Comarch seeks salvation through bond issue and expansion into foreign markets

Krakow-based systems integrator, Comarch, announced that it expects its annual financial results to be similar to those recorded in 2001, with a possible fluctuations of 5%. The figure could have been better, but the company was not willing to cut investments in expansion. Comarch is looking to buy a West European IT sector company, which would allow it to strengthen its position on foreign markets. The company plans to finance these operations through a euro10 million bond issue. "Our strategy is to develop a sales network both on the home and foreign markets. The costs of these operations influence our financial results, but with the limitations of the national market, the only alternative is to enter export markets. Foreign sales will amount to 10% of our total revenues by the end of the year," said Comarch president, Janusz Filipiak. In 2001 the company recorded profits of zl. 8.8 million on sales of zl. 149 million. After the third quarter profits reached zl. 4 million on sales of zl. 88 million. (Puls Biznesu, p. 8) A.K.