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Interim Report Q2 2022: Revenue growth of 59% and EBITDA growth of 190%

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Company Announcement no. 12/2022
10 August 2022

 

The Board of Directors for Wirtek A/S has today approved the interim report for the second quarter of 2022 for the Wirtek Group. The detailed interim report for Q2 2022 is attached to this announcement.

CEO Michael Aaen comments:

We are looking back on yet another quarter with strong revenue growth of 59% and EBITDA growth of 190% during Q2 2022 compared to Q2 2021. Although Wirtek has seen a significant growth effect from the 2021 CoreBuild acquisition, Wirtek still achieved organic growth of 27% during Q2 2022. 

We will continue to deliver on our growth strategy and have very recently signed a comprehensive non-binding agreement to acquire a profitable, growth-oriented software company. The expected acquisition is closely aligned with our Accelerate25XL strategy and will strengthen Wirtek’s service offerings while also supporting Wirtek’s international sales expansion.

With continued solid financial performance, Wirtek is well-prepared to face a market situation that is currently challenged by geopolitical uncertainty, a challenging IT job market, high rates of inflation, and potential recession in EU and USA. We maintain our growth expectations for 2022.”

Financial highlights for the period 1 January – 30 June 2022

TDKK

Q2 2022

Q2 2021

Change

H1 2022

H1 2021

Change

Revenue

15,447

9,699

59%

31,788

  17,446

82%

EBITDA

 1,724

594

190%

4,322

2,072

109%

EBITDA-margin (%)

11.2%

6.1%

84%

13.6%

11.9%

14%

Pre-tax profits (EBT)

1,300

336

287%

3,445

1,827

143%

Cash holdings

6,492

(1,329)

NA

6,492

(1,329)

NA

Revenue growth of 59% and EBITDA growth of 190% during Q2 2022

  • Revenue grew by 59% to TDKK 15,447 during Q2 2022 compared to revenue of TDKK 9,699 during Q2 2021. Revenue growth during H1 2022 was 82% compared to H1 2021. Revenue grew organically by 32% during H1 2022. 
  • EBITDA was TDKK 1,724 in Q2 2022 compared to TDKK 594 for the same period last year, a growth of 190%. During H1 2022 EBITDA was TDKK 4,322, a growth of 109% compared to H1 2021.
  • The EBITDA-margin for Q2 2022 was 11.2% compared to 6.1% during same period in 2021, up by 84%. For H1 2022 the EBITDA-margin was 13.6% compared to 11.9% during H1 2021.
  • Pre-tax profits (EBT) were TDKK 1,300 in Q2 2022 compared to TDKK 336 during Q2 2021, a growth of 287%. EBT for H1 2022 grew by 143% compared to H1 2021.
  • Cash holdings were TDKK 6,492 end of Q2 2022. Part of the cash-position is offset by a credit facility of TDKK 5,369. A negative cash flow of TDKK 1,430 was generated during Q2 2022, impacted significantly by an earn-out payment for the CoreBuild acquisition. The cash flow from operating activities was thus TDKK 177 during Q2 2022 and TDKK 2,920 during H1 2022.

Maintaining expectations for 2022

After raising expectations in March 2022 (see company announcement no. 3/2022), Wirtek has the following revenue and EBITDA expectations for 2022:

  • Revenue expectations for 2022 are DKK 64.0m – 69.0m, a growth of 41% – 52% compared to 2021.
  • EBITDA expectations for 2022 are DKK 8.6m – 9.6m, a growth of 39% – 54% compared to 2021. 

Further information

  • Michael Aaen, CEO, Wirtek A/S, Phone: +45 2529 7575, E-mail: ir@wirtek.com
    Niels Jernes Vej 10, 9220 Aalborg Ø, 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 an international IT outsourcing company teaming up with companies to help them create great software solutions and electronic equipment products. Several clients have been with Wirtek for 10+ years. Wirtek has offices in Denmark (HQ + sales) and four development and test centres in Romania. Wirtek was established in 2001 and the staff counts 180+ talents. Wirtek was listed at Nasdaq First North Growth Market Denmark in 2006.

Ticker Code: WIRTEK (DK0060040913)

 

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