“In very turbulent times, we are proudly looking back on an exciting and busy 2021, where we achieved all our operational goals. In line with our Accelerate25 growth strategy, announced in January 2021, Wirtek delivered a strong revenue growth of 64% and an even stronger EBITDA growth of 94% during 2021. While the acquisition of CoreBuild accounted for a significant growth in revenue during 2021, Wirtek has also generated a solid organic revenue growth of 18%, delivering on the promised double-digit organic revenue growth.”
"In 2021 we have strengthened our delivery organization substantially welcoming more than 60 new employees, we have expanded the management team by appointing a new CFO and a new Director of HR and Administration, and not least, we have built a strong client pipeline, which makes us very confident in terms of achieving both our short-term and long-term growth expectations."
| TDKK | 2021 | 2020 | Change |
| Revenue | 45,372 | 27,626 | 64% |
| EBITDA | 6,242 | 3,222 | 94% |
| EBITDA-margin | 13.8% | 11.7% | 18% |
| Pre-tax profits (EBT) | 5,246 | 3,039 | 73% |
| Cash holdings | 4,803 | 3,892 | 23% |
For additional financial highlights see page 37 of the annual report.
On 3 March 2022, Wirtek communicated adjusted 2022 expectations due to a large new client contract with substantial impact on the 2022 results (see company announcement no. 3/2022).
Organic revenue for 2022 is expected in the range of DKK 64.0m – DKK 69.0m, a growth of 41% – 52% compared to 2021. EBITDA for 2022 is expected in the range of DKK 8.6m – DKK 9.6m, a growth of 39% - 54% compared to 2021.
| DKKm | 2022 | 2022 | 2021 | Growth |
| Announced | 3 March 22 | 25 Jan 22 | ||
| Organic revenue | 64.0 - 69.0 | 61.0 - 66.0 | 45.4 | 41% - 52% |
| EBITDA | 8.6 - 9.6 | 7.5 - 8.5 | 6.2 | 39% - 54% |
As communicated in our Accelerate25 growth strategy, Wirtek aims for DKK 100m in revenue with DKK 10m in pre-tax profits by 2025, corresponding to an average annual revenue growth of 30%. While still expecting organic double-digit revenue growth each year, Wirtek will continue to pursue strategic acquisitions as part of the accelerated growth strategy. During 2021 we already delivered growth significantly above our long-term expectations, and with a very strong growth outlook for 2022, Wirtek is very well positioned to meet our long-term financial goals.
For full details of our financial performance during 2021 and future expectations, download the full Annual Report below:
Further information
Michael Aaen, CEO
+45 2529 7575
About 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 170+ colleagues. Wirtek was listed at Nasdaq First North Growth Market Denmark in 2006.
Ticker Code: WIRTEK (DK0060040913)