RS2 Software generates €6.4m pre-tax profit in 2021

Last week marked the deadline for companies with a December financial year-end to publish their 2021 annual financial statements. Among the numerous company announcements issued last week, RS2 Software plc published its 2021 annual report showing a pre-tax profit of €6.4 million.

The RS2 announcement was eagerly awaited following the issuance of preference shares in the first half of 2021, during which the company published its three-year financial forecasts. RS2 shareholders and also financial analysts could therefore compare the actual results published last week with the financial forecasts published in early 2021 in order to understand the progress the company achieved despite the COVID-19 pandemic, which surely disrupted business operations, especially during the first half of the year.

Revenues during 2021 amounted to €38.7 million, translating into a 44.3 per cent increase over the prior year. However, revenue fell short of the projections of €42.5 million published in early 2021. CEO Radi El Haj made reference to this in his address to shareholders, explaining that the company experienced “delays in some expected revenue resulting from unforeseen circumstances and...