Productive Business Solutions (PBS) has attributed improvements in its revenues to more companies in Latin American and the Caribbean embracing the digital transformation ethos, even as employees in the region return to working in office.
For the second quarter ended June 30, 2021, the information technology provider generated revenue of US$53.72 million, exceeding figures for the corresponding period in 2020 by almost 72 per cent. Over the half-year, PBS earned revenue of US$103.06 million, reflecting an increase of 41 per cent over the same January – June 2020 period.
In their report to shareholders, Chairman Paul B Scott and CEO Pedro Paris credited the improvement to a sharp recovery in print volumes and, more so, the “strong performance of our information technology business”.
The directors further explained that PBS has provided assistance to government and financial institutions and large corporations to “implement large projects in response [to] COVID, helped leading banks execute digital transformation and managed the regional technology needs of some of the largest businesses in the world”.
In order to drive revenue growth, the company has plans to invest in improving the quality of its services.
As a result, the company’s direct expenses climbed approximately 125 per cent for the second quarter US$38.94 million, while for the six months the line item increased by 79.5 per cent over US$40.49 recorded a year earlier.
PBS also improved on its second-quarter total comprehensive loss of US$1.43 million in 2020 to register total comprehensive loss of US$971,000.
To this end, directors pointed out that, “As we grow the business, we remain focused on ensuring that operating costs and working capital remain at appropriate levels.
“PBS has momentum and a robust pipeline of opportunities. We look forward to a strong second half of 2021,” the report concluded.