Based on the 2021 results and current 2022 expectations, the Board of Directors has reviewed the Accelerate25 growth strategy launched in January 2021 since Wirtek is significantly ahead of the original average annual revenue growth goal of 30%. As a result, Wirtek announces an updated growth strategy, Accelerate25XL, for the period of 2022 – 2025 with updated long-term goals:
- The updated revenue goal for 2025 is DKK 130 million, an increase of 30% compared to the previous goal of DKK 100 million. This updated revenue goal also signals that Wirtek still expects average annual revenue growth of 30% during 2022 – 2025, albeit from a significantly higher revenue level due to the very strong revenue growth achieved in 2021.
- The goal of an EBITDA margin of a minimum of 6% is changed to an EBITDA goal of DKK 18 million by 2025. Wirtek expects the EBITDA margin in 2025 to be 13.8%.
- Wirtek changes the pre-tax earnings goal (EBT) in 2025 to DKK 15 million, an increase of 50% compared to the previous EBT goal of DKK 10 million.
- The operational goal of “At least 1 sourcing location outside Romania by 2025” remains unchanged. To ensure that Wirtek’s delivery organization can scale with enough IT talent to support the accelerated growth, and to reduce sourcing risk, Wirtek still plans to expand its sourcing capabilities to at least 1 location outside Romania.
- The operational goal for employee retention is modified to “Employee retention rate of >85% from 2024” to be better aligned with the current job market for IT talent.
- The Board of Directors has included a new operational goal: “Nasdaq Main Market listing before the end of 2025”. Due to the strong growth, Wirtek has experienced for several years and also expects during the coming years, the Board of Directors finds that it is time for Wirtek to prepare for Nasdaq Main Market listing. To pave the way for this transition, Wirtek has recruited an experienced CFO this year and aims to implement IFRS during 2022.
A detailed description of the strategy can be found here.
Why 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 four development and test centers in Romania, and we are 180+ colleagues. Wirtek was listed at Nasdaq First North Growth Market Denmark in 2006.
Ticker Code: WIRTEK (DK0060040913)