Daniel Thiele Upward Lg 1X
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Foreign expansion still the key direction for MakoLab development

Tuesday, November 17th, 2020
On 13 November 2020, MakoLab S.A. published its third quarter report for this year. The company continues the upward trend from previous periods, and after the first 9 months of 2020 boasting revenue of PLN 35.9 million – 18% higher than in the corresponding period of 2019. Undoubtedly a source of satisfaction is the even higher increase in export revenue. It confirms that the company has adopted an appropriate foreign expansion strategy, which is reflected in the opening of the next European bridgehead for sales activities in Munich.
The MakoLab S.A. report for the third quarter contains a lot of good information. Despite the fact that a significant part of it covers the holiday period, in a year additionally affected by the consequences of the current pandemic, the company managed to record rises practically in every area. After the first three quarters of 2020, the company recorded revenues of PLN 35.9 million, which means an 18% increase in comparison with the corresponding period of 2019. Export sales, which increased by 24% on an annual basis, constitute the key part of this growth. The portfolio of MakoLab clients and projects remains the same. Similarly to previous quarters, the growth drivers are orders concerning the development of software for the purposes of “connected vehicles” and the sale of services comprising the development of digital systems on request – mainly for the automotive and financial sectors.
The stable growth in export revenue confirms that the strategy of seeking new business opportunities abroad and the geographical diversification of our business activities we have pursued for several years is the correct direction for development of the company. This is reflected, for example, by the decision to establish MakoLab Deutschland, a subsidiary with its registered office in Munich, which started operations on 1 September. We established cooperation with an experienced manager from the automotive sector, to be responsible for commercial activities in the DACH region. We expect that the first effects of his activities will be seen at the beginning of next year.
says Wojciech Zieliński, President of the MakoLab S.A. Management Board.
The company is also actively pursuing resources that will allow it to finance the marketing activities it undertakes in foreign markets. At the beginning of the third quarter, the company received confirmation of the allocation of funds from the “Go to Brand” programme, implemented by the Polish Agency for Enterprise Development. The value of the project for the intensive promotion of exports through participation in trade fairs and sector conferences filed by the company is PLN 390 thousand, which will be 60% financed from the programme. The company’s original assumptions related to the commencement of activities in 2020 had to be modified due to the pandemic and the cancellation of events caused by it. However, funds for implementing the project can be used up to 2022 and the company expects to implement its plans next year.

An important event that took place at the end of Q3 2020 was the re-certification audit for ISO 27001, concerning the company’s compliance with the requirements of the norm.
We were extremely satisfied to be granted ISO 27001 certification for the next three years. Preparing for the audit and the verification process in a situation where the company operates almost entirely in the remote model required the implementation of additional internal procedures and our employees’ engagement. Given the fact that we guarantee the highest information safety standards in these circumstances, we are even happier. It has proved again that, as an organisation, we are able to quickly adopt to changing circumstances, which is noticed and perceived very positively by our clients.
underlines Wojciech Zieliński.
Moreover, the company is working intensively on implementing standards and obtaining ISO 9001, 20000 and 22301 certification, scheduled for the middle of next year.

So far the company has not experienced the negative consequences of the pandemic, the restrictions connected with it or economic turmoil. Projects planned earlier are being performed on time and without hindrance. Currently, there are also no signals that this situation will change and have a negative impact on the company’s financial situation in the nearest future. However, given the high uncertainty concerning the evolution of the situation in the economy, the company’s Management Board monitors on an ongoing basis the situation on those markets of key importance for MakoLab and updates possible scenarios for actions, including pessimistic ones.
If you are interested in the detailed quarterly report Click here
Author
Michal Hertel 2
Michał Hertel
Head of Communication & Business Development

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