Transition Technologies — is it Covid-proof?
Transition Technologies Capital Group — IT leader in the field of energy, gas, medical IT and industry, summarizes the first quarter and forecasts the first half of of 2020.
Revenues amounted to over PLN 100 million and were 25% higher than in the same period last year. This trend will be maintained throughout the first half of 2020 and the group will achieve revenues of over PLN 210 million gross. The TT CG estimates that the COVID-19 has not had a negative impact on the company’s operations so far and it has a chance to go through the current recession, continuing the revenue growth trend throughout 2020.
We have repeatedly forecasted the coming crisis, although of course no one could have foreseen the coronovirus itself and the current scale of problems. Prepared crisis plans worked, and the very transition of the company’s work to remote mode in practice took one day — says Konrad Świrski, CEO of Transition Technologies Capital Group — For now, revenues are still record high, and our customer base is relatively less affected by the slowdown, although in the second quarter, similar to the entire IT sector in Poland, we see progressive signals of reducing orders. This applies more to revenues from the world economy, even though the economic situation is radically weaker also in the country. We also see symptoms of a return to quasi-normality, which raises hopes for economic recovery, especially in European markets, where much larger aid packages for business have been launched — adds prof. Świrski.
The digitization of subsequent areas of the economy brought the TT CG a significant increase in business in Q1, in the field of managed services (including from the public sector) and medical , such as new solutions for cancer patients. The company continued the implementation of key projects for the energy and industrial sectors, in which IT analytics and advanced cybersecurity solutions for critical infrastructure are in an upward trend. The Transition Technologies Group constantly serves global markets from its 14 remote offices in Poland to ensure the safety of employees of over 1800 people.
The issues of remote work and IT systems today determine the resilience of business to restrictions. We perceive the economic slowdown as a unique opportunity for the IT sector — adds Konrad Świrski – The future is still uncertain, but we are counting on calming down the global economic situation and maintaining our double-digit growth trend in the first half of 2020 — we can achieve even a 25% increase in turnover.