Novian’s Revenue Grows by 28% in 2022 to €33 Million
Novian, a group of companies that provides software and IT infrastructure services, has reported an aggregate revenue of €33 million in 2022. This represents a growth of 27.9% from the previous year. However, the EBITDA contracted by 11.8% to reach €1.5 million compared to the previous year, while operating profit decreased by 39.9% to €0.5 million.
The Novian group operates in Lithuania, Estonia, Moldova, and Norway. Last year, Novian’s group companies earned €25 million or 76% of their revenue in Lithuania alone – an increase of 39.4% from the previous year. The remaining foreign earned income was €7.9 million or a slight increase of 1.4%.
Novian CEO Evaldas Rėkus said that the company aims to strengthen its competitive position with a focus on strategic areas such as software development, digitalization, and high-performance and cloud computing platforms.
In terms of revenue growth between 2022 and 2021, software development revenues increased by 15%, digitization revenues increased by 27%, while revenue from high performance computing (HPC) and cloud computing platforms rose by only 3.5%. Income from recurring services remained at a similar level standing at €5 million.
One of Novian’s major projects last year was deploying HPC clusters in African countries for forecasting climate change and weather patterns which will help better prepare for climate change challenges.
Additionally, Novian paid attention to digitizing archives last year opening up a new Digitization Center in Estonia for meeting market demand for digitizing company archives.
Novian Group is owned by INVL Technology which invests in IT businesses across several countries including Novian Technologies in Lithuania; Andmevara SRL from Moldova; Novian Systems and Elsis PRO in Lithuania, Andmevara AS in Estonia, and Zissor from Norway.
It is confirmed that, Novian’s 2022 results are based on audited results of Novian Technologies, Novian Systems, Elsis PRO and Zissor while the other group companies’ results are unaudited. In April 2023, Rwanda-based Norway Registers Development Rwanda Ltd became part of the Novian group.