Novian’s Revenue Soars 21.9% to EUR 40.3 Million in 2023

The Novian software and IT infrastructure services group has reported a remarkable 21.9% increase in revenue, reaching EUR 40.3 million in 2023. This significant growth is a testament to the company’s commitment to providing innovative solutions to its clients.

Digital transformation is driving growth in the IT sector.

The company’s EBITDA for 2023 was EUR 1.2 million, a decrease of 18.5% compared to the previous year. However, the operating profit for 2023 was EUR 0.14 million, a 72.2% decrease from 2022.

“As demand for digitalization grows, we are striving to create value for clients by addressing their needs and providing advanced programming and IT infrastructure solutions, seeking ways to effectively apply innovations, including AI. We are delighted that our steady work in this direction is contributing to business growth on both a national and international scale,” said Tomas Vitkus, the CEO of the Novian group.

Novian’s Expertise in Modern Technological Solutions

One of Novian’s key competencies is its experience in developing modern technological solutions for fast and efficient digitalization. Instead of monolithic information systems, container platforms are used to upgrade IT infrastructure, and microservices are used to deploy new applications and information systems.

Cloud computing is a key area of growth for Novian.

“We see that demand for such solutions is growing, so we’re building up our expertise and team in these areas,” added Vitkus.

Revenue Breakdown

The Novian group’s software development revenue grew 11.6% last year compared to 2022, from EUR 8.2 million to EUR 9.1 million. The high-performance computing (HPC) and cloud computing platforms segment saw the most significant growth, with revenue increasing 3.3 times to EUR 4.3 million.

In the digitization area, revenue grew 6.5% in 2023 to EUR 1.6 million. Among recurring services, IT maintenance projects dominated. Revenue in that area shrank by 6.7% last year, from EUR 5.1 million to EUR 4.7 million.

Geographic Revenue Breakdown

In the reporting period, the Novian group’s companies earned EUR 29 million of their revenue, or 72%, in Lithuania; the amount is 15.3% more than in 2022. Revenue earned in other countries was EUR 11.3 million, or 42.9% more than in the year-ago period. The group had activities in a total of 37 countries last year.

Novian’s global presence is driving business growth.