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Interim Report Q3 2021: Revenue growth of 97% and EBITDA growth of 152%

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The Board of Directors for Wirtek A/S has approved the financial report for Q3 2021. The detailed financial report for Q3 2021 is attached to this announcement.

CEO Michael Aaen comments:

“It has been a truly great quarter for Wirtek. The numbers speak for themselves with revenue growth of 97% and EBITDA growth of 152%. 

While Wirtek still grew organically by 19% during Q3 2021, the integration of CoreBuild propelled the revenue growth to 97% compared to Q3 2020 and we saw an even more remarkable EBITDA growth of 152%, corresponding to an EBITDA-margin of 14.5% in Q3 2021.

The rapid positive results from the integration of the CoreBuild business, new clients in new business areas and geographies makes us full of confidence pursuing our goals set out in our growth strategy, Accelerate25. " 

Financial highlights for the period 1 January – 30 September 2021

TDKK Q3 2021 Q3 2020 Change Q1-Q3 2021 Q1-Q3 2020 Change
Revenue        13,658         6,921 97%           31,105           20,577 51%
EBITDA 1,987                       787 152%             4,060               2,441 66%
EBITDA-margin (%) 14.5% 11.4% 27% 13.1% 11.9% 10%
Pre-tax profits          1,653          764 116%             3,481             2,316 50%
Cash holdings 0         4,117        NA 0             4,117 NA

Very strong growth in both revenue and EBITDA during Q3 2021

  • Revenue grew by 97% to TDKK 13,658 during Q3 2021 compared to revenue of TDKK 6,921 during Q3 2020. The organic revenue growth was 19%. Revenue during the period Q1 – Q3 2021 was up by 51% compared to Q1 – Q3 2020.
  • EBITDA was TDKK 1,987 in Q3 2021 compared to TDKK 787 for the same period last year, a strong growth of 152%. During Q1 – Q3 2021 EBITDA was TDKK 4,060, a growth of 66% compared to Q1 – Q3 2020.
  • The EBITDA-margin for Q3 2021 was 14.5% compared to 11.4% during same period in 2020. The EBITDA-margin for Q1 – Q3 2021 was 13.1% compared to 11.9% during Q1 – Q3 2020.  
  • Pre-tax profits (EBT) were TDKK 1,653 in Q3 2021 compared to TDKK 764 during Q3 2020, a growth of 116%. EBT for Q1 – Q3 2021 grew by 50% compared to same period last year. 
  • Cash holdings were TDKK 0 end of Q3 2021 and Wirtek utilizes a short-term debt facility while rebuilding our cash holdings, after spending more than DKK 5m of cash holdings during Q2 2021 to cover a significant part of the CoreBuild acquisition costs as well as dividend pay-out. Wirtek generated positive cash flows of TDKK 407 during Q3 2021.

Outlook for 2021

Wirtek maintains the raised expectations for 2021 with:

  • Revenue expectations for 2021 was raised to DKK 44.5m – 45.5m (up from a previously raised expectation of DKK 42.0m – 44.0m), a growth of 61% – 65% compared to 2020.
  • EBITDA expectations for 2021 was raised to DKK 5.9m – 6.3m (up from a previously raised expectation of DKK 5.0m – 5.4m), a growth of 83% – 95% compared to 2020.

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. 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 four development and test centres in Romania, and we are 180+ colleagues. Wirtek was listed at Nasdaq First North Growth Market Denmark in 2006.

Ticker Code: WIRTEK (DK0060040913)

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