The quarterly report published on 14 May 2020 brings good information on the company's results. The strong upward trend from last year was continued. It is worth emphasizing that revenue increased by 42% compared to the same period in 2019. All planned projects were completed on time. The beginning of the COVID-19 pandemic, which took place in March in Europe, did not affect the quarterly results, and the company's proper financial standing enables it to prepare for the challenges arising from current and forecast economic turmoil.

Polish version
The quarterly report published on 14 May 2020 shows a clear upward trend compared to last year. MakoLab's revenues increased by 42% to PLN 12.3 million. The company generated a profit of PLN 1.4 million, which means almost a three-fold improvement compared to the first quarter of last year. It deserves special attention because, historically, the first quarter meant the company starting projects financed from budgets to be settled in subsequent periods. The first quarter of 2020 is also a continuation of the dominant share of exports in the company's sales, which accounted for 79% of its value (a change of 9 percentage points from the same period in 2019). It was mainly affected by projects related to software development in the area of the so-called 'Connected car' on behalf of companies from the automotive industry. The company also noted an increase in sales of services for the financial sector.
Dynamic growth was achieved despite the outbreak of the global crisis associated with the COVID-19 pandemic. In mid-March, the company switched to fully remote work within just a few days. It was a real organizational challenge and once again confirmed that MakoLab can efficiently adapt to unexpected circumstances. The prior implementation of ISO 27001 and TISAX procedures and standards was also significant. As a result, none of the projects was suspended, and all deadlines declared to customers were met by MakoLab.

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Investments in infrastructure and operating procedures in line with standards are significant. Once again, we have tangible evidence that this is an essential element to ensure the highest standards of operation. However, I want to emphasize that our employees played a crucial role in the process of adaptation to activity in a pandemic. We quickly adapted to the new conditions in which we function and make the full commitment. Without understanding the seriousness of the situation and changing the work model it would not have gone so smoothly. This, in turn, would not allow for such good results in the first quarter. MakoLab organizational culture is essential to us, we are working on it, and we see the effects.

emphasizes Wojciech Zieliński, President of the Management Board of MakoLab SA.

After the first quarter, the right financial situation does not change the fact that the company's authorities monitor the status on an ongoing basis and prepare various scenarios, depending on the depth of the global crisis and its consequences for MakoLab. In the short term, the company does not receive signals from customers that would require significant verification of plans or would affect the implementation of projects commissioned.

We are closely following the economic situation and forecasts. I am fully aware of the uncertainty and volatility in the company's environment. The recession affects virtually every sector of the economy and, of course, also our clients. We are in constant contact with them, and we talk about ongoing projects and further plans. We don't know what the 'new normality' will look like and when it will happen. We also consider negative scenarios resulting in the risk of a decrease in revenues and deterioration of profitability in future periods.

says Wojciech Zieliński

The unprecedented situation we are dealing with means that many companies, or even entire industries, must verify their current strategies and business models. The online services market has experienced a rapid acceleration and verified how individual players are prepared to provide services and contacts with customers and access via the Internet. It opens up a lot of new opportunities for a company whose business is based on delivering digital solutions.

With all the seriousness of the current situation and the uncertainty of tomorrow, it must be clarified that the changes taking place in the economy open up many new opportunities for companies with our business profile. MakoLab provides digital business solutions that, for many companies, are becoming faster, no longer alternative, but necessary business management tools. We see this opportunity and prepare to respond to it. We carry out previously planned development activities, which includes starting work on the implementation of the ISO 9001, 20000, 22301 standards. They will enable us to fight for orders from global players for prestigious and high-budget projects more effectively. We have launched an internal program for reviewing and developing our services and products for new market needs. We are looking forward and long-term, despite the undoubted economic crisis.

says Wojciech Zieliński

The company is intensively involved in works in the R&D area, applying for grants and subsidies for their financing. An example is the application to the National Centre for Research and Development for funding for the project 'Implementation of industrial research and development works aimed at creating a programming environment (framework) enabling the construction and implementation of Blockchain class systems and applications for modern, efficient graph databases.' It passed the formal assessment positively and, if it receives a subsidy, the company plans to start it in the second half of 2020.
If you are interested in a detailed quarterly report, please click the link below.
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Michał Hertel

Head of Communication & Business Developmentat MakoLab

+48 604 176 276

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Makolab SA published this content on 22 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 May 2020 10:46:09 UTC