White Pearl Technology Group to start reporting quarterly and updates the Financial Calendar

Updated Financial Calendar

• Q3 Report 2024: November 25th, 2024
• Q4 Report 2024: February 25th, 2025
• Annual Report 2024: April 28th, 2025
• Q1 Report 2025: May 26th, 2025
• Q2 Report 2025: August 25th, 2025

You can find the updated Financial Calendar on www.whitepearltech.com

“This is a natural step for White Pearl Technology Group to take, after one full year as a listed company, and underscores our commitment to keeping our shareholders and investors updated on a more regular basis,” says Jenny Öijermark, IR Manager at White Pearl Technology Group.

White Pearl Technology Group shows continuous growth in the Interim Report for the First Half of 2024

The global IT-service provider White Pearl Technology Group (WPTG) reports in the Half Year Report 2024, January to June, that the Net Revenue for H1 2024 reached SEK 139.5M, marking a 19.3% increase compared to the same period last year (SEK 116.8M in H1 2023). This growth demonstrates WPTG’s ability to maintain momentum and capitalise on market opportunities. Net Profit after Tax for H1 2024 showed robust improvement, reaching SEK 17.97M, a 18.43% increase from H1 2023 (SEK 15.17M). 

Highlights                                                                                                     

• Net revenue amounted to SEK 139.5M (116.8M). 

• EBITDA was SEK 20M (17.4M).

• Net Profit after tax for the period was SEK 17.97M (15.17M).

• Earnings per share basic and diluted was SEK 0.72 (0.34). 

• At the end of the period the cash at hand amounted to SEK 12.96M (11.2M) 

• Net Cash Flow from operating activities was SEK 3.06M (6.27M)                  

Key Numbers

• In the first half of 2024, WPTG continued its strong business momentum, achieving a 19.3% revenue increase compared to the same period last year. Revenue reached SEK 139.5M, versus SEK 116.9M in the first half of 2023.

• EBITDA grew by 15.1% to SEK 20.02M in H1 2024, compared to SEK 17.4M in the same period last year. Continued efficient delivery of services and scalability of operations contributed to increased net margin and earnings expansion.

• Net Cash Flows from operating activities amounted to SEK 3.06M for the half-year. Working Capital continued to increase, primarily due to growing project revenue. Net cash improved to SEK 12.96M for the reporting period. 

Key Events During the Reporting Period:                     

• In Q1 2024, WPTG announced the bid to acquire Ayima, a leading listed global digital marketing solutions provider headquartered in Sweden. The company issued the purchase consideration in WPTG shares amounting to approximately 18MSEK. The deal bolsters WPTG’s presence across Europe and North America.

• Ayima Group unilaterally declares bankruptcy on 17 June 2024.

• Directors at Ayima Group unilaterally apply for delisting of Ayima Group AB from Nasdaq First North Growth Market.

• WPTG secures 9.2 MSEK contract with major San Francisco-based financial firm for digital marketing and tech support.

• WPTG’s Digital Innovation Division secures contract through Ayima Group to provide digital marketing services for global eyewear leader Essilor Luxottica, owner of iconic brands like Raybans and Oakley.

• WPTG secures two-year IT implementation and support services contract with a major South African local government authority, worth SEK 118 M.

• WPTG acquires 50% of Uruguay-based Ataraxy Digital for $50,000 cash, with founders retaining equal shares and leadership roles; agency projected to turnover SEK 2.7-3 million in FY2024. This expands WPTG’s portfolio in fast-growing Latin American markets. It also helps grow hardware manufacturing partnerships in India and China.                                                                           

CEO Commentary                                                                                         

“In the first half of 2024, we’ve maintained our strong momentum, delivering a 19.3% increase in revenue compared to the same period last year. This purely organic growth further validates the high demand for our digital transformation expertise across diverse sectors. Our EBITDA grew by 15.1%, reflecting our commitment to operational excellence and our ability to scale efficiently, says Group CEO of White Pearl Technology Group, Marco Marangoni. The strength of our balance sheet is evident, with cash and cash equivalents improving by 15.5% and our equity ratio reaching 60%, up from 46% at the end of 2023. This robust financial position enables us to pursue strategic opportunities and invest in our future growth. Looking ahead to the second half of 2024, we see exciting opportunities to further expand our capabilities and market presence.”  

 Read the Interim Report for January to June 2024 as a pdf here, or at our Investor web

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, on 30th of August 2024 at 8.00 CET.

White Pearl Technology Group withdraws offer to acquire Ayima assets and releases forecast for 2024

The company ended the negotiations with the bankruptcy administrator of Ayima this week after careful consideration and due diligence with aims to protect the interests of WPTG and its shareholders.

Salient points related to Ayima:

1. WPTG could not secure full control of Ayima’s assets, a critical condition for the re-acquisition.
2. The current board members of Ayima’s UK holding company refused to provide their resignations by the agreed deadline, making it impossible for WPTG to implement the necessary changes and controls.

The implications of WPTG terminating its interest in Ayima are as follows: 

1. With the acquisition of shares in Ayima in March 2024, the company issued the purchase consideration in WPTG shares amounting to approximately 18MSEK on the day of issue. With the termination of the investment in Ayima a non-cash charge of 18MSEK will be effected to the profit of WPTG for the full year 2024.
2. The Ayima write down whilst substantial will still result in profits of over 15MSEK for the full year 2024.
3. The bankruptcy of Ayima does not affect WPTG’s cash flow or its current ongoing operations. 
4. WPTG has enlisted the services of legal counsel to investigate the institution of damages against the board and directors of Ayima related to the nature of representation made during and after the purchase of shares in Ayima by WPTG.
5. There are no further guarantees or other commitments to Ayima.

Marco Marangoni, CEO of White Pearl Technology Group, stated, “While we believed in the potential of Ayima’s business, we cannot proceed with an acquisition that doesn’t provide us with the necessary control to protect our shareholders’ interests. We remain committed to our digital innovation strategy and have the financial capacity to pursue other opportunities that align with our growth plans.”

Commenting on the forecast and impact of Ayima on WPTG, CFO Chetan Ottam said, “The forecast and current trends across the group show significant topline and profit growth for the year.  Whilst the Ayima charge to the bottom line is significant, Management made the decision to deal with its effects in 2024 to ensure we provide the business, our people, our shareholders and the market of certainty, stability and commitment to executing our business plan. The business continues to grow from strength to strength as can be seen in the numbers and also how we are dealing with Ayima.”

WPTG reaffirms its commitment to transparent communication with its shareholders and will provide updates on its business strategy and performance in the H1 2024 report.

This information is such 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 contact person set out below on 2024-07-31 10.00 CEST.

Communiquè from the Annual General Meeting

White Pearl Technology Group AB held its Annual General Meeting today, July 29th. Below is a summary of the material decisions made at the meeting.

• The meeting resolved to approve the income statement and balance sheet, as well as the consolidatedincome statement and consolidated balance sheet, and to allocate the company’s loss according to the adopted balance sheet.
• The meeting resolved to grant discharge from liability to the board members and the CEO.
• The meeting resolved that the board shall consist of four regular board members and that an authorized auditor be elected for the company.
• Re-election of board members Marco Marangoni and Anna Weiner Jiffer, as well as chairman Sven Otto Littorin. Election of new board member Arne Nabseth. Mark Nycander Ali has declined re-election.

Brief presentation of Arne Nabseth: Born in 1963, with a degree in economics and more than 30 years
of experience in entrepreneurship, IT, the financial industry, and as an investor. Entrepreneur of several
companies including MAS, Applicon, among others. Venture capitalist at Ledstiernan, IT manager at
Philips Nordic, Senior Manager at KPMG and Bearing Point in Silicon Valley. Angel investor in
several companies and currently chairman of the listed company Attana.

• The regular board members will each be remunerated with SEK 200,000, and the chairman with SEK 500,000.
• Authorized public auditor Johan Kaiser was elected as auditor.
• It was decided to establish a nomination committee.

Stockholm, July 29, 2024 White Pearl Technology Group AB The Board

This information was submitted for publication, through the agency of the board on the 29th of July, 2024, at
15.45 CEST.

Trade Update: White Pearl Technology Group pursues strong growth trajectory in H1 2024

The numbers posted in H1 exclude the effects of the Ayima acquisition and subsequent unilateral declaration of bankruptcy by the board of Ayima. Audit opinion and outcome of the liquidation process are currently outstanding and will be included in the H1 report scheduled to be issued by WPTG on the 30th of August 2024. WPTG will continue protecting the interests of its shareholders in this matter.

“The group remains robust and resilient with impressive financial data for H1 and shows the extent of strength and maturity across the group. Despite Ayima the business continues to grow strongly”, says Marco Marangoni, CEO of White Pearl Technology Group.

WPTG has a solid order book and pipeline with focused effort on business development across the group’s subsidiaries. “We expect H2 to continue the trends we have been seeing recently”, added Marangoni. Both organic and inorganic growth are anticipated in the future.

Growth by Segment: Analysis of the growth by segment (approximate percentages) as follows: for H1 2024 compared to H1 2023:

• Software license revenue was up by 30% as customers scaled the implementation of our proprietary platforms.
• Subscription revenue rose by over 30% with SaaS adoption continuing across sectors.
• Services implementation grew steadily by 15% year on year.
• Support and maintenance annuity revenue remains a workhorse of the WPTG model posting gains of 20% year on year.

CFO Chettan Ottam added, “Cash balances have improved by almost 10% in line with increased profitability ensuring a healthy cash conversion. The group’s balance sheet is getting leaner and stronger and this will facilitate continued robust activity into the future.”

Management Commentary

WPTG possesses a resilient business model with steady growth seen across many dimensions of the business. Diversification has been a cornerstone of our strategy and has ensured that the group has grown steadily over the years and positioned itself for further growth into the future.

This information is such 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 contact person set out below on 2024-07-16 9:00 CEST.

White Pearl Technology Group signs LOI to acquire 51% of Indian AI-company – OneBrain

OneBrain has a team of twelve engineers and developers working on software that will  improve productivity and efficiency in any digital work environment while reducing the use of manpower. OneBrain’s flagship product is Dynamic Action Model (DAM) offers an innovative AI-enabled human-machine-interface designed to automate computing tasks with unprecedented efficiency. With DAM it is possible to make use cases possible from basic machine processing of functions to highly evolved computing such as programming and data analysis.

WPTG India MD Shoukath Khan says “DAM has the potential of transforming not only customers’ way of working but also fundamentally changing how IT consulting firms such as WPTG deliver services and solutions.  A transformation of the IT-service industry is currently happening with the advent and widespread adoption of AI and we plan to revolutionise WPTG’s products and offerings over the next two to three years.”

“We are super excited to join a dynamic global IT player such as White Pearl Technology Group.  With the added muscle, resources, global reach, customer base and people knowledge, the OneBrain business will continue being at the forefront of AI and “the 4^th Industrial Revolution” driving digitization globally,” says CEO of OneBrain Mirza Areeb Baig.

WPTG has already set up an AI Lab. in Hyderabad India, with significant investments in adding AI and automated robotics functions to some of its products such as ERP. 

The roadmap encompasses:

• Enhancing and extending th AI Lab to include OneBrain products and methodologies
• Pin point current WPTG products for AI and machine processing enhancements such as it’s ERP offering of Tech Integra
• Review its service offerings into the market and see where manual work can be replaced with AI to speed up, streamline and reduce cost of delivery
• Develop new products based on AI frameworks for Customer Support Optimization, Human Resource Management and Digital Marketing

“We at WPTG see the world of IT-service providers changing in the next ten years with significant shifts from humans to machines. This will have massive implications for all IT-organisations. This acquisition will continue preparing WPTG for this revolution, whilst providing our customers with leading age thinking and solutions to ensure efficiencies and optimisations,” says Group CEO at WPTG, Marco Marangoni.

About OneBrain

Based in Hyderabad, India. Founded in 2021 by Mirza Areeb Baig.

Read more https://onebrain.cloud/

White Pearl Technology Group publish Annual Report 2023

 White Pearl Technology Group (WPTG), organisation no. 556939-8752, is a Swedish public limited company whose shares of series B are admitted to trading on Nasdaq First North Growth Market Sweden and are traded under the ticker WPTG B with ISIN code SE0019762477, since 29 th of June 2023. White Pearl Technology Group refer to the holding company and the 28 subsidaries in 2023 (thirthy subsidairies in 2024) that are part of the company group.

AGM will be held on the 29th of July 2024 in Stockholm.

The Annual Report 2023 can be downloaded from www.whitepearltech.com

This information was submitted for publication, through the agency of the board on the 1st of July, 2024, at 08.30 CEST.

Notification of White Pearl Technology Group’s Annual General Meeting

Shareholders of White Pearl Technology Group AB, reg.nr 556939-8752 (the “Company”), are hereby invited to attend the Annual General Meeting on Monday 29th of July 2024, 13.00 CEST at White Pearl Technology Group, Nybrogatan Business Center, Nybrogatan 34 in Stockholm.

REGISTRATION

Shareholders who wish to participate in the Annual General Meeting must:

• be included as a shareholder in the share register maintained by Euroclear Sweden AB regarding the status on 19 July 2024 and

• notify the Company of their and eventual proxies’ intention to attend the Annual General Meeting on Tuesday 25th July 2024 at latest. Notification can be made in writing to the address White Pearl Technology AB, Box 5216,102 45 Stockholm, by phone +46 8 6706557, or by e- mail ir@whitepearltech.com

  Notification of participation must contain name/company name, personal or corporate identity number, address, phone number and, if applicable, information on a maximum of two representatives and/or deputies. Complete authorization documents such as registration certificates or equivalent must also be attached to the notification, where applicable, for example regarding legal entities.

  NOMINIEE REGISTERED SHARES

  Shareholders whose shares are held in the name of a nominee must, in order to have the right to participate in the meeting, request to be temporarily entered in the share register maintained by Euroclear Sweden AB. Such registration can be temporary (so-called “voting right registration”) and may be requested from the nominee in accordance with the nominee’s procedures at a time in advance as determined by the nominee.

  Voting right registration carried out not later than 16 July 2024 will be taken into account in the preparation of the share register.

  PROXY-VOTING AND MORE

  Shareholders who are represented by proxy must issue a written and dated power of attorney for the proxy or, in the event that the right to represent the shareholder’s shares is divided among different persons, the proxies, specifying the number of shares the respective proxy has the right to represent. The power of attorney is valid for a maximum of one year from issuance, or for the longer period of validity specified in the power of attorney, but no longer than five years from issuance. If the power of attorney was issued by a legal entity, a certified copy of the registration certificate or an equivalent document for the legal entity, that demonstrates authority to issue the power of attorney must be attached. The original power of attorney and any certificate of registration should be sent in good time before the meeting by letter to the Company at the above address. Proxy forms are kept available on the Company’s website no later than three weeks before the meeting.

PROPOSED AGENDA

1. Election of chairman of the meeting.

2. Preparation and approval of the voting list.

3. Approval of the agenda.

4. Election of one or two persons who shall approve the minutes of the meeting.

5. Determination of whether the meeting has been duly convened.

6. Presentation of the annual report and audit report as well as the consolidated report and consolidated audit report.

7. Resolution on:

a) The adoption of the profit and loss statement and the balance sheet and, when applicable, the consolidated profit and loss statement and the consolidated balance sheet.

b) The allocation of the Company’s profit or loss according to the adopted balance sheet.

c) The members of the board of directors’ and the managing director’s discharge from liability.

8. Determining the number of board members and auditors.

9. Determining the fees for the board and the auditors.

10. Election of board members, board chairman and auditors.

11. Resolution to establish a nomination committee.

12. Closure of the meeting.

PROPOSAL FOR RESOLUTIONS

Item 1 – Election of chairman of the meeting

The board proposes that chairman of the board Sven Otto Littorin be elected chairman of the meeting.

Item 7 – b Resolution on the allocation of the Company’s profit or loss according to the adopted balance sheet

The board proposes that the company’s results according to the established balance sheet be balanced in a new account and that no dividend is thus paid.

Item 8-10 – Election of board members and auditor etc.

It is proposed that the board, for the time until the end of the next annual general meeting, shall consist of four (4) ordinary board members. Re-election is proposed of the ordinary board members Sven Otto Littorin, Marco Marangoni and Anna Weiner Jiffer, as well as a new election of Arne Nabseth. Sven Otto Littorin is proposed to be the chairman of the board.Mark Nycander Ali has declined re-election to the board.

Consideration to the board for the period until the end of the next annual general meeting is proposed to be paid with SEK 500,000 to the chairman of the board and SEK 200,000 to each other member who do not receive a salary from the Company.

It is proposed, for the time until the end of the next annual general meeting, the election of the audit company GO Revision & Consulting with the authorized auditor Johan Kaiser as the auditor in charge.

Consideration to the auditor is proposed to be paid on an ongoing basis, during the auditor’s election period, according to approved invoices.

Item 11 – Resolution to establish a nomination committee

It is proposed that the general meeting establishes a nomination committee for the Company.

Anna Weiner Jiffer is proposed to convene the Company’s three largest shareholders in good time before the next annual general meeting to establish the nomination committee, as well to act as the convener for the nomination committee.

OTHER

Processing of personal data

In connection with the notification to the general meeting, the Company will process the personal data requested as above regarding shareholders. The personal data collected from the share register, notification of participation in the general meeting as well as information about proxies and representatives will be used for registration, drawing up the voting list for the general meeting and, where applicable, meeting minutes. The personal data will only be used for the general meeting.

For further information on how your personal data is processed, please refer to the privacy policy available on Euroclear Sweden AB’s website: http://www.euroclear.com/dam/ESw/Legal/Integritetspolicy-bolagsstammor-svenska.pdf.

Documents

The annual report, audit report and documents according to the Swedish Companies Act will be available to the Company’s shareholders at the latest three weeks before the annual general meeting at the Company’s address, White Pearl Technology Group AB, Box 5216,102 45 Stockholm, on the Company’s website www.whitepearltech.com and sent to shareholders who so request and who states their postal address.

Information at the meeting

The shareholders are informed of their right to request information from the board and the managing director according to Chapter 7 Section 32 of the Companies Act.

Stockholm in May 2024

White Pearl Technology Group AB The Board

This information was submitted for publication, through the agency of the board on the 28th of June, 2024, at 15.00 CEST.

White Pearl Technology Group AB (WPTG) changes Certified Adviser to Amudova AB

White Pearl Technology Group has entered into an agreement with Amudova AB regarding the position as Certified Adviser and announces today the change from North Point Securities AB to Amudova AB, effective from July 1^st, 2024.

The information was submitted for publication, through the contact person set out below on 2024-06-26 14:50 CEST.

White Pearl Technology Group’s resilient business model continues to fuel growth despite Ayima challenge

As White Pearl Technology Group (WPTG) approaches the end of H1 on 30 June 2024, the company today reported that operations continue growing according to forecasts with the core IT business still strong in most regions.

CEO Marco Marangoni stated “We continue doing well as a business with continued growth across our regions and IT lines of business. Despite strong global geopolitical headwinds, the WPTG model remains resilient and continues delivering strong performances month after month. We are confident of delivering a good H1 performance to the market.”

More details will be found in the coming H1 report and a Mid-June Trade Update:

WPTG will be publishing the following reports:

• Annual Report – 5th of July
• Trade Update – 16th of July 
• H1 Report – 30th of August

The Middle East cluster has seen a significant performance growth with Saudi Arabia being the hub of activity.  WPTG continues to deliver services out of Egypt as a delivery hub.  With over 100 professionals in Egypt already, headcount is forecasted to grow over the next 36 months as Saudi Arabia, UAE, Qatar and the GCC region continues to be the foremost global growth hotspot.

“The work done by the group from 2021 in the Middle East is now starting to pay off strongly.  We anticipated a shift in the economic cycle in the region post-COVID and the investments were made expecting the current demand increase for IT services. Saudi Arabia is spearheading this cycle and WPTG has significant assets, people and offerings that we expect to perform well in the next two to three years,” added Osama Elsayed MD for WPTG in the Middle East.

The Ayima acquisition has proved problematic with the recent declaration of bankruptcy by the Board and Management of Ayima.  WPTG continues to engage with the Court appointed Administrator, lawyers and other stakeholders to determine the best path for WPTG and its shareholders. “We remain confident in our stance regarding the Ayima situation and are dedicating considerable resources to secure the most favorable result.”

Despite the challenges posed by the Ayima acquisition, WPTG remains steadfast and on track in its commitment to grow, with developments and progress in other areas of the organization continuing positively. “Our primary focus is on fortifying our existing businesses, enhancing their strength and resilience, while simultaneously pursuing our diverse growth initiatives across the Group,” affirmed Marangoni, underscoring WPTG’s unwavering dedication to its long-term vision.