Sizeable loss for Sygnity in 2009

2010-03-05

In Q4 2009, Sygnity reported sales revenues of PLN 164m (€42.3m), a 50% year-on-year reduction, and a net profit of PLN 6.9m (€1.8m). In the last quarter of 2009 the company lost PLN 55m (€14.2m) because clients abandoned two projects and postponed another three which had been planned for 2010.
In 2009, Sygnity made a net loss of PLN 89.2m (€23m) from sales revenues of PLN 572.7m (€147.6m), whereas in 2008 the latter figure was PLN 996m (€256.7m).
Sygnity’s results reflect the economic slowdown. Because of the crisis, public bodies have withdrawn orders, as have banking and telecommunication clients. Furthermore, the company had to reduce its margins because of pressure from clients to cut prices.
Sygnity has not yet announced its financial prognosis for 2010. Nevertheless, the company is planning a number of projects in banking, telecommunication and the public sector. At present the group portfolio for 2010 is worth PLN 291m (€75m).