Bittium Corporation announces half year financial report 2019
Bittium Corporation this week announced its half year financial report 2019. For the first half year, the net sales increased by 16.8 percent year-on-year to EUR 33.1 million (EUR 28.3 million). The share of the product-based net sales was EUR 18.6 million, representing 56.1 percent of the net sales (EUR 11.8 million) and the share of the services-based net sales was EUR 14.5 million, representing 43.9 percent of the net sales (EUR 16.5 million). EBITDA was EUR 4.7 million (EUR 1.3 million). The adoption of IFRS 16 standard increased EBITDA by EUR 0.3 million. The company also reported an operating profit of EUR 1.7 million (operating loss of EUR -0.8 million).
Bittium’s CEO Hannu Huttunen: "During the first half of 2019 the net sales developed well and impacted positively the profitability. Operating profit was slightly higher than expected partly due to the earlier than estimated product deliveries. According to our strategy we continued significant investments into the product business. Net sales of the product based business grew strongly, resulting mainly from the growth of the tactical communication system and medical technology products sales. In June we launched a new ultra secure Bittium Tough Mobile 2 smartphone. The product deliveries will start in autumn. The core of the information security of the new Bittium Tough Mobile 2 is its multilayered security structure and it is designed for customers with ultra security needs. The new phone will be positioned next to Bittium Tough Mobile 1, which has authority approval for using and sending confidential information wirelessly."