Sidetrade reports 2020 results: revenue up 14%, profit up 55%
Sidetrade announced its 2020 annual results, showing a 14% increase in revenue and a 55% rise in net profit. The company also reported a strengthened financial structure.
Sidetrade's 2020 Performance: Revenue Grows 14%, Profit Surges 55%
Sidetrade, an AI-powered Order-to-Cash platform provider, has announced its financial results for the year 2020, highlighting significant growth and a reinforced financial standing. The company reported a 14% increase in revenue and a substantial 55% rise in net profit compared to the previous year.
Executive commentary points to the challenging global economic climate of 2020 as a catalyst for accelerating digital transformation and cash flow management. "2020 will be remembered as the year when an unprecedented crisis put business models to a grueling test," stated Olivier Novasque, Chairman and CEO of Sidetrade. "For Sidetrade, 2020 was a banner year with outstanding performance and an overall strengthening of our financial structure."
Total revenue for 2020 reached €29.2 million, with operating profit at €3.6 million and net profit at €3.4 million, both showing a 55% increase. The company emphasized the resilience of its SaaS model, where 89% of revenue is recurring, proving effective during the economic downturn. Sidetrade also noted a 15% investment increase in sales and marketing to support future development.
Further underpinning its growth strategy, Sidetrade is integrating Amalto's paperless B2B exchange solutions. The company reiterated its commitment to the Fusion100 strategic plan, aiming for $100 million in turnover by 2025. Sidetrade's financial position was bolstered, ending the year with €14.3 million in cash and minimal financial debt.