Civinity announces first-half results: pre-tax profit almost doubles
2023.09.21
Civinity, one of the largest building maintenance and engineering solutions groups in the Baltics, has significantly increased both revenue and profit in the first half of 2023. The Group’s revenue grew by 33%, EBITDA by 58% and profit before tax almost doubled.
The Civinity Group’s sales revenue grew by 33% in the first half of the year to EUR 44,971 thousand (30 June 2022: EUR 33,823 thousand). Revenue growth was achieved in Lithuania and Latvia, with the Group demonstrating growth in all business segments: residential maintenance and management, commercial building maintenance and management and engineering systems design, installation and maintenance.
In the first half of this year, the Group’s gross profit amounted to EUR 8,797 thousand, 22% higher than in the same period last year (EUR 7,216 thousand), and the consolidated EBITDA of the Group’s companies amounted to EUR 3,407 thousand, 58% higher than the previous year’s EBITDA (EUR 2,161 thousand). The Group’s profit before tax almost doubled in the first six months of 2023, rising to EUR 2,337 thousand (compared to EUR 802 thousand in the first half of 2022).
According to Virgeda Jackaitė, Managing Director of Civinity, the Group’s good results are due to its successful performance in all business segments. The Group has also positively contributed to the growth due to the successful implementation of projects: in 2022, the Group completed the acquisition of shares in UAB Inservis, UAB Priemiestis, UAB Jurita and SIA Inservis, which are engaged in the maintenance of commercial and residential buildings, as well as the acquisition of the majority stake in Valandinis, a platform for freelance construction professionals. The Group’s profitability was also boosted by the systematic continuation of operational efficiency initiatives.
The Company also announces that sales revenues in the UK were lower this year compared to the record year last year at €2,751 thousand (H1 2022: €5,715 thousand). According to Jackaitė, during the first half of this year the team has been focusing on market analysis and finding new customers, which is why this drop in revenue is temporary.
A week ago, the company announced a new public bond issue, which is expected to start at the end of September this year. The group’s last bond issue was in 2021, when the newly issued bonds were listed on First North, an alternative securities market operated by Nasdaq Vilnius.
Civinity is one of the largest building maintenance and engineering solutions groups in the Baltics. The company brings together more than 30 companies that maintain 10 million sqm of residential and commercial buildings and have installed several thousand engineering systems in different European cities. In 2022, the Civinity team had 1,711 employees in Lithuania, Latvia and the UK, revenues of EUR 74.158 million and EBITDA of EUR 4.121 million.