MakoLab reports positive results for Q1 10% growth in revenue, year on year

MakoLab published its Q1 report for 2023 on 12th May. The company is pleased to have achieved higher sales in comparison with the analogical period for last year. Revenues of PLN 19,732,000 represent an increase of 10% on those for Q1 2022. At 84%, the share of exports in the revenue structure is noteworthy. The company attained these higher results during a period when a slowdown is being observed on the IT services market.

The MakoLab Q1 2023 report announces good news regarding revenue growth, a positive EBIDTA result and a net profit.

Sales of PLN 19,732,000 show a year-on-year increase of 10%, with the export of services having a pivotal impact on the result, revealing a growth of 15% in comparison with Q1 2022 and representing 84% of the sales. The company’s operating costs rose by 15%. This is primarily a result of the rising costs of remuneration, including the pay rises applied across 2022. New staff were employed in 2022 in response to growing project requirements which have also had an impact on Q1 this year. Ultimately, the EBIDTA result for the period was PLN 2,238,000, with a net profit of PLN 1,611,000.

We’re happy with our Q1 results. They’re the fruit of work we carried out much earlier and of the high opinion our clients have regarding the quality of the solutions we deliver. And for that, I’d like to thank every member of our staff.
Wojciech Zieliński, President, MakoLab S.A. Management Board

The management board is watching the current market situation and verifying the company’s plans on an ongoing basis.

We’re also keeping an eagle eye on indications of the economic slowdown that’s been affecting our sector over the past few months. It’s clear to see that there’s less money on the IT services market than there was a year ago. Added to that, we’re dealing with inflation and the unsettled political situation in the region. When we talk to our key clients, what makes itself felt is that they’re not so much abandoning their projects as holding back on decisions with a view to making them when prospects for the future are clearer. That’s why we’ve noted in the report that the growth in sales we’ve achieved to date may not be maintained in the upcoming quarters. Like every mature company, we’re readying ourselves for a range of scenarios, including pessimistic ones.
Wojciech Zieliński

MakoLab is working proactively to find new projects and is currently engaged in a number of sales processes which should be decided by the middle of the year.

We’re all working intensively on finding new clients and projects. That includes taking part in tender proceedings and holding talks on orders demanding the highest levels of skill sets and management standards. A few years ago, we weren’t considered for projects of like that and that fact that now we are demonstrates just how much we’ve developed and just how vital our recent investment in aspects like implementing security and quality standards has been.
Wojciech Zieliński

MakoLab has certainly not relinquished work on new solutions. One outcome of this is a prototype of a ready-to-use system for verifying vehicle damages resulting from road traffic accidents and detecting fraud relating to the claims. The solution, which uses machine learning tools, was created in collaboration with an insurance company that is interested in deploying the production version. This is by no means the only new solution developed by MakoLab which will be of interest to organisations operating in the mobility sector.

The report summarising Q1 2023, together with a detailed commentary on the results, is available at LINK. (Polish only).

12th May 2023
3 min. read

Michał Hertel

Head of Communication

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