PGS Software net profits up by 12%

IT company PGS Software has posted positive financial results for the fourth quarter of 2016. Revenue from sales was approx. PLN 22.22 million (up 38 percent), operating profits increased by 27 percent to approx. PLN 6.09 million and a net profit of approx. PLN 4.44 million (12 percent increase) rounded off a good close of the year, the company said. "As expected, in the fourth quarter the upward trend in the sales of services by the company continued. The decrease in the operating margin is primarily due to the increase in the cost of wages and a decline in the value of the pound," the statement read. PGS Software is an IT company offering services in the field of software development and IT outsourcing. In August of 2016 the company transferred its listing onto the main market of the Warsaw Stock Exchange from NewConnect market, on which had been listed since November 2008.