Sirma Group Reports 17.27 % Increase in Q1 2016 Consolidated Results

Sirma Group Holding (BSE: SKK) announced its preliminary consolidated financial statement for Q1 2016.According to the company, a growth of 17.34% has been realized in consolidated revenues, and 17.27% growth in consolidated profit. The costs for the same period are 16.01%. The rise is mainly generated by the Group subsidiaries – Sirma Solutions JSC, Sirma USA and Ontotext AD.

“We only started implementation of our strategy for growth, and first results are at place. The year started very promisingly with a couple of new projects in the US, as well as big integration projects for Sirma Solutions. Ontotext, also managed to close an excellent deal with the BBC*, which has purchased a large amount of software licenses. For us, this is a very positive sign that semantic technology really works, and most importantly, is very useful for the publishing industry. This vertical is among the top priorities, included in the Ontotext marketing strategy.”, said Tsvetan Alexiev, CEO of Sirma Group Holding.

Additionally, Sirma Group Holding JSC has publicly announced an invitation to its first General Assembly as a public company. The meeting will be held on June 14, 2016, 1 p.m., in Sofia. Besides the usual points of the General Assembly, related to adoption of individual and consolidated financial statements of the company, the management has envisaged and an additional point on share repurchase of up to 300,000 shares of the company at prices from 0.50 Lev to 1.50 Lev per share with a nominal value of 1 Lev.

“The share repurchase is part of our remuneration scheme, aiming the top managers, which are eligible to obtain some part of their remuneration in equities. This is a standard practice in developed markets, targeting to directly link remuneration of the Board of Directors with their performance within the company. Thus, it is a factor that ultimately reflects in market capitalization of the Group, “said Tsvetan Alexiev, CEO of Sirma Group Holding JSC.

*Edited: Initially it was announced The Financial Times by a technical mistake.

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