Correction of White Pearl Technology Group, Interim Report of Half Year 2023, January to June
White Pearl Technology Group have made corrections in, The Interim Report of Half Year 2023 January to June, that was published on the 31st of August at 9.50. The changes are editorial corrections and clarifications on the report concerning to which period the figures are related to.
None of the figures, reported on the 31st of August, has been altered.
Read the corrected Interim Report for January to June 2023, 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, at 4th September 2023 at 9.00 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.
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.
Highlights
- 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.
Significant Events
- 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
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 31st 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.
Trade Update: White Pearl Technology Group’s diversified business model withstands the impact of inflation – delivers exceptionally strong growth, exceeding thirty percent
White Pearl Technology Group (WPTG), with its global delivery approach of IT services, effectively manages inflationary pressures and achieves a robust operational and financial performance in its first half-year (January – June 2023) as a listed company on Nasdaq First North Growth Market. Anticipated organic revenue growth of 30-35 percent compared to the corresponding period in 2022 showcases WPTG’s resilience amidst market challenges.
The inflationary pressures, coupled with the rapid advancements in the IT sector, have led to the mixed signals in the market. The paradox lies in inflation’s impact on costs, prompting IT companies to reduce their workforce to cope with the rising wages, while simultaneously witnessing an increase in demand for IT services and products.
“WPTG’s global delivery approach allows us to effectively manage inflationary pressures on talent costs in key regions like India, as well as the currency pressures on some of our emerging market businesses in South Africa and Egypt. Not only have we addressed the inflationary and currency challenges, but our overall profits have also significantly improved. We have maintained strong growth across our diversified revenue segments, including hardware, software, subscriptions, services, and annuity streams. This exemplifies the resilience of our model despite market turbulence over the past six months. WPTG’s results validate our diversified business strategy in buffering global shocks and delivering value for our shareholders,” says Marco Marangoni, CEO of White Pearl Technology Group.
“With a solid order book and pipeline, we are confident in delivering continued strong performance in the second half of the financial year. Moreover, WPTG’s proven diversified business model serves as the bedrock of our growth strategy to secure more business in mature markets. The listing at First North Growth Market marked the initial step in this ambitious journey,” states Marco Marangoni, CEO of White Pearl Technology Group.
The full half-year report of 2023 will be published on the 31st of August.
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 60%, driven by strong infrastructure demand as enterprises accelerated digital adoption.
- Software license revenue was up by over 30% 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 35% albeit from a large base as digital transformation engagements scaled.
- Support and maintenance annuity revenue was up over 50% providing stable recurring income.
Management Commentary: WPTG is positioned for future growth, with a diversified business and global delivery underpinning resilient performance despite market upheaval. Our order pipeline remains solid across all segments and regions, powered by strong demand as enterprises continue to prioritise strategic digital initiatives. We have a high degree of visibility entering the second half of 2023 based on our current order book. Therefore, we believe WPTG is strategically positioned to navigate ongoing uncertainty and to capitalise on the potential of digital transformation.
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 24th of July 2023 at 8.00 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.
About White Pearl Technology Group
White Pearl Technology Group comprises 28 companies, operating in the information technology space. They are diversified IT companies selling their own solutions and products, as well as services and products of third-party vendors. The group has a presence in thirty countries throughout the world. The current focus of the group’s business is emerging markets and specifically Africa, Asia, the Middle East, and to a lesser extent, Latin America. www.whitepearltech.com
White Pearl Technology Group (WPTG) signs a Letter of Intent to acquire majority stake in Independent Software Solutions Consulting Pty Ltd (ISSC)
White Pearl Technology Group, a leading information technology company listed on the Nasdaq First North Growth Market in Stockholm, enters into an agreement to acquire a majority stake of 51 percent in Independent Software Solutions Consulting Pty Ltd (ISSC), a Microsoft, cloud solutions company registered in the UK and South Africa. The year ending May 2023, ISSC revenue amounted to approximately 23,5 million SEK with a net margin of about 12 percent, which adds to WPTGs total annual turnover and margins with approximately 10 to 12 percent.
ISSC offers solutions and services of products such as Microsoft Azure, e-mail security, Office 365 and Microsoft 365 to large and medium-sized enterprises. The agreement follows the signing of a Letter of Intent between the two companies and represents a significant milestone in WPTG’s growth strategy to expand into Europe and strengthen product offerings in Africa and the Middle East. By acquiring a majority stake in ISSC, WPTG aims to leverage its expertise, resources, and synergies to drive growth, unlock new business opportunities, and provide enhanced value to shareholders, customers, and partners. The footprint of UK based customers pivots the group for growth in the Nordics as well as the rest of Europe.
Key Highlights
- Majority Stake: WPTG will acquire 51 percent of the shares of ISSC, making it the majority shareholder.
- Strategic Fit: The proposed acquisition aligns with WPTG’s long-term strategic objectives, complementing its existing strengths and enhancing its competitive position in the information and technology sector.
- Market Expansion: By combining the strengths of both companies, WPTG intends to expand its market reach, penetrate new segments, and capitalize on emerging trends, delivering additional value to customers.
- Management Continuity: ISSC’s current executive and management team will remain in place to ensure a seamless transition and continuity of operations.
- Synergies and Cost Efficiencies: The acquisition is expected to generate significant synergies and cost efficiencies through shared resources, economies of scale, and operational optimization.
The acquisition is subject to WPTG concluding a due diligence of ISSC’s business, including regulatory approvals, and is expected to be completed within 30 days.
According to Marco Marangoni, Group CEO of WPTG “ISSC is a wonderful business playing in the very important space of Microsoft. Its experienced management team is led by CEO Emil Henrico. A variety of IT assets allows ISSC to deliver world class service to its customers. A large part of their revenue is annuity-based, which will complement the WPTG aim for diversification of income, geography and solutions contributing the growth of White Pearl Technology Group. ISSC’s plans for expansion in Europe and the Middle East aligns with ours and there are significant synergies to unlock”.
“Us, joining forces with White Pearl Technology Group allows a faster international growth and open doors to over thirty countries where ISSC can expand based on years of Microsoft expertise. Our global resource pool is experienced in providing Microsoft services around the globe gives us leverage in the market. We are excited for our customers, or as we call them our family, as they embark on this expansion journey with us, meaning that we can offer them an even greater service going forward,” says Emil Henrico, CEO of ISSC.
Mr. Henrico and his team will continue leading the business and ensure the ISSC continued brand-building and quality in services, developed over the years.
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 9.00 CEST on the 12th of July 2023.
For further information, please contact:
Marco Marangoni, CEO, White Pearl Technology Group
E-mail: ir@whitepearltech.com, Phone: +598 93 370 044
Emil Henrico, CEO, ISSC
E-mail: emil.henrico@issc.co.za
Certified Adviser
The Company’s Certified Adviser is Swedish North Point Securities AB.
About White Pearl Technology Group
White Pearl Technology Group comprises 28 companies, operating in the information technology space. They are diversified IT companies selling their own solutions and products as well as services and products of third-party vendors. The group has a presence in thirty countries throughout the world. The current focus of the group’s business is emerging markets and specifically Africa, Asia, Middle East, and to a lesser extent Latin America. www.whitepearltech.com
About ISSC
ISSC is a Microsoft Cloud Solutions partner with a presence and customers in South Africa and the United Kingdom. The business has been in existence since 2011 and has grown its customer base across the globe by taking a customer-first approach to business. The focus and mission are to match customers to fit-for-purpose solutions through their 24-hour on-site and remote support offering in solutions such as Microsoft Azure, Microsoft 365, MS Office 365, Microsoft Cloud Solutions. www.isscgroup.com
White Pearl Technology Group partnered up with investor community TradeVenue
Investors can now follow the company’s journey on the First North Growth Market in Stockholm that took off on the 29[th] of June 2023. TradeVenue, managed by FairValue, monitors listed companies with regularity; its experts and analytics have an ear to the ground in the Swedish market and long reach in the national community of more than 300 000 investors.
White Pearl Technology Group is an international IT-service provider company group with a global presence in thirty countries. The partnership with TradeVenue represents an opportunity to follow the WPTG share in a Swedish context.
“We value our close to 7000 shareholders in Sweden, and we are of course, communicating with them in our own channels. TradeVenue, however, provides its unique perspective on important company events and writes about the WPTG Share from an investor’s perspective,” says Marco Marangoni, CEO of White Pearl Technology Group.
The company presentation is continuously updated and communicated on a regular basis in all FairValue’s channels.
“We are delighted to announce the inclusion of White Pearl Technology Group on our platform, a unique IT company with a strong presence in the world’s most rapidly expanding and dynamic regions. As a part of TradeVenue, stakeholders of White Pearl Tech will benefit from a wide array of IR services. These services encompass comprehensive analytical coverage, insightful comments aimed at aiding investors in identifying key highlights from press releases and other corporate activities, and the opportunity to foster robust connections with contemporary investor networks on forums and social media platforms.” Says Mattias Folkesson, CEO at FairValue.
The information was submitted for publication, through the contact person set out below, at 11.30 CEST on 4th of July 2023.
För ytterligare information, vänligen kontakta:
Marco Marangoni, VD, White Pearl Technology Group
E-mail: ir@whitepearltech.com, Telefon: +598 93 370 044
Jenny Öijermark, IR-Manger, White Pearl Technology Group,
E-mail: jenny.oijermark@whitepearltech.com, Telefon +46 0707 340 804
Certified Adviser The Company’s Certified Adviser is North Point Securities AB.
About TradeVenue
TradeVenue serves as a meeting point for investors and listed companies. With the aim of becoming a central hub for experienced and novice stockholders alike, TradeVenue strives to create a cluster of the most up-to-date analyses and stock news.
About White Pearl Technology Group
White Pearl Technology Group comprises 28 companies, operating in the information technology space. They are diversified IT companies selling their own solutions and products as well as services and products of third-party vendors. The group has a presence in thirty countries throughout the world. The current focus of the group’s business is emerging markets and specifically Africa, Asia, Middle East, and to a lesser extent Latin America.
First day of trade for White Pearl Technology Group
White Pearl Technology Group is challenging big IT-service providers on emerging markets and is now setting out to gain territory in mature markets. The Listing on Nasdaq First North Growth Market makes Stockholm the bridge into the European market.
White Pearl Technology Group, formerly DS Plattformen, lists today at Nasdaq First North Growth Market in Stockholm, Sweden, under the ticker WPTG. The company comprises 28 active group companies with around 650 staff, operating in the information technology space. The Group consist of diversified IT companies, selling their own solutions and products as well as services and products of third-party vendors. The group has a presence in thirty countries throughout the world and a turnover for 2022 was 177MSEK. It is the global digital transformation that is driving the growth of the group.
“We can go where our competitors, giants such as Accenture or Capgemini, have a hard time to follow. There is clear potential in mid-size business in emerging markets as well as in mature markets, and this segment of the market is our focus, says Marco Marangoni, CEO of White Pearl Technology Group.
White Pearl Technology Group helps businesses to implement the digital technology. Experts in the group are working on and developing AI platforms, Blockchain, Big Data and the integration between these technologies and other solutions such as those provided by SAP and Oracle and integrate them to support the client’s business models.
These technologies give a clear competitive edge to businesses. Therefore IT-services being provided by the groups companies are sky-rocketing in all corners of the world and in just about every kind of industry.
The current focus on growth of the group’s business is emerging markets and specifically Africa, Asia, Middle East, and to a lesser extent Latin America. The next step is to expand the operations into developed markets such as Europe and the USA. The group will continue to expand through a combination of organic growth and strategic acquisitions.
The founding idea behind White Pearl Technology Group is to offer a unique collection of technologies to customers across the globe with diversification at the center of the business model – a global ICT (information and communications technology) player, positioned for the digital age.
“Rather than singling out one product, we have built a robust portfolio. We benefit from diversification. We can take an ecosystem approach, strengthening the different business lines through synergies and build-out services spanning the individual business lines,” says Marco Marangoni CEO of White Pearl Technology Group.
Please follow us on www.whitepearltech.com for more:
The information was submitted for publication, through the contact person set out below, at 11.00 CEST on 29th June 2023.
White Pearl Technology Group AB (previously DS Plattformen AB) changes listing to Nasdaq First North Growth Market and launches a new website
White Pearl Technology Group AB (previously DS Plattformen AB), reg. no. 556939-8752 (the “Company”), has today received final approval for listing on Nasdaq First North Growth Market. The last day of trading on Nordic SME is today 28 June 2023 and the first day of trading of the Company’s shares of series B on Nasdaq First North Growth Market will be 29 June 2023. As a consequence of the reverse takeover of Whitepearl Holdings Limited, the change of company name from DS Plattformen AB to White Pearl Technology Group AB, and the change of listing, the Company also launches a new website.
Change of trading venue
The Company has today received final approval for listing on Nasdaq First North Growth Market. The last day of trading on Nordic SME is today 28 June 2023 and the first day of trading of the Company’s shares of series B on Nasdaq First North Growth Market will be 29 June 2023.
The Company’s shares of series B will be traded under short name (ticker): WPTG and with ISIN code SE0020203271.
In connection with the change of listing, no offer or issuance of new shares will be made and the shareholders of the Company will not need to take any action in connection with the change of listing.
New website
As a consequence of the reverse takeover of Whitepearl Holdings Limited, the change of company name from DS Plattformen AB to White Pearl Technology Group AB, and the change of listing from Nordic SME to Nasdaq First North Growth Market, the Company launces a new website to reflect the Company’s new business operations. www.dsplattformen.se is replaced by the website www.whitepearltech.com. Information about the Company and the business operations of the group, as well as the investor relations section and the latest company news, etc. are accessible via the new website.
The information was submitted for publication, through the contact person set out below, at 17.15 CEST on 28 June 2023.
White Pearl Technology Group AB (previously DS Plattformen AB) publishes company description due to the change of listing to Nasdaq First North Growth Market
White Pearl Technology Group AB (previously DS Plattformen AB), reg. no. 556939-8752 (the “Company”), has prepared a company description due to the planned change of listing from Nordic SME to Nasdaq First North Growth Market. The expected first day of trading on Nasdaq First North Growth Market is 29 June 2023 and the expected last day of trading on Nordic SME is 28 June 2023.
The company description does not constitute a prospectus, has not been approved by the Swedish Financial Supervisory Authority and does not contain an offer to subscribe for or acquire the Company’s shares or other financial instruments in Sweden or in any other jurisdiction. The company description includes, amongst other, information about the Company’s operations, market, financial position, risks and information about the board, management, and corporate governance.
The company description can be found at the Company ́s website: https://www.whitepearltech.com//
Time plan for the list change
| 2023-06-28 Estimated last day of trading on Nordic SME |
| 2023-06-29 Estimated first day of trading on Nasdaq First North Growth Market |
|
The information was submitted for publication, through the contact person set out below, at 16.30 CEST on 26 June 2023.
White Pearl Technology Group AB (previously DS Plattformen AB) fulfils listing requirements for a change of listing to Nasdaq First North Growth Market and will change short name (ticker)
White Pearl Technology Group AB (previously DS Plattformen AB), reg. no. 556939-8752 (the “Company”), has received notice that the Company fulfils the requirements for the listing on Nasdaq First North Growth Market, decision on the delisting from Nordic SME as a result thereof, and will change short name (ticker) as a result of registration of a new company name with the Swedish Companies Registration Office.
On 12 June 2023, the Company announced that the acquisition of Whitepearl Holdings Limited had been completed and that the Company as a result thereof intends to apply for a change of listing of the Company’s shares of series B to Nasdaq First North Growth Market (operated by Nasdaq Stockholm AB) for which the Company received preliminary approval on 6 March 2023. The Company has now received notice that the Company fulfils the requirements for the listing on Nasdaq First North Growth Market and a decision on delisting from Nordic SME (operated by Nordic Growth Market NGM AB). The first day of trading on Nasdaq First North Growth Market is expected to be 29 June 2023 and the last day of trading on Nordic SME is expected to be 28 June 2023.
As a result of the name change from DS Plattformen AB to White Pearl Technology Group AB, the Company’s shares of series B will onwards be traded under a new short name (ticker): WPTG and with ISIN code SE0020203271. In connection with the change of listing, no offer or issuance of new shares will be made, and the shareholders of the Company will not need to take any action in connection with the planned list change.
The information was submitted for publication, through the contact person set out below, at 16.00 CEST on 22 June 2023.
DS Plattformen completes the acquisition of Whitepearl Holdings Limited (reverse takeover), changes name to White Pearl Technology Group AB and intends to change listing to Nasdaq
DS Plattformen AB, reg. no. 556939-8752 (“DS Plattformen” or the “Company”), has now completed the acquisition of Whitepearl Holdings Limited (a so-called reverse takeover), initially announced on 21 December 2022 and as approved by the annual general meeting in the Company held on 11 April 2023 (the “AGM”). As a result, thereof, and as previously informed, the board of directors intends to apply for a change of listing of the Company’s shares of
series B to Nasdaq First North Growth Market following registration of the consideration shares, a reduction of the share capital and new articles of association with the Swedish Companies Registration Office (all in accordance with the resolutions adopted at the AGM). The registration matters also include changing the company name from DS Plattformen AB to White Pearl Technology Group AB.
On 21 December 2022, the Company entered an agreement regarding the acquisition of all shares in Whitepearl Holdings Limited through payment in shares by way of a directed issue of new shares of series B in the Company. The acquisition was approved by the AGM and the change of ownership has now been registered with the local authorities as a result of which Whitepearl Holdings Limited has become a wholly-owned subsidiary of the Company.
As of today, the Company has a registered share capital of SEK 500,519.8125 divided into a total of 3,006,125 shares (24,889 shares of series A and 2,981,236 shares of series B). A total of 20,117,913 new shares of series B have been subscribed for by the previous owners of Whitepearl Holdings Limited in exchange for all outstanding shares in Whitepearl Holdings Limited. Following registration with the Swedish Companies Registration Office (incl. a reduction of the share capital with SEK 3,341,423.491, as resolved by the AGM), the Company’s share capital will amount to SEK 508,728.836 divided into a total of 23,124,038 shares (24,889 shares of series A and 23,099,149 shares of series B), giving each share a quotient (par) value of SEK 0.022. As a result of the transaction, the previous owners of Whitepearl Holdings Limited will thus together hold approximately 87 percent of the share capital and total number of shares and approximately 86.17 percent of the total number of votes in the Company whilst the Company’s previous shareholders will together hold approximately 13 percent of the share capital and total number of shares and approximately 13.83 percent of the total number of votes in the Company.
As resolved by the AGM and in connection with registration of the consideration shares (and the reduction of the share capital), new articles of association will be registered with the Swedish Companies Registration Office and the Company will change name from DS Plattformen AB to White Pearl Technology Group AB.
As previously informed, the board of directors of the Company has initiated a process of changing the listing venue of the Company’s shares of series B from Nordic SME (operated by Nordic Growth Market NGM AB) to Nasdaq First North Growth Market (operated by Nasdaq Stockholm AB). On 6 March 2023, Nasdaq assessed that the Company meets the listing requirements for Nasdaq First North
Growth Market, subject to completion of the acquisition of Whitepearl Holdings Limited and provided that the Company applies for admission to trading, and that certain customary listing conditions, including the distribution requirement, are met no later than the first day of trading. The board of directors intends to apply for a change of listing following registration of the various matters described above with the Swedish Companies Registration Office.
Immediately prior to completion of the acquisition of Whitepearl Holdings Limited, the Company was in all material respects a shell company without business operations or subsidiaries (or other holdings of financial instruments) except for liquid assets covering debts and liabilities relating to the time period prior to completion of the transaction. The transaction has thus significantly changed the Company and its operations. From an accounting perspective, the transaction is classified as a reverse takeover meaning that the Company will be consolidated into Whitepearl Holdings Limited (instead of the other way around).
Information about the new group will be provided through an updated version of the company description kept available prior to the AGM. The updated version will be kept available at the Company’s website and has been prepared for the purpose of the planned admission to trading of the Company’s shares of series B on Nasdaq First North Growth Market. Please note that there will not be any offering of shares or other securities and that the Company’s shareholders will not have to take any measures in connection with the contemplated change of listing.
The information was submitted for publication, through the contact person set out below, at 8.30 CEST 12 June 2023.
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-Manger, White Pearl Technology Group,
E-mail: jenny.oijermark@whitepearltech.com, Phone +46 0707 340 804
DS Plattformen
DS Plattformen AB is a Swedish public limited liability company, which invests in smaller listed companies in order to create both short-term and long-term high and stable returns to its shareholders via dividends.
