Noventiq announces strong results for H1 FY2022, including 44% constant currency turnover growth, and 67% gross profit growth

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Noventiq
Noventiq

29 November 2022, London, UK Noventiq [Softline Holding PLC / SFTL, US83407L2079] (Noventiq, the Group, or the Company), the Cyprus registered global digital transformation and cybersecurity solutions and services provider headquartered in London and operating in almost 60 countries, announces unaudited key operating highlights for the second quarter and first half of FY2022. 

Q2 AND H1 2022 BUSINESS HIGHLIGHTS

  • Q2 2022 turnover was $320.4M, an increase of 35% in USD, and 48% in constant currency. For the 6 months to 30 September 2022 turnover was $691M, an increase of 32% in USD, and 44% in constant currency.
  • Q2 2022 gross profit was $49.9M, an increase of 66% in USD, and 77% in constant currency. For the 6 months to 30 September 2022 gross profit was $95.8M, an increase of 58% in USD, and 67% in constant currency.
  • Broad based geographic growth, with strong double-digit growth in all 4 regions, including strength in India, with $315M turnover in H1, and growth of 43% in constant currency.
  • Services turnover growth in USD of 105% in Q2, driving 63% share of gross profit.
  • Hardware turnover grew 217% year-over-year in Q2.
  • Recurring turnover was 73% in H1, up from 60% in H1 last year.
  • Successful completion of demerger of Russian business.
  • Rebranded to Noventiq, a strong business with more than 25 years of IT experience, and a strong track record of growth.
  • Destination for talent, with c. 3,900 people, up 54% year-over-year overall, and up 76% in Services.
  • Enhancing Microsoft capabilities and expanding in existing and new geographies.
  • Investment in growth innovation with key vendors including AWS, Apple, Google.
  • Continued investment and execution of M&A strategy with 4 transactions announced in FY2022 enhancing skills, capabilities and geographic presence.
  • Expanded geographic footprint, establishing presence in 4 new countries in Q2 in the Middle East and Asia.
  • Accelerating the business to multi-cloud > Services > multi-vendor > cybersecurity > digital transformation.

Sergey Chernovolenko, Global CEO at Noventiq, said:

“I would like to thank our nearly 4,000 talented professionals at Noventiq for their relentless focus on driving value for our customers. I am proud that we have delivered on the commitments we made 90 days ago. We have delivered tremendous turnover growth in Q2 of 48% in constant currency which was well above our business outlook. I am particularly pleased with the broad-based strength in the business, with all four regions delivering strong double-digit turnover growth. Gross profit growth of 77% was also incredibly strong, well ahead of turnover growth, and significantly above our guidance. At the same time, we have been investing and transforming our business at unprecedented pace and scale. We have not let anything distract us from our key strategic priorities, and we are better positioned than ever before to continue delivering on our strategy for long term profitable growth.”

Jacques Guers, Chairman of the Board of Directors at Noventiq, noted:

“We have very successfully navigated significant change in the business throughout this year in the context of a complex market dynamic. In October, we completed the sale of the Russian business, and we have moved forward to a new era under the brand of Noventiq. The brand reflects changes in the technology industry over the last 20 years. Enterprises and organisations around the world require purposeful and intelligent innovation on demand to improve their business outcomes. Noventiq is a strong independent company which comes from the heritage and experience of more than 25 years of deep technology experience. It has a solid foundation and a well-established strong track record of growth driven by a highly experienced management team. The company is growing rapidly, at scale, and operating nearly 60 countries. We have the right recipe for growth, as we continue to leverage global relationships to deliver local outcomes for our customers all around the world.”

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