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Tecnotree, the global provider of IT solutions for the telecom industry, announced its half-yearly financial results for 2020. Despite the highly volatile and challenging economic conditions, Tecnotree delivered strong results across all key metrics. Continuing the strong growth trajectory of Q1’20, Tecnotree posted a quarter-on-quarter increase of 28% in revenue and an impressive 61% in Adjusted EBIT for Q2 of 2020.
Key Half-Year Highlights:
The positive momentum has translated to robust stock market performance for the company. The market saw a rally of 41% in the share price during the period and an increase of 54% in market capitalization compared to year-end 2019 situation, being EUR 64.8 million at the end of H1 of 2020.
“H1’20 has been challenging for the entire industry due to the COVID-19 pandemic resulting in decreased mobility and economic downturn. However, our right strategy and agile approach ensured continued business operations and strong growth with positive financial performance. Our major outlook for 2020 was to strengthen our customer base globally and it gives me immense pleasure to announce that we have been successful in this regard with increased order booking and selection by two major CSPs for their transformation journeys. At Tecnotree, we continue to look forward and innovate to achieve our targets for 2020”- comments Padma Ravichander, CEO of Tecnotree Corporation.
FURTHER INFORMATION Padma Ravichander, CEOtel. +97 156 414 1420 www.tecnotree.com
Tecnotree is a global provider of telecom IT solutions for the management of products, customers and revenue. Tecnotree helps Communications Service Providers to transform their business towards a marketplace of digital services. Tecnotree empowers service providers to monetize service bundles, provide personalized user experiences and augment value throughout the customer lifecycle. Tecnotree serves around 90 service providers in around 70 countries. Tecnotree is listed on the main list of NASDAQ Helsinki with the trading code TEM1V.