The m: access-listed Netfonds AG reports a net increase in sales from 17.4 million euros to 20.7 million euros for the first nine months of 2020. On an EBITDA basis, the company was able to increase its profit from 0.9 million euros to 1.5 million euros. Investments in the further development of the digital platform finfire as well as up-front costs for the workforce business, which started at the turn of the year, caused negative earnings, according to Netfonds on Friday. The Hamburg-based company reports an increase in assets under administration, including fund advisory, from 14.2 billion euros to 15.9 billion euros.
“On the basis of the ongoing dynamic business development in the current fourth quarter, the Management Board confirms the previous forecast for business development in 2020 as a whole,” said Netfonds about the outlook. For the current year, the company expects sales of around 30 million euros. In terms of EBITDA, the company wants to generate a profit between 4.0 million euros and 4.5 million euros.
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