Artificial Intelligence

Selvita exceeds its development strategy assumptions, estimates a 46%** increase in revenues in Q2 2022 and maintains high profitability

Published

2 years ago

September 6, 2022

Selvita S.A. (WSE: SLV), one of the largest contract research organizations (CRO) in Europe, reported its preliminary financial results for Q2 and H1 2022*. According to the preliminary estimates published, the Group continues its dynamic growth, already exceeding the assumptions of the development strategy for 2022-2025 presented in March.

In Q2 2022, Selvita Group generated EUR 22.4 million in revenues, indicating 46% increase y/y. EBITDA profit amounted to EUR 6.1 million and was 64% higher compared to same period in 2021. The net profit reached EUR 3.4 million – i.e. 50% more than in the previous year. This means an increase in both profitability at the EBITDA level from 24.5% to 27.5%, and the net profit from 14.9% to 15.3% y/y.
In the whole H1 2022, the Group achieved EUR 42.9 million in revenues, which indicates an increase of 40% y/y. The EBITDA profit in this period achieved EUR 12.1 million and was 60% higher than in the previous year. The net profit reached EUR 7.1 million (an increase of 79% compared to H1 2021). Thus, the EBITDA profitability increased in the referenced period from 24.8% to 28.2%, and the net profit increased from 12.9% to 16.5% y/y.
The Group’s backlog for the entire year 2022 exceeds EUR 77.3 million (as on 2^nd September 2022) and is 32% higher than the value reported a year earlier (as on 16^th September 2021).

– Since the beginning of 2022, we have been working very intensively to accelerate the development of Selvita. In Q1 2022, we presented the updated development strategy for 2022-2025, and implemented changes in the company’s structure. After a few months, we can already see the first effects of the actions taken. The second quarter of this year was even better than the first one, with our revenues increasing by 46% year on year in this period. In the entire first half of the year, our revenues reached EUR 43 million. The level of the backlog for this year indicates that we can grow significantly above our assumptions. At the same time, we are maintaining high profitability. We also do not observe the geopolitical situation or turbulences in the global economy and supply chains to have any negative effect on the implementation of our plans – comments Bogusław Sieczkowski, co-founder, significant shareholder and Chief Executive Officer at Selvita.

In both Q2 and H1 2022, the research services executed in Poland and Croatia accounted for 88% of the Group’s revenues. In the April-June period, aforementioned activities generated EUR 19.3 million in revenues, which indicates an increase of 43% y/y. From the beginning of the year until June, the value of revenues had amounted to EUR 37.0 million, i.e. 38% more than in the corresponding period previous year. In the first six months of 2022, EBITDA profit of research services executed in Poland and Croatia reached EUR 11.3 million, which shows an increase of 61% y/y.

The bioinformatics segment i.e. Ardigen, generated almost EUR 4.6 million in external revenues in H1 2022, which indicates a 62% increase y/y (over EUR 2.3 million in Q2 alone, i.e. 63% higher y/y). At the end of H1, EBITDA in this part of the business amounted to EUR 0.8 million – 39% increase y/y. The bioinformatics backlog currently amounts to EUR 9.4 million, which means an increase of 56% compared to the same period a year earlier.

Such a significant increase in Selvita’s financial results is, among others, a result of the internal integration of the drug discovery area executed as part of the organizational structure changes and putting more focus on the high-margin services.

– We are already seeing the first effects of the consolidation of both companies under the Selvita brand. We are maximizing synergies, developing high-value services and entering new research areas. At the same time, we are looking for niches in which we could stand out from our competition. All this has a positive effect on the effectiveness of our business. We are convinced that it will also be visible in our future results – explains Dr. Adrijana Vinter, Global Head of Drug Discovery and Board Member at Selvita.

Further organizational structure changes were aimed at preparing the Group for further dynamic growth and involved integration of the business development teams.

– After the merger with Fidelta, we worked on creating the most clear and consistent offer. Along with the integration of the Croatian company under the Selvita brand, we have introduced numerous changes and improvements in our business development structures. The recorded growth dynamics are the result of, among others, these activities. We are maximizing our potential and strengthening our position on the market – says Dr. Miłosz Gruca, Chief Commercial Officer and Vice President of the Management Board at Selvita.

In order to provide the infrastructure resources necessary for further organic growth, Selvita is building its own laboratories in Krakow, creating workplaces for 250 scientists.

– We are undertaking numerous activities to secure ourselves a place for further organic growth. The key project implemented in this area is the construction of our own research building, which completion is planned for the first quarter of 2023. At the beginning of the year, Selvita also purchased a second, adjacent construction plot. As a result, depending on our needs, four research facilities can be built, creating over 1000 workplaces. At the same time, we are continuously looking to expand our infrastructure in Poznan and Zagreb – explains Dr. Mirosława Zydroń, Chief Operating Officer and Member of the Management Board of Selvita.

Implementation of the development strategy 2022-2025

At the end of Q1 2022, Selvita, having achieved the strategic goals set for the end of 2023 one year ahead, announced an updated development strategy for 2022-2025. During this period, the company plans to triple its sales revenues (up to EUR 200 million), while maintaining high profitability. The company will implement its strategy through organic growth and acquisitions. The implementation of the planned investments intends to allow Selvita to become the leading global preclinical CRO.

The Selvita Group Development Strategy for 2022-2025 is based on three key pillars:

Comprehensive drug discovery and development offer – supplementing the drug discovery offer and building the drug development segment
Focus on high-value services for the client – specialization in selected therapeutic areas and development of unique competences
Development of the Group’s operations in the largest markets in the United States and Great Britain – increasing teams and potentially new locations for laboratories

In the area of acquisitions, in 2022-2025, Selvita intends to acquire at least two preclinical CROs in Europe or North America, providing services complementary to the Company’s offer or enabling the expansion of the scale of its operations, allocating a total of EUR 110 million for this purpose.

– The results we achieved in the first half of 2022 mean that at this stage organic growth is ahead of our assumptions. At the same time, we have prepared our structure for further acquisitions and we are in continuous discussions with potential acquisition targets. I am convinced that also in this area we will be able to implement our development plans – adds Bogusław Sieczkowski.

*The results do not include the accounting costs of the employee incentive program. Consolidated semi-annual report for H1 2022 will be published on September 14, 2022.

**percentage changes calculated on the amounts in original reporting currency i.e. PLN

Artificial Intelligence

Picus Security Launches Security Validation for Kubernetes

Published

7 mins ago

May 23, 2024

CISION (PR Newswire)

Teams can eliminate container security exposures with the new enhancements in Picus’ platform for multi-cloud
SAN FRANCISCO, May 23, 2024 /PRNewswire/ — Picus Security, the Security Validation company, today announced security validation for Kubernetes. This new capability allows Security and DevOps teams to realize the benefits of containers securely by proactively measuring and optimizing the resilience of clusters. It is the latest innovative addition to the Picus Security Validation Platform, which empowers users to consistently validate their security posture and measure risk across on-premises and multi-cloud environments.

For organizations that want an agile way to deploy, run and scale applications, Kubernetes offers considerable benefits. However, security is often the biggest barrier to its adoption. The dynamic and complex nature of Kubernetes means that containers are often misconfigured due to human error. Without a hands-on approach to governance, security gaps can easily emerge over time, increasing the risk of incidents. This situation is exacerbated by the high level of expertise required to secure Kubernetes and the use of default settings which are inherently insecure. According to The State of Kubernetes Report, more than two-thirds of Kubernetes users (67%) have delayed deployments due to security concerns.*
The addition of Kubernetes validation extends the Picus platform’s existing validation capabilities, which are powered by attack simulation and GenAI. It enables organizations to proactively identify and mitigate security misconfigurations, such as weak policies and settings that could allow containers to run with insecure privileges and facilitate lateral movement. Now security teams can automatically assess the security of their workloads wherever they are located – on-premises, in containers, and also in cloud platforms including Amazon Web Services, Google Cloud Platform, and Microsoft Azure.
“Cloud security is perhaps the biggest barrier of entry for organizations that want to take advantage of container orchestration,” said Volkan Erturk, Picus CTO and Co-Founder. “Kubernetes offers incredible opportunities for DevOps teams to deploy and scale new applications, but Security teams can struggle to keep pace.
“With the Picus Security Validation Platform, security concerns won’t slow down an organization’s digital transformation journey. This new offering will allow our users to consistently measure the security of their workloads and vastly reduce the effort needed to address exposures across growing IT environments.”
Additional Information
Read the Kubernetes validation announcement blog.Register for the upcoming webinar on July 11th 2024 at 10.00 EST/ 15.00 BST: Beyond Cloud Security Posture Management: Validating Cloud Effectiveness with Attack Simulation About Picus Security
Picus Security helps security teams consistently and accurately validate their security posture. Our Security Validation Platform simulates real-world threats to evaluate the effectiveness of security controls, identify high-risk attack paths to critical assets, and optimize threat prevention and detection capabilities.
As the pioneer of Breach and Attack Simulation, we specialize in delivering the actionable insights our customers need to be threat-centric and proactive.
Picus is a Gartner® Peer Insights™ Customers’ Choice for 2024 in the BAS tools category†. The company is recognized as a leader by Frost & Sullivan^.
† Gartner, Voice of the Customer for Breach and Attack Simulation Tools, Peer Contributors, 30 January 2024 ^ Frost and Sullivan, 2022 Frost Radar™ report for the Global Breach and Attack Simulation Market
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Artificial Intelligence

Highlights from the Finale: Day Three of the London Blockchain Conference Unravelled

Published

6 hours ago

May 23, 2024

CISION (PR Newswire)

As the London Blockchain Conference draws to a close, attendees heard from industry experts on Driving Innovation with Blockchain.
LONDON, May 23, 2024 /PRNewswire/ — Attendees at the London Blockchain Conference were in to witness the final day, which featured a line-up of informative and thought-provoking speakers. Throughout the day, there were exciting panels and presentations which featured cutting-edge ideas and insights.

Day 3 kickstarted with BSVA launching a new report focusing on the role of blockchain in safeguarding data and streamlining transactions.
Other sessions included:
The Intersection of Web3, AI, and Emerging Tech – Somi Aran, Founder of InPeak gave the opening keynote which explored the dynamic convergence of Web3, Artificial Intelligence, and emerging technologies. She delved into how these technologies are reshaping industries and redefining the boundaries of innovation and the potential impacts and opportunities these technologies present.
Bridging the gap: Making Web3 technologies user-friendly – Christine Leong, CIO, nChain – discussed some of the innovative strategies and practical solutions aimed at simplifying Web3 technologies. She also discussed how nChain is planning to transform Web3 from a domain exclusive to the tech-savvy, into a user-friendly ecosystem that empowers all users.
Is code law? – Rules applicable to blockchain networks – panel featuring Marcin Zarakowski, CEO of Token Recovery, Akber Datoo CEO of D2 Legal Technology, Jeffrey Golden, King’s Counsel (Hon) at 3 Hare Court Chambers, Andrei Kirilenko, Professor of Finance at Cambridge Judge Business School, Professor Sarah Green, Law Commissioner at Law Commission, where they discussed that rules apply to the nodes and validators which support the particular network and process its transactions. The group also discussed whether the blockchain protocols’ rules and software code are the only sources of regulation in blockchain networks.
An Introduction to nChain Identity – Thomas Moretti, Head of Product Development at nChain. He spoke about the Self Sovereignty Identity concept and showcased the latest project it is working on – nChain Identity.
Reimagining Roles: How regulated industry leaders are shaping the future of finance – a panel featuring, Andrew Mosson (Chief Commercial Officer of OneTrading, Néstor Palao, Head DLT & Corporate Clients at Sygnum Bank, Laurence Lewandowska, CFO/COO at BSV Association and Wojciech Kaszycki Chairman & Founder at Mobilum. The panel discussed how the new era of digital assets, traditional banking institutions, exchanges, and financial services are being reimagined in the context of emerging technologies such as blockchain and AI.
Please register here if you would like to listen to any of the sessions today.
If you want to interview any speaker from today’s sessions, please email [email protected].
About the London Blockchain Conference NETWORK. LEARN. ENGAGE. At the London Blockchain Conference, we show how Blockchain will change the world and help people see another way to manage data, build scalable on-chain solutions and achieve great things. We do this by creating valuable, insightful, and engaging events that educate and inform, allowing you to connect and network to build strong business relationships. Our conference is the best avenue to see blockchain innovations, ecosystem announcements, product launches, technology updates, keynote speeches, panels, and fireside chats from blockchain leaders. Join us and experience it for yourself.

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Artificial Intelligence

Nord Anglia Education publishes new insights on the role of AI and metacognition in learning

Published

6 hours ago

May 23, 2024

CISION (PR Newswire)

nord-anglia-education-publishes-new-insights-on-the-role-of-ai-and-metacognition-in-learning

LONDON, May 23, 2024 /PRNewswire/ — INSIGHTS, the global publication from Nord Anglia Education, has published two new articles taking an in-depth look at AI in education and the role of metacognition in teaching and learning.

Exploring the role of AI in learning
https://www.nordangliaeducation.com/insights/2024/articles/the-generative-generationIn its ‘Generative Generation’ feature, INSIGHTS explores the role of artificial intelligence (AI) in education, and whether the technology is making it easier for children to learn. Speaking to Nord Anglia’s educators as well as leading experts from the world of academia, it also includes real-life examples of how Nord Anglia’s schools are using AI in the classroom.
For example, Nord Anglia’s British International School in Kuala Lumpur has adapted the technology to create an AI-powered teaching assistant that can personalise learning, guide students through content exploration, and deepen their understanding through interactive activities. Learners define the topic they want to explore and the course specification they are working to, and the AI explores the content with them in a conversational way, enabling them to ask questions as they go.
Dr Bruce Geddes, Deputy Head of Secondary at the school, told INSIGHTS that AI represents “the biggest opportunity we’ve had in our lifetimes, for many, many spheres, but particularly in education”.
Avenues: The World School in New York, which became part of Nord Anglia in 2023, encourages its students to use AI in their work. As an example, in an app development project students use ChatGPT to generate the bulk of the coding, then review, correct and refine it. This saves them “hours of manual work by leveraging the appropriate tool in an academically appropriate way,” says Lia Muschellack, Director of Technology at the school.
The school also has its own generative AI chatbot, Savvy, built in 2019 and now powered by open AI technology. It can answer queries, provide information, and engage in “diverse discussions ranging from academic topics to casual conversations”.
“We understand that our students will be actively leveraging these tools throughout their academic and professional pathways, so we want to make sure they not only understand the potentials and limitations, but that they have tinkered and truly experienced them,” Muschellack explains.
Metacognition: a learning superpower
In its feature ‘Metacognition. Helping Kids Unlock the Power of ‘Thinking about Thinking’, INSIGHTS looks at how students can develop the important skill of metacognition.
“Metacognition is the ability to be aware of our cognitive or thought processes and to monitor, reflect on, and change those processes,” Dr Rose Luckin, Professor of Learner Centred Design at the University College London Knowledge Lab, told INSIGHTS.
Nord Anglia Education is working with Dr Luckin to develop its approach to metacognition and to help teachers introduce metacognitive strategies into classrooms. It has developed a metacognitive framework of six “Learner Ambitions” to help students develop the 6 Cs: to become critical, creative, committed, and curious learners, working compassionately and collaboratively in the classroom and beyond.
As the article explains, Nord Anglia’s deep dive into metacognition has many goals: developing student agency, boosting academic performance, and developing ‘future’ skills that employers want. The framework is being initially applied across 27 Nord Anglia schools around the world and its impact will be measured in independent research in partnership with Boston College, reporting in 2025.
Nord Anglia’s examination of metacognition also involves exploring personalised goals and thinking routines. For instance, students at Nord Anglia International School Hong Kong use the “Step In, Step Out, Step Back” routine to develop empathy and understanding in their studies. “It’s about asking the right questions; those really big questions that lead to even more questions,” says Raquel Thomson, the school’s Deputy Head of Primary. “Thinking strategies like this stay with students and serve a purpose whatever they do in their lives, whether they choose to be a scientist or a teacher or go into business.”
For media enquiries please contact: Francesca Milani Communications Manager, Digital Education Portfolio +44 20 7131 0000 [email protected]
About Nord Anglia Education:
As the world’s leading international schools organisation, we’re shaping a generation of creative and resilient global citizens who graduate from our schools with everything they need for success, whatever they choose to be or do in life. 
Our strong academic foundations combine world-class teaching and curricula with cutting-edge technology and facilities, creating learning experiences like no other. Inside and outside of the classroom, we inspire our students to achieve more than they ever thought possible. 
No two children learn the same way, which is why our schools around the world personalise learning to what works best for every student. Inspired by our high-quality teachers, our students achieve outstanding academic results and go on to study at the world’s top universities. 
To learn more or apply for a place for your child, go to nordangliaeducation.com.
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