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Mplus Achieves Strong Revenue Growth of 52%

The global BPTO company based in Zagreb achieved 126.9 million euros in revenue, and its EBITDA grew by 17 percent during the first half of 2023


Zagreb, August 7th, 2023 – The company Meritus ulaganja d.d. (ZSE:MRUL) and its subsidiaries (Mplus Group) generated 127 million euros in revenue in the first half of 2023, which is an increase of 52 percent compared to the same period last year. The Mplus Group also managed to increase EBITDA, which grew by 17 percent and reached 12 million euros. The Mplus Group's adjusted EBIDTA, considering adjustments for the earthquake in Turkey and other normalization items, was 16 million euros, reflecting a 40 percent increase.

The Mplus Group continues to implement its investment strategy, which has, among other things, resulted in the fact that it has achieved organic revenue growth of over 20 percent in its BPTO operations (Business Process and Technology Outsourcing) over three consecutive quarters.

This organic growth is the result of investments in both the operational and IT business segments. In 2023, additional investments were made in the products offered by the Mplus Group within its BPTO operations, the culmination of which is visible in the launch of Buzzeasy, an AI-based communication platform that transforms chat into a multi-purpose contact center, providing a simple and practical user experience.

The strong revenue growth of the Mplus Group is a result of organic growth in the BPTO operations segment, as well as expansion in the HR segment through the acquisition of Workplace Group. The BPTO operations generated total revenue of 100 million euros in the first half of the year, representing a 26 percent increase compared to the same period last year.

The remaining revenue growth is attributed to the acquisition of HR operations, which have been consolidated since April 1st of this year, resulting in revenues of 24 million euros for the period up to June 30th, along with revenues of 2 million euros from other business segments of Mplus Group.

"The Mplus Group's success is based on three key values - operational excellence, efficiency, and speed. These values form the core of our business strategy and are the key to our sustainable growth and success in the market. We strive to be industry leaders, providing innovative and high-quality products and services to our customers worldwide. We have ambitious plans in the field of integrated human resources management, selection, and employment services, in which we will initiate the application of scalable technological solutions and implement best practices to position ourselves as one of the leading European providers of HR services. The results for the first half of the year show the success of our strategy and commitment to ensuring the sustainable growth of Mplus Group, and I am sure that this trend will continue", said Darko Horvat, President of the Management Board.

During the past period, the acquisition in the HR business segment was significant for the Mplus Group's revenues. Since the beginning of April, the Group's HR vertical has been operating through the work of 18 companies in seven countries under the umbrella brand Workplace, under which it employs over 1,800 people. 
In the mentioned period, the Mplus Group launched the Mplus Elevate leadership program in partnership with the IEDC-Bled School of Management. This program spans nine months and addresses key management challenges of the future, including the impact of new technologies and sustainability.

Furthermore, the Mplus Group issued its third Sustainability Report in accordance with the Consolidated set of GRI Standards for the year 2022, which includes a clear definition of ESG initiatives at the level of the entire Group - from economic impacts to environmental initiatives and social responsibility.

Mplus Group is a European BPTO (Business Process and Technology Outsourcing) leader that successfully integrates the dynamic industries of contact center, information technology, and employment services to solve global challenges in the field of customer support. The umbrella company, Meritus ulaganja d.d., is owned by pension funds, institutional investors, and private investors. The BPTO business vertical of the Mplus Group consists of M Plus Croatia d.o.o. and subsidiaries, while the HR vertical consists of 18 companies operating as part of the Workplace Group. With its innovative business model, Mplus Group accelerated its presence in the market with intensive organic growth and an M&A platform based on the buy-and-build strategy. Since 2016, it has finalized 17 acquisitions, establishing a diversified client portfolio that includes leading European and global telecoms, financial, technology, energy, logistics, and e-commerce companies, as well as consumer goods sector companies. With offices and operational centers in 17 countries, the Mplus community of multicultural teams currently consists of over 13,600 employees. In addition to Croatia, the Group provides its services in 57 markets around the world.

You can read the full press release in Croatian here.