B3 looks to take on a double

B3System, a provider of IT-protection solutions, debuted on the Warsaw Stock Exchange last week, acquiring zł.4 million from its IPO. The shares were offered at zł.4 and at the end of their first day of trading were up 66.25 percent, at zł.6.65.

Mirosław Kaliński, the president of B3System, says the debut will ensure the further development of the company. "Armed with the capital and investors' trust, we will be able to set more challenging goals and accomplish them. As a start we want to acquire two companies from the IT sector this year and begin the consolidation process," he said.

"We wish to finalize negotiations and sign a letter of intent with at least one of them in February. The remaining part will be designated for the development of two departments opened in 2006," added Władysław Sędzielski, deputy president of B3System.

B3System was set up in 2000 by Mirosław Kaliński and Władysław Sędzielski, who have a combined 50-percent stake in the company. Piotr Jurzysta, who joined the company in 2003, controls 5.59 percent of the firm's shares.

The company's revenues for 2005 amounted to 15.1 million, while net profit reached zł.381,000. H1 2006 sales results grew by 38 percent compared to H1 2005. Last year the company's forecast predicted zł.24.5 million in sales and zł.768,000 in net profit.

Though the final results for 2006 have yet to be released, Kaliński revealed that the firm beat the forecast.

"We actually exceeded the prognosis by some 10 percent last year," he said. Next year the company plans to reach sales of zł.26.5 million and a net profit of over zł.1 million.