Regulatory Release - Inside Information White Pearl Technology Group AB: Trading Update - Own Products and IP Drive Improvement in Gross Margins and Revenue at WPTG in 2024
White Pearl Technology Group AB (publ) provides a trading update for the fourth quarter and full year ending December 31, 2024
White Pearl Technology Group AB (publ) ("WPTG" or "the Company") (Nasdaq First North: WPTG) announces a trading update for Q4 and the full year ending December 31, 2024. The Company's focus on its products and intellectual property has significantly improved gross margins and revenue throughout 2024, a trend expected to persist.
Key Performance Indicators:
- Revenue growth of 23-28% for FY 2024 (FY 2023: SEK 239.6M)
- Gross margin improvement of 3-5 % (FY 2023: 37%)
- EBITDA growth of 32-37% during FY 2024 (FY 2023: SEK 33.7M)
- Cash and cash equivalents increased by over 100% during FY 2024 (Cash Dec 2023: SEK 11.2M)
In line with WPTG's strategic commitment to operational excellence, gross margin significantly improved, increasing between 3 and 5% during 2024, compared to 36% in the same period last year. This improvement has primarily been driven by the selling of more IP solutions, the implementation of AI products for customers, and enhanced operational efficiency.
Ashley de Klerk, Group Executive VP, commented: "We believe these improvements and our focus on our own IP and AI products are sustainable and will continue to prioritise initiatives that drive long-term profitability. Looking ahead, we are confident in our ability to deliver continued value to our shareholders."
Chetan Ottam, Group CFO, added: "We have seen a significant improvement in cash across the group driven by increases in revenue, profits and collections during 2024."
Marco Marangoni, Group CEO, concluded: "WPTG continues to deliver significant shareholder value. With building blocks in place, we are excited about the future and foresee established trends continuing."
Outlook
The Company maintains its strategic target of SEK 700M revenue with >17% EBITDA margin by 2028, supported by:
- Strong demand for WPTG IP and software solutions across all markets
- Increased adoption of WPTG's AI solutions
The financial figures presented in this trading update are preliminary and unaudited. Complete results for Q4 2024 will be published on February 10, 2025.
This disclosure contains information that White Pearl Technology Group AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person set out below, at 08:00 CET on January 16, 2025.
For further information, please contact: Investor Relations Manager WPTG AB
Email: ir@whitepearltech.com
Phone: +46 707 340804
The Company's Certified Adviser is: Amudova AB
Email: info@amudova.se
Phone: +46 8 546 017 58
About White Pearl Technology Group AB White Pearl Technology Group AB (WPTG) is a global technology company specialising in digital transformation solutions. With a presence in over 30 countries and a team of more than 650 experts, WPTG helps organisations navigate the complexities of the digital age, offering services ranging from ICT and system integration to business software and digital innovation.
Forward-looking statements This announcement includes forward-looking statements that reflect the Company's current views with respect to future events and financial and operational performance. These statements may include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "will," "may," "should" and similar expressions. These forward-looking statements are subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of WPTG to be materially different from those that may be expressed or implied by such statements.