Annual Report 2021: Revenue growth of 64% and EBITDA growth of 94%

2021 was a truly great year for Wirtek! We have delivered strong results during the first year of our Accelerate25 growth strategy and we are confident of continuing to deliver high growth in the years to come.
CEO Michael Aaen comments:

“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."

Financial highlights 2021
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%


Solid performance in 2021
  • Revenue increased to TDKK 45,372, a growth of 64% compared to 2020 and organic revenue growth was 18% in 2021. International clients accounted for 49%, up from 29% in 2020, which is in line with our Accelerate25 goal of a more international profile.
  • EBITDA increased to TDKK 6,242, a growth of 94% compared to 2020. A successful acquisition of CoreBuild and quick integration results, combined with Increased operational efficiency in our Romanian subsidiaries, explains the record high EBITDA-margin of 13.8% in 2021.
  • Pre-tax profits in 2021 was TDKK 5,246, an increase of 73% compared to 2020.
  • Cash holdings increased to TDKK 4,803 during 20201 up by 23% compared to 2020.

For additional financial highlights see page 37 of the annual report.

Outlook for 2022

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%
Long-term financial goals

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:Wirtek Annual Report for 2021Download the Annual Report for 2021


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) 

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