FacePhi Reports 60 Percent Sales Increase for H1 as CEO Takes Board Chair

FacePhi‘s growth trajectory continues, with the company reporting important upward trends in a “results preview” for the first half of the year.

While revenues had contracted somewhat in 2020 due to the impact of COVID-19, FacePhi had nevertheless managed to outperform the previous year in terms of the amount of new contracts won. And it looks like business has picked up further as the global economy started to revive in 2021, with FacePhi now reporting a 60 percent increase in revenues for the first half of 2021, compared to the first half of 2020.

The company indicated that it has been experiencing “constant growth” in the Latin America and APAC regions in particular. With respect to the latter, the Spain-based biometrics specialist first got a foothold when it opened a South Korea-based subsidiary in 2019, and has since won multiple client contracts in the region.

While FacePhi is reporting a negative EBITDA of €581,734, the company says it is “a considerable improvement” compared to H1 2020.

The company’s ongoing growth is also internal, with FacePhi continuing to expand its workforce. In 2020, FacePhi had more than doubled its staff, bringing the roster from 35 people to 61. Now, in the middle of 2021, the company has 124 employees, an increase of 103 percent.

The announcement of FacePhi’s preliminary results arrives alongside an important managerial change: Salvador Martí is stepping down from his position as Chairman of the Board, and will be replaced by FacePhi CEO Javier Mira. In a statement, Martí explained that he is leaving the post to focus on the growth of CF Intercity, a soccer team he co-founded that “will soon go public.”

Mira, meanwhile, called the decision “brave and understandable from the point of view of an engaged entrepreneur,” adding that Martí “has been an extraordinary travelling companion to whom I have nothing but words of thanks.”

Mira will lead FacePhi as both CEO and Chairman of the Board, with Fernando Orteso acting as Vice Chairman of the Board.

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July 26, 2021 – by Alex Perala