The turnover for 2009 will drop by up to 20%, in the pessimistic version

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The turnover for 2009 will drop by up to 20%, in the pessimistic version

27 Aug The turnover for 2009 will drop by up to 20%, in the pessimistic version

Posted at 06:26h in APARITII MASS MEDIA, Wall-Street by Silvia 0 Comments

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IT solutions provider Crescendo recorded in the first half of this year a 9 million-euro business, similar to the same period last year, which could lead this year to reach 72.3 million lei (19.6 million euros) a similar figure compared with last year, according to Marius Tulea, general manager of the company. In the first quarter, Crescendo ran 3.6 million euros, up 20% over the same period in 2009.

“By the middle of the year we are over 2008. If things go so far we are still stagnating, but in the first semester there have been many projects started in previous years. We’re still working on new projects, but the percentage that finishes out of those discussed is lower. So, although we hope for a stagnation, things do not improve, and as we do not know what’s going to happen, a pessimistic variant would be a drop of up to 20%,” Marius Tulea told Wall Street.

He added that if the situation will evolve as in the first semester when there are significant decreases in the number of new projects and the budgets already allocated by the existing clients the net profit margin at the end of the year will be 2-3% than last year when it was 6.6%. In 2008, the company posted a net profit of € 1.3 million for business of € 19.6 million.

“The number of new projects decreased by 60% compared to the same period of previous years. Also, some clients have cut their budgets by 20-30%, others by 100%, but an average of their decline in the private sector was around 50%. On the other hand, it is not just a simple cut, but also a transfer. For example, the amounts that were allocated for the replacement of various solutions and infrastructures were redirected towards improving existing ones. Migrated from infrastructure acquisitions to services,” explains CRESCENDO’ manager, a company launched in 1993 which currently has about 100 employees.

If a few months ago he estimated that the IT market could be back in the last quarter of this year, now Tulea thinks this will happen in the second or third quarter of 2010.

“I do not think it will be seen in T4, except during the holiday season. The way things move in the public sector does not make me see it as a repackaging engine in the positive sense, as it was in Germany, France, Poland. At the same time, the final consumer – who is the client of a company with whom we work – has a retention and reduces its budget. “

Large companies mean 50% of the company’s business on the same footing as income from SMEs. Of CRESCENDO’s clients, the public sector has the slightest contribution to turnover, this year accounting for about 1-2% of business versus 7-8% last year.

The areas with the highest shares are in energy, production and distribution, telecommunications and financial-banking.

Among the problems faced by IT solutions provider this year due to the crisis are the lack of predictability in terms of project development and lack of cash.

“We talk to our clients, we start the project and stop, there are restructuring. Now these things, which were usually unpredictable, have become predictable. On the other hand, lack of cash has led customers to reduce their interest in IT. At the same time, we and our partners are funding and sometimes recovering the amounts, “says CRESCENDO’ Manager, who cut the company’s spending by 6-7 percent to mitigate the effects of the crisis.

Although it expects a recovery of the IT solutions market only after mid-year, Marius Tulea says his top priority is how he will organize the company after the crisis, as it has brought some opportunities that will help the company not only survive but also grow in this difficult economic context.

“This period brings the need for specialization and we are headed for niche services, some are offering them, others are testing them. We launched Enterprise Resource Planning (ERP) solutions in 1994-1995, so we do now with CRM (n.red Customer Relations Management). The market is not yet ready, but we educate it. On the other hand, it is a time for customers to look at the structure of investment, how they acquire IT services. I am referring first and foremost to the growing openness to outsourcing. I do not think we would have had this opportunity if the crisis did not occur,” says Marius Tulea.

The most important competitors of CRESCENDO on the local IT&C integrated solutions market are S&T, Xerox, IBM and Net Consulting.

Wall Street

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