CEE's biggest IT firm Asseco Poland eyes results rise, cautious about Nasdaq.

By bne IntelliNews March 22, 2011
The region's biggest IT company, blue-chip Asseco Poland deems that market conditions will likely allow it to improve its financial results this year, the firm's CEO Adam Goral has said. This year's budget is more optimistic than the 2010 one, he stressed. Currently, the group's 2011 backlog is worth of PLN 2,888mn, which means that 89% of last year's revenue is now secured, Goral announced. The backlog of proprietary software and services (the most profitable part) is worth of PLN 2068mn. The stand-alone backlog is worth of PLN 944mn, of which PLN 684mn concerns proprietary software and services. In 2010, Asseco Poland posted consolidated net profit of PLN 415.10mn (EUR 103.66mn) vs. PLN 373.37mn (EUR 86.02mn) profit a year earlier. Consolidated revenue in this period was PLN 3237.73mn (EUR 808.54mn) compared with PLN 3050.25mn (EUR 702.72mn) a year earlier. Goral also said that Asseco Poland would decide on its plan to debut on Nasdaq on Mar 31. He stressed that investors were currently against floating Asseco's shares on the U.S. bourse. However, he added that the company was now in talks on cooperation with "very big companies" and if they lead to agreements, the Nasdaq listing might prove necessary for Asseco Poland in the future. In March, Asseco wanted to decide whether to change Formula Systems (Israeli's firm it purchased for USD 145mn last year) into Asseco Systems on the Nasdaq or whether to list here ourselves. ISB, tom

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