Thursday, 02 December 2021

Continued Success Despite Global Pandemic: ECT, Munich Tech Group Maintains Both Top- and Bottom-Line Growth in 2020

posted by ECT
Wednesday 06 October 21

ECT (European Computer Telecoms AG), provider of low-code technology and agile co-development dedicated to better business outcomes for CSPs and their customers, announces that the ECT Group’s revenue and earnings continued to grow in 2020. According to ECT’s annual report, approved at the company’s general shareholders’ meeting on October 5th, consolidated annual revenue grew 6.2% to 17.254 M EUR and earnings after tax 33.6% to 0.288 M EUR. Retained profits increased to 6.415 M EUR…

ECT (European Computer Telecoms AG), provider of low-code technology and agile co-development dedicated to better business outcomes for CSPs and their customers, announces that the ECT Group’s revenue and earnings continued to grow in 2020. According to ECT’s annual report, approved at the company’s general shareholders’ meeting on October 5th, consolidated annual revenue grew 6.2% to 17.254 M EUR and earnings after tax 33.6% to 0.288 M EUR. Retained profits increased to 6.415 M EUR.

In 2020, the Group invested over 2 M EUR in new product development and R&D. Moreover, ECT also entered into a multi-year contract with the leading consultancy company in the telecoms industry, Gartner, Inc. The Group is using the expert guidance and tools of Gartner to enable faster, smarter decisions and stronger performance on its most critical priorities and preparing a relaunch of the company’s brand and core technologies in 2021.

Throughout the pandemic, all of the Group’s many clients, worldwide communications service providers, received the same excellent 24-hour maintenance support as always and were able to continue the many critical services running on ECT technology without issues.

In response to the pandemic, the Group awarded all employees voluntary COVID relief payments and instituted home office for a large portion of the year. As in previous years, the Group also paid voluntary employee bonuses and continued to be the main sponsor of the Munich Chamber Orchestra which, like all cultural institutions, was hit hard by the pandemic.

Even with this engagement, consolidated working capital increased to 8.8 M EUR, due to the 44% increase in cash to 5 M EUR at the end of the year. The equity ratio of the parent company, the European Computer Telecoms AG, increased to 56%.

Looking back on 2020, ECT CEO, Marshall E. Kavesh, commented, “Although these results are below pre-COVID expectations, we are satisfied with our performance given these difficult times. Most importantly, we continued to fulfil our responsibilities to our clients, employees and community while maintaining growth and investing heavily in the future of our company. After the end of the pandemic, we will be stronger than ever and well able to continue our long-term plan to grow to a 100 M Euro company by no later than 2025.”

About ECT (European Computer Telecoms AG):
ECT is a tech company dedicated to better business outcomes for communications service providers (CSPs) and their customers. With our Telecoms Low-Code Application Platform (T-LCAP), Packaged Business Capabilities (PBCs), ready-to-use apps and agile co-development, we enable CSPs to compose, enhance and individualize telecoms services and products implemented within their telecoms network. We believe that business customers are ready to pay a premium price for reliable, individualized services, continuously evolving in cooperation with their trusted CSP. Toward this end, we collaborate with CSPs long-term and continuously, responding agilely to new and changing use cases, requests from individual customers, and emerging opportunities. Research and development are also a top ECT priority: we consult closely with leading analysts, implement emerging technologies and products early, and then test their viability together with the CSPs in our ecosystem. In addition to our own direct sales and service, primarily in Europe, we also partner with Nokia Networks which offers our products and services worldwide. Together with our clients and our partner Nokia, we at ECT enjoy meeting challenges and creating opportunities.

Founded in 1998, ECT is an unlisted German public company with its headquarters in Munich, Germany and wholly-owned sales and service subsidiaries in England, The Netherlands and the USA.

For more information about ECT, please visit ect-telecoms.com.

For more information on this press release, please contact communications@ect-telecoms.de


View more of the latest press releases from across the industry or post your company's news.

Since you're here...

...the Telecoms industry is characterised by constant change and evolution. That's why it's crucial for telecoms professionals to keep up-to-date with what is happening. Join 35,000+ of your peers and sign up to our free newsletter service today, to be in the know about what is going on. PLUS, as a member you can submit your own press releases!

See all membership options

Please enable JavaScript to view the comments powered by Disqus.

Newsletter signup

Quickly get on board and up to date with the telecoms industry