The largest Bulgarian IT developer Sirma Group Holding posted BGN 21.9m sales revenue in Q3 2015 report. This showed 11.7% y/y.
Revenue growth slightly accelerates vs H1 2015 figures but remains below 2015 growth expectations.
The company, which debuted on the Bulgarian Stock Exchange in Sofia on Monday, improves profitability as it keeps external costs flat and posts lower than expected labor costs growth.
Capitalized expenses are up 31.6% y/y to BGN 7m. Overall, EBITDA is up 23.8% y/y/ to BGN 7.73m, better than expected and better than preliminary announcement. Accordingly, EBITDA margin is better than estimates and stands at 35.3%.
Sirma debut on the stock market
Sirma Group Holding IPO-ed in Sofia in mid Sept to mid Oct raising BGN 11.5m for marketing boost in the US and product development. The stock debuted in Sofia on Monday rising 6% above BGN 1.2 per share IPO price. On Tuesday (24 Nov) stock opened up but settled at BGN 1.26 per share in midday trading. Demand remained high from retail and institutional investors.