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Revenue of IT company OTT-ONE rose 68% to HUF 2.86 billion last year, state news wire MTI reports, citing a P&L statement posted on the website of the Budapest Stock Exchange ahead of an annual general meeting.
Material costs jumped 79% to HUF 2.36 bln, causing net income to fall 5% to HUF 205 million.
In a separate statement, OTT-ONE said it will plow profits back into the business.
OTT-ONE noted that it signed its biggest contract ever in 2019, valued at nearly HUF 2 bln.
CEO Bálint Májer said OTT-ONE plans to grow its business and is looking for suitable resources to finance that expansion.