions of forints

Adjustment factors for 2023: establishment and reorganization, 28,850 eFt; reclassification of KIVA to payroll expenses, 109,574 eFt; P92 calculated for the entire year of 2023

Adjustment Factors for 2024: Systemfarmer Zrt.’s earnings for the period from January 1, 2024, to August 15, 2024, and earnings from discontinued operations

Export market performance continues to play a key role in Gloster’s growth: adjusted export revenue increased by 10% to 5.1 billion forints (which also includes export-related revenue from discontinued operations), while export revenue under IFRS was 4.8 billion forints, representing a 36% increase. As a result, the share of exports within total revenue under IFRS rose to 46%, thus exceeding the 30–40% target set out in the long-term strategy. The performance in foreign markets underscores the success of the company’s export-oriented operations and reinforces the sustainability of its internationally focused business development.

The proportion of recurring revenue continued to rise: 67.5% of adjusted revenue and 78.6% under IFRS. Recurring revenue under IFRS also increased by nearly 3 billion forints in absolute terms, representing a 57% increase compared to the previous year.

Business Unit Performance

In 2024, the Cloud division was the primary driver of growth for Gloster Infokommunikációs Nyrt. The division’s net revenue—taking into account the effects of the most recent corporate merger— increased by 122% compared to the previous year. This significant expansion contributed to a substantial improvement in the profitability of the entire corporate group.

The International Software Development division also had a successful year: its revenue rose by 21% compared to 2023. At the same time, the division’s profitability was negatively impacted by rapidly rising labor costs resulting from competition for skilled workers .

The performance of the various business segments underscores the stability of Gloster’s diversified business model, while also highlighting the cost-related challenges facing the technology sector.‍

Consolidated, audited IFRS financial data in millions of forints

The 2024 results confirm that Gloster’s business model is sustainable, stable, and scalable in the long term. In the coming period, the Company will continue to focus on its strategic objectives, primarily on further improving operational efficiency, strengthening its presence in foreign markets, and increasing recurring revenue.

About Gloster

Gloster is a broad-spectrum IT service provider listed on the Hungarian Stock Exchange. Over the course of its more than 20-year history, it has evolved from a hardware-focused garage startup into a software-focused international mid-sized IT company. Thanks to Gloster’s aggressive acquisition strategy, it has successfully completed ten acquisitions since 2018 and expanded its operations into the areas of public cloud-based solutions and international software development services. The group currently employs a team of nearly 270 people; its pre-audit adjusted revenue for 2024 was 13.48 billion forints, and its EBITDA was 1,152 million forints. Gloster continues to seek out IT companies whose acquisition will help it achieve its strategic goals, while continuously integrating solutions into its operations that make its existing portfolio more efficient.

Nagytarcsa, April 25, 2025

Gloster Infocommunications Plc.

Further information:

Dr. Adrienn Karlovich-Szabó

investor relations officer

karlovich.szabo.adrienn@gloster.hu