White Pearl Technology Group shows continuous growth in the Interim Report for the First Half of 2024

The global IT-service provider White Pearl Technology Group (WPTG) reports in the Half Year Report 2024, January to June, that the Net Revenue for H1 2024 reached SEK 139.5M, marking a 19.3% increase compared to the same period last year (SEK 116.8M in H1 2023). This growth demonstrates WPTG's ability to maintain momentum and capitalise on market opportunities. Net Profit after Tax for H1 2024 showed robust improvement, reaching SEK 17.97M, a 18.43% increase from H1 2023 (SEK 15.17M). 

Highlights                                                                                                     

• Net revenue amounted to SEK 139.5M (116.8M). 

• EBITDA was SEK 20M (17.4M).

• Net Profit after tax for the period was SEK 17.97M (15.17M).

• Earnings per share basic and diluted was SEK 0.72 (0.34). 

• At the end of the period the cash at hand amounted to SEK 12.96M (11.2M) 

• Net Cash Flow from operating activities was SEK 3.06M (6.27M)                  

Key Numbers

• In the first half of 2024, WPTG continued its strong business momentum, achieving a 19.3% revenue increase compared to the same period last year. Revenue reached SEK 139.5M, versus SEK 116.9M in the first half of 2023.

• EBITDA grew by 15.1% to SEK 20.02M in H1 2024, compared to SEK 17.4M in the same period last year. Continued efficient delivery of services and scalability of operations contributed to increased net margin and earnings expansion.

• Net Cash Flows from operating activities amounted to SEK 3.06M for the half-year. Working Capital continued to increase, primarily due to growing project revenue. Net cash improved to SEK 12.96M for the reporting period. 

Key Events During the Reporting Period:                     

• In Q1 2024, WPTG announced the bid to acquire Ayima, a leading listed global digital marketing solutions provider headquartered in Sweden. The company issued the purchase consideration in WPTG shares amounting to approximately 18MSEK. The deal bolsters WPTG’s presence across Europe and North America.

• Ayima Group unilaterally declares bankruptcy on 17 June 2024.

• Directors at Ayima Group unilaterally apply for delisting of Ayima Group AB from Nasdaq First North Growth Market.

• WPTG secures 9.2 MSEK contract with major San Francisco-based financial firm for digital marketing and tech support.

• WPTG's Digital Innovation Division secures contract through Ayima Group to provide digital marketing services for global eyewear leader Essilor Luxottica, owner of iconic brands like Raybans and Oakley.

• WPTG secures two-year IT implementation and support services contract with a major South African local government authority, worth SEK 118 M.

• WPTG acquires 50% of Uruguay-based Ataraxy Digital for $50,000 cash, with founders retaining equal shares and leadership roles; agency projected to turnover SEK 2.7-3 million in FY2024. This expands WPTG’s portfolio in fast-growing Latin American markets. It also helps grow hardware manufacturing partnerships in India and China.                                                                           

CEO Commentary                                                                                         

"In the first half of 2024, we've maintained our strong momentum, delivering a 19.3% increase in revenue compared to the same period last year. This purely organic growth further validates the high demand for our digital transformation expertise across diverse sectors. Our EBITDA grew by 15.1%, reflecting our commitment to operational excellence and our ability to scale efficiently, says Group CEO of White Pearl Technology Group, Marco Marangoni. The strength of our balance sheet is evident, with cash and cash equivalents improving by 15.5% and our equity ratio reaching 60%, up from 46% at the end of 2023. This robust financial position enables us to pursue strategic opportunities and invest in our future growth. Looking ahead to the second half of 2024, we see exciting opportunities to further expand our capabilities and market presence."  

 Read the Interim Report for January to June 2024 as a pdf here, or at our Investor web

This information is such information that White Pearl Technology Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on 30th of August 2024 at 8.00 CET.