Annual Report 2022: Revenue growth of 45% and EBITDA growth of 20%

Company Announcement no. 02/2023
22 March 2023

The consolidated annual report for the period 1 January to 31 December 2022 was today approved by the Board of Directors. The full annual report is attached to this company announcement and can be found on our web site under www.wirtek.com/Investor-relations.

CEO Michael Aaen comments:

“We are pleased to report that despite a challenging macroeconomic environment during 2022, Wirtek still achieved great results with revenue growth of 45% and EBITDA growth of 20%.

We expect double-digit organic revenue growth during 2023 in the range of 11% to 19%. We will continue to invest in building an efficient delivery organization that will enable us to meet the needs of our clients and support strong and profitable growth, and we will invest further in the digitalization of our company. These significant investments will have a negative impact on EBITDA in 2023 but will improve our profitability from 2024 and onwards and will support our long-term strategic goals.” 

Financial highlights 2022

Record financial results in 2022

• Revenue increased to TDKK 65,716, a growth of 45% compared to 2021 and organic revenue growth was 25% in 2022.
• EBITDA increased to TDKK 7,516, a growth of 20% compared to 2021, and the EBITDA-margin was 11.4%.
• Pre-tax profits in 2022 was TDKK 5,716, an increase of 9% compared to 2021.
• Cash holdings increased to TDKK 5,118 during 2022, up by 7% compared to 2021.

For additional financial highlights see page 39 of the annual report.

Outlook for 2023

On 13 February 2023, Wirtek communicated the 2023 expectations (see company announcement no. 1/2023).

Organic revenue for 2023 is expected in the range of DKK 73.0m – DKK 78.0m, a growth of 11% – 19% compared to 2022. EBITDA for 2023 is expected in the range of DKK 6.0m – DKK 9.0m, a growth of negative 20% to positive 27% compared to 2022.

Long-term financial goals

As communicated in our Accelerate25XL growth strategy, updated in 2022 with raised financial goals, Wirtek aims for DKK 130m in revenue with DKK 18m in EBITDA and DKK 15m in pre-tax profits by 2025. Wirtek expects organic double-digit revenue growth each year and will continue to pursue strategic acquisitions.

Further information

• Michael Aaen, CEO, Wirtek A/S, Phone: +45 2529 7575, E-mail: ir@wirtek.com
  Niels Jernes Vej 10, 9220 Aalborg, Denmark, www.wirtek.com
• Kent Mousten Sørensen, Chairman, Wirtek A/S, Phone: +45 2125 9001
• Per Vestergaard, Certified Advisor, CDI Global, Phone: +45 2176 4317

About Wirtek

Wirtek is a Danish IT outsourcing company. Since 2001, we have been teaming up with companies to help them create great software solutions and electronic equipment products.

Several clients have been with us for more than 10 years, so we can confidently say that in outsourcing, the quality of the relationship matters just as much as the quality of the delivered software. Our clients get state-of-the-art technical solutions and a committed team that works with them as if it were their own.

Wirtek has offices in Denmark (HQ + sales) and three development and test centres in Romania, and we are approx. 200 colleagues. Wirtek was listed at Nasdaq First North Growth Market Denmark in 2006.

Ticker Code: WIRTEK (DK0060040913)