Wasko shows weak results in 2009

2010-01-18

Wasko, a listed IT company, has reported PLN 131m of sales revenues and over PLN 1.3m of net loss in the first three quarters of 2009. In spring 2009 the group’s management forecast a turnover of PLN 400m and a net profit of PLN 14m in 2009 as a whole. The company has not yet revealed its financial results for Q4 2009, which is traditionally the best trading period for Wasko.
Despite the financial difficulties, the group continues research on new products development that is co-financed by EU grants. Nevertheless, Wasko limited its spending on new equipment and withdrew from any acquisitions. In 2009, the company’s investment expenditures totalled PLN 10m, while in the previous year the figure was PLN 30m.
According to Tomasz Kosobucki, a member of the management board, quoted by Parkiet, the forecasts of a significant improvement on the IT market in 2010 in comparison to 2009 are overly optimistic. In his opinion, there are no public administration orders pertaining to the IT infrastructure.
Wasko hopes to increase its sales of outsourcing services and in the industrial as well as the oil and energy segments. In 2010, the revenues coming from the telecommunications and public sectors that account for between 30% and 40% of company’s turnover are expected to be at the similar level as in 2009.

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