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Transition Technologies Group posts record revenue in 2023, targets expansion in 2024

COMPANIESTransition Technologies Group posts record revenue in 2023, targets expansion in 2024

According to the preliminary estimates, the Transition Technologies Group (TT) achieved record annual revenues which amounted to approximately PLN 820 million (an increase of approximately 5% r/r) in 2023. Thus, marking the Group’s 32nd consecutive year of increasing their turnover and sales year by year. The company achieved an EBITDA result exceeding PLN 60 million in the past year. Better market conditions in the industry are expected by the group in 2024 and they aim to improve their results.

“At the beginning of last year, we assumed that the IT sector would face a demanding 12 months. Our forecasts turned out to be accurate and in 2023, we observed a slowdown in the industry. IT companies, accustomed to high growth dynamics, had to struggle with a visible decrease in orders. This was due to factors such as the uncertain economic and geopolitical situation, or the lack of growth in the industrial sector using IT. In local terms, we should also add currency fluctuations and a rise in labour costs. However, our business model, as well as a good understanding of market needs, resulted in satisfactory financial results, with record revenues at the forefront. Importantly, all companies in the Group reported a profit,” says Prof. Konrad Świrski, President of the TT Board.

The TT Group concluded the past year with increased turnover and an executed plan for 2023. The Group currently consists of 18 companies, 26 offices worldwide, and employs over 2,300 employees. According to the adopted assumptions, Transition Technologies plans further development by the end of 2024 – including a minimum annual revenue increase of 15%.

“We want to continue to grow and strengthen our international position. For this purpose, among others, at the beginning of the year, we took over – through TTMS – the Swiss company Pixel Plus. We are still monitoring the market and we plan further foreign acquisitions. In addition, we are increasing our presence in strategic markets by building our own foreign offices. In the coming months, we want to be more visible in countries such as the US, India, or the Middle East. Over the years, we have developed an effective model of integration and synergy of created and acquired companies, in which our foreign branches are managed by local managers who know the specifics of local markets and effectively use our support in running the business,” emphasizes Prof. Konrad Świrski, President of the TT Board.

Better times are coming for IT

According to the TT Group’s assumptions, 2024 should be a better year for the entire IT industry, primarily due to the forecasted economic growth.

“In our case, we are mainly counting on faster global growth in the industry. Its positive effects should be visible in our results mainly in the second half of the year. The companies in the TT Group have ambitious plans for this year. It’s worth reminding, for instance, about the planned stock exchange debut of TTMS, which should be one of the more interesting IPOs on the Warsaw Stock Exchange this year,” assesses Prof. Konrad Świrski, President of the TT Board.

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