Warsaw (Puls Biznesu) – Telmax and Spin, IT companies which merged at the end of 2004, had in 2004 PLN 148 m (EUR 37.6 m) of sales and PLN 20 m of net income. In 2003, Spin had sales of PLN 102 m, and Telmax PLN 25 m. Net income of Spin amounted to PLN 25 m but the company warned it would be difficult to repeat it. Telmax had loss in 2003.
‘The results are better than expected’, Telmax wrote in an announcement. The company estimated to have PLN 125 m of sales, then it raised the forecast to PLN 147 m. It expected net income to amount to PLN 20 m. Soon, Telmax will change into Spin. The companies have one management, formalities concerning changing address and the name are ongoing.
Spin is going to issue 1.2 m shares, of which 900,000 will be offered to institutional investors. The company plans to earn PLN 70 m. The funds will be spent on acquisitions. ‘We are interested in companies specialising in GIS systems, billings, and document management’, Michal Gorski, Spin CEO said.
(PLN 1 = EUR 0.254)Poland/Enterprises/IT