Wirtek announces preliminary results for 2023 and expectations for 2024

Company announcement no. 1/2024
12 February 2024

This announcement contains inside information concerning 2024 expectations

Wirtek’s Board of Directors publishes the preliminary results for 2023 based on unaudited accounting figures, as well as the expectations for 2024 after the budgeting process and annual customer negotiations have been completed.

DKKm	2024	2023 (*)	Growth
Organic revenue	74.0 – 78.0	70.5	5% – 11%
EBITDA	6.5 – 7.5	6.5	0% – 15%

(*) Wirtek will publish the annual report for 2023 on 20 March 2024.

Preliminary results for 2023

The preliminary non-audited financial results for 2023 remain within the latest announced expectations (see company announcement no. 26/2023).

Expectations for 2024

In 2024, we still see and expect a cautious market sentiment from our clients due to continued market uncertainties. Consequently, Wirtek has decided to postpone some of the previously planned internal investments while maintaining the current level of staff. Wirtek retains a robust revenue base, with close to 90% of the projected organic revenue for 2024 in place at the beginning of this year.    

Based on these factors, Wirtek cautiously predicts an organic revenue growth of 5% – 11% with an EBITDA-growth of 0% – 15% in 2024 compared to 2023. The EBITDA-margin is expected to be in the range of 8.3% – 10.1%.

In anticipation of completing at least one acquisition in the remaining strategy period, we maintain the long-term financial goals of our Accelerate25XL strategy, with a revenue target in fiscal year 2025 of DKK 130m and an EBITDA-target in 2025 of DKK 18m.

Further information

• Michael Aaen, CEO, Wirtek A/S, Phone: +45 2529 7575, E-mail: [email protected]
  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 A/S is a Danish IT consultancy company that provides software development, testing, and consultancy services to help clients worldwide. Wirtek specializes in Digitalization, Energy, Workforce & Facility Management, Wireless Communication & Automation, and Trade & E-commerce.

At Wirtek, we prioritize building long-term client relationships, with some lasting over a decade. We believe that quality partnerships are just as important as software quality in achieving our client's goals. Established in 2001, we have offices in Denmark and Romania and have been listed on Nasdaq First North Copenhagen since 2006.

Ticker Code: WIRTEK (DK0060040913)