March 1 (SeeNews) - Bulgarian software developer Sirma Group Holding [BUL:SKK] said that its consolidated net profit excluding minority interest rose to 6.9 million levs ($4.0 million/3.5 million euro) in 2018 from 4.1 million levs in 2017, backed by a rise in revenue.
The company's revenue grew to 61.9 million levs last year from 52.4 million levs in 2017, Sirma Group Holding said in an unaudited financial statement.
Revenue from sale of goods nearly doubled to 21.5 million levs in 2018 from 11.4 million levs a year earlier, while revenue from offered services fell to 37 million levs from 39.6 million levs.
Sirma Group Holding saw its revenue increase in all three of its major regions - Europe, the US and the UK. The company generated 23.56% more revenue in Europe - 40.6 million levs, followed by a 13.82% rise to 11.6 million levs in the US and a 6.67% increase to 8.7 million levs in the UK.
Total expenses increased to 52.9 million levs last year from 45.3 million levs in 2017, largely due to an increase in cost of goods sold.
At the end of 2018, the company launched an attempt to raise up to 39.57 million levs through a capital increase, but the attempt ended unsuccessfully, as the number of subscribed shares failed to cross the minimum threshold of 19,786,839 shares.
(1 euro = 1.95583 levs)