OTT-ONE achieved nearly HUF 3 billion in annual turnover in 2019
OTT-ONE Plc. successfully concluded the year 2019 with more than HUF 2.8 billion in annual turnover, an increase of over HUF 1.1 billion compared to the financial results of the previous year. The net profit of the company for 2019 was approximately HUF 204 million.
OTT-ONE Plc. has published its profit and loss account and balance sheet for the year 2019, based on which the company’s revenue exceeded HUF 2.8 billion last year and its net profit was more than HUF 204 million. Accumulated revenue of the company was more than HUF 1.1 billion higher compared to 2018 financial results. Following the trends from previous years, OTT-ONE intends to use its 2019 earnings to finance investments needed for further growth, and to put its after-tax profit into retained earnings.
In 2019, OTT-ONE has entered into many new contracts, further strengthening its market position. In addition to various security solutions, the company has focused on developing solutions based on artificial intelligence. As a result, OTT-ONE was able to, among other things, embark on a special R&D project for the detection of surface anomalies based on AI worth nearly HUF 700 million in 2020, for which OTT-ONE received a grant of nearly HUF 365 million. Online education, which draws heavily on the experience gained in the streaming business, was also in the company’s focus in 2019.
OTT-ONE also signed the largest contract ever for its operation: in 2019 it received an order of approximately HUF 2 billion to implement innovative IT and information security technology developments for a Hungarian customer. Another milestone in 2019 was the completion of preparatory work on a HUF 1 billion server investment in November. Fully self-funded server capacity not only supports the company in serving its existing customers at a high level but also creates brand new opportunities for the company.
Last year was also decisive for the company’s presence in the capital market: last spring the company’s shares were moved from the Budapest Stock Exchange’s T Market to the Standard Category and in the autumn it was included in the stock exchange index basket of mid- and low-market companies, BUMIX. In 2019, OTT-ONE also initiated preparations for a public capital market transaction to provide the funding needed for further growth.
OTT-ONE introduced innovative solutions in many new areas last year, further paving the way for market and customer growth. The company intends to stay on the path of growth, thus the company is constantly looking at the most appropriate sources of funding. OTT-ONE is active in industries with untapped potential, and the company expects to continue to grow.