Company Announcement no. 14/2021
The Board of Directors for
CEO
“Wirtek completed the acquisition of the two CoreBuild sister companies on
Although
Based on the good results and a favorable prognosis for second half of 2021,
Financial highlights for the period 1 January –
TDKK | Q2 2021 | Q2 2020 | Change | H1 2021 | H1 2020 | Change |
Revenue | 9,699 | 6,663 | 46% | 17,446 | 13,656 | 28% |
EBITDA | 594 | 793 | -25% | 2,072 | 1,654 | 25% |
EBITDA-margin (%) | 6.1% | 11.9% | -49% | 11.9% | 12.1% | -2% |
Pre-tax profits | 336 | 729 | -54% | 1,827 | 1,552 | 18% |
Cash holdings | -1.329 | 4,544 | NA | -1.329 | 4,544 | NA |
Strong organic growth with boost from CoreBuild acquisition during Q2 2021
- Revenue grew by 46% to TDKK 9,699 during Q2 2021 compared to revenue of TDKK 6,663 during Q2 2020. The organic revenue growth was 19%. Revenue growth during H1 2021 was 28% compared to H1 2020.
- EBITDA was TDKK 594 in Q2 2021 compared to TDKK 793 for the same period last year. Significant one-time costs related to especially the CoreBuild acquisition impacted the EBITDA for Q2 2021. A normalized EBITDA for Q2 2021, adjusted for the one-time costs, would be more than
DKK 1m . During H1 2021 EBITDA was TDKK 2,072, a growth of 25% compared to H1 2020. - The EBITDA-margin for Q2 2021 was 6.1% compared to 11.9% during same period in 2020. The EBITDA-margin for H1 2021 of 11.9% is very close to the H1 2020 EBITDA-margin of 12.1%.
- Pre-tax profits (EBT) were TDKK 336 in Q2 2021 compared to TDKK 729 during Q2 2020. EBT for H1 2021 grew by 18% compared to H1 2020.
- Cash flow in Q2 2021 as significantly impacted by the acquisition of CoreBuild, both in terms of the up-front payment in cash and
Wirtek shares as well as the purchase ofWirtek treasure shares to cover a significant part of the expected future earn-out payment to the former CoreBuild owners. - Cash holdings of more than
DKK 5m were used to cover a significant part of the acquisition costs and dividend pay-out during Q2 2021.Wirtek expects to quickly build up our cash holdings during the coming months.
Outlook for 2021
- Revenue expectations for 2021 were raised to
DKK 44.5m – 45.5m (up from a previously raised expectation ofDKK 42.0m – 44.0m), a growth of 61% – 65% compared to 2020. - EBITDA expectations for 2021 were raised to
DKK 5.9m – 6.3m (up from a previously raised expectation ofDKK 5.0m – 5.4m), a growth of 83% – 95% compared to 2020.
Further information
- Michael Aaen, CEO,
Wirtek A/S , Phone: +45 2529 7575, E-mail: ir@wirtek.com
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
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.
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Attachment
- Q2_2021_interim_report_10082021
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