Qumak attributes revenue losses to huge backlog

Polish technology company Qumak announced in a press release on Thursday that although it had suffered losses in sales revenues in 2016, it also had a large backlog of unfilled orders from clients. The backlog was worth PLN 241 million, according to the statement, of which PLN 121 million could be attributed to orders taken thus far in 2016. Its sales performance early in 2016 indicated losses in profit. The statement admitted that Q1 sales revenues had dropped from PLN 510.9 million in 2015, to PLN 287 million in 2016. “The Company continues to optimize organization and procedure, which management believe will improve the safety of the operational and financial strengthening of control within the contracts, and ultimately help to increase the efficiency of the group,” the release read. The technology company, which provides IT solutions (including technical support and consulting) to public and private companies, was founded in 1998. It has been listed on the main branch of the WSE since 2006.