White Pearl Technology Group AB: White Pearl Technology Group, Interim Report of Half Year 2023, January to June
The global IT-service provider White Pearl Technology Group in dynamic growth momentum with increasing revenues in the first half of 2023 by 48.4 percent year-on-year to reach SEK 116.9 million (H1 2022: SEK 78.5 million). The expansion was driven by strong organic growth across the company groups segments and regions in emerging markets in Africa, Asia, Middle East, and Latin-America.
- EBITA grew 34.67% to SEK 16.7 million (H1 2022: SEK 12.4 million), as profitability improved on account of operating leverage.
- Cash flow from operating activities rose to SEK 10.2 million (H1 2022: SEK 7.7 million), indicating healthy cash generation to fund expansion.
- Bottom-line profitability remained strong as well, with profit after tax at SEK 16.2 million owing to well-controlled expenses and higher efficiency.
Key Numbers
Growth by Segment: Analysis of the growth by segment (approximate percentages) as follows (for H1 2023 compared to H1 2022):- Hardware sales grew by over 65%, driven by strong infrastructure demand as enterprises accelerated digital adoption.
- Software license revenue was up by over 35% as customers scaled the implementation of our proprietary platforms.
- Subscription revenue sharply rose by over 75% with SaaS adoption seeing steep growth across sectors.
- Services implementation steadily grew by 30% albeit from a large base as digital transformation engagements scaled.
- Support and maintenance annuity revenue was up over 55% providing stable recurring income.
- On April 11, 2023, DS Plattformen AB completed the acquisition of Whitepearl Holdings Limited. This acquisition received the green light at the Annual General Meeting, marking a significant step forward for both companies.
- Reflecting the evolving direction, DS Plattformen AB underwent a transformative rebranding, adopting the name White Pearl Technology Group AB. This strategic name change was accompanied by an exciting development-the company's official listing on the Nasdaq First North Growth Market, a momentous achievement realised on June 29, 2023.
CEO Commentary
WPTG delivered a resilient performance in the 2023 year despite turbulent macroeconomic conditions globally. We achieved approximately 48% year-on-year organic revenue growth to reach SEK 116 million, validating our strategic focus on high-potential emerging markets and diversified business mix.
Read the Interim Report for January to June 2023, as a pdf here or, at our Investor web (https://whitepearltech.com/news/financial-reports-wptg/)
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, at 31[st] of July 2023 at 9.50 CET.
For further information, please contact:
Marco Marangoni, CEO, White Pearl Technology Group
E-mail: ir@whitepearltech.com,Phone: +598 93 370 044
Jenny Öijermark, IR-Manager, White Pearl Technology Group
E-mail: jenny.oijermark@whitepearltech.com,Phone: +46 707340804
The Company's Certified Adviser is Swedish North Point Securities AB.