Wasko’s portfolio shrinking

2010-07-15

Wasko, a listed IT company, has reported a decline in the number of new contracts in H1 2010, as Parkiet reported. From March to June 2010, the company signed agreements worth only PLN 10m (€2.5m). The value of the firm’s portfolio for 2010 including completed projects totals PLN 110m (€27.1m). By the way of comparison, in 2009 Wasko posted PLN 240m (€59.1m) of sales revenues and 2008 brought PLN 400m (€98.5m). Due to the weak market, the company was forced to let go 56 employees (of the total of 756) in 2009.

Despite the weak results, the company’s strategy is to acquire contracts which generate net margins of at least 3%. Wasko also does not abandon financing its development and research activities, on which it spends around PLN 11m (€2.7m) a year.

Expecting the market to improve in H2 2010, the company intends to raise its results in 2010 and show net margins of 3%, which would translate into around PLN 7.5m (€1.8m) of net profit.

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