Izertis accelerates its growth and exceeds 65 million euros in turnover in 2021
Our firm, listed on the growth market (BME Growth), has presented its audited financial results for 2021, in which we have reached 65.05 million euros in turnover. In this way, our consulting firm intensifies its progression, tripling its growth percentage with respect to the previous year, from 9.5% in 2020 to 28.2% at the end of 2021.
In terms of normalised EBITDA, our organisation exceeds 7.27 million euros, an increase of 38.0% compared to 2021, which accelerates compared to the 14.2% variation of the previous year, and represents a growth of 57.6% over the last two years.
During the release of its accounts, our firm has highlighted the leap in the improvement of the normalised EBITDA margin, which has gone from increasing by 40 basis points in 2020 to 80 basis points in 2021, up to 11.2%.
Regarding the working capital, we exceeded 25.68 million euros in 2021, compared to 1.29 million in 2019 and 10.54 million in 2020, multiplying this line by 20 in the last two years.
Likewise, the levels of cash and equivalents have reached 37.73 million in 2021, a value 9 times higher than that presented in 2019 (4.16 million), and 2.5 times that presented in 2020 (14.99 million).
At the same time, considering the strong growth in revenues and normalised EBITDA, our technology company continues to maintain its net financial debt stable, with a ratio of 1.98 times to normalised EBITDA, a reduction of 36.5% in the last two years. In this regard, the credit rating agency EthiFinance Ratings (formerly Axesor Rating) endorsed the "financial strength and favourable future prospects" of our company, with a credit rating of BB, improving the trend from 'stable' to 'positive'.
"In 2021 we celebrated 25 years of uninterrupted growth, with an average of over 25% since 2010, despite the different crises that the market has suffered during this time. This strength and constancy are very positively received by the market, and allows us to attract institutional investors who trust in our long-term project", has commented Pablo Martín, our president and CEO during the presentation of the accounts.
Boosting its growth
Our consultancy firm has intensified the incorporation of institutional investors to its shareholder base in recent months. Metagestión recently joined the company, with a stake of almost 1%, adding to the incorporations in 2021 by large asset managers, such as the Santander Small Caps Fund which, led by Lola Solana, bought 2% of the shares, or the case of Inveready, which invested 4 million euros in the subscription of convertible bonds issued by our firm.
Our consulting firm intensifies its progression, tripling its growth percentage with respect to the previous year
Our strategic plan aims to reach a turnover of 125 million euros and 12.5 million euros of normalised EBITDA in 2023. To achieve this, in addition to organic growth, our firm is supporting its development by acquiring "companies that provide robustness and enrich the portfolio of technologies and clients that accelerate the company's progress", has mentioned Martín. In this section, in 2021 the companies 3Aside, Data Adviser, Globe Testing, and the Portuguese company Rebis Consulting have joined our project.
Likewise, our consultancy firm has been included in recent days, for the second consecutive year, among the few Spanish companies in the Financial Times ranking of the 1000 fastest growing companies in the 36 European countries. This recognition has been possible thanks to a compound annual growth rate of 36.95% of turnover between 2017 and 2020.