Modus Group revenue exceeded EUR 180 million in the first half of 2020
The consolidated revenue of Modus Group from automotive, mobility and other business areas reached EUR 181.52 million in the first half of 2020.
“COVID-19 pandemics in the first half of the year had impact on group’s acitvities and results. As many other companies across the globe, we had to realign our plans and business expansion pace due to the changed environment. In the short term, our top priority was our employees’ health and safety, while also ensuring business continuity. The measures taken to mitigate business risks were effective and group’s business results are gradually returning to pre-COVID level,“ says Ainė Martinkėnaitė-Martyniuk, Chairwoman of the Management Board and the CEO of Modus Group.
According to her, challenges raised by COVID-19 also brought new opportunities for the group to expand and enter new business areas. This, together with a fairly rapid business recovery, will enable Modus Group to continue focusing on its longterm strategic priority – international expansion.
Starting from January 2020, the results of the group‘s renewable energy business area are not consolidated at UAB Modus Grupė level and they are not reflected in the consolidated interim report of UAB Modus Grupė. The reason for this – implemented renewable energy business line internal structural changes.
In the first half of 2020, Modus Group earned EUR 62.29 million before interest, taxes, depreciation, and amortization (EBITDA). Energy business structural changes accounted for the largest part of EBITDA – EUR 55.59 million. Group’s EBITDA from operational activities amounted to EUR 6.7 million.