Nasdaq-Bound Noventiq Announces $1.6bn Record Turnover

Noventiq (LSE:NVIQ), the global digital transformation and cybersecurity solutions and services provider, has today announced that a quarterly turnover of $480.7 million in Q4 propelled it to a record full-year turnover of $1.6 billion for the financial year 2022. These impressive results were announced in its unaudited key operating highlights for the fourth quarter and financial year 2022, ending 31 March 2023.

FY2022 has seen Noventiq deliver a turnover of of $1.6 billion, an increase of 40%
This includes a record turnover of $480.7 million for the fourth quarter, an increase of 46% in USD, and 59% in constant currency.
Gross profit for FY2022 was $176.3 million, representing a year-over-year rise of 50.7% in USD

Noventiq’s strong performance was underpinned by its strategic commitment to investing in growth in emerging markets and expanding the company’s offering in IT services.

The company established a presence in eight new countries this year and experienced strong double-digit growth across four regions in FY22. The APAC region delivered particularly strong growth, with approximately 40% growth year-over-year, predominantly driven by Noventiq’s operations in India.

Across Noventiq’s business offering, IT services remained a key element of the company’s growth strategy, with continued momentum resulting in $168 million turnover and 109% growth year-over-year. Software & Cloud and Hardware business lines also experienced significant growth at 29% and 185%, respectively.

Alongside significant organic growth in all regions, FY2022 saw the continued execution of Noventiq’s M&A strategy, with seven transactions announced that continue to strengthen Noventiq’s positioning as a leader in digital transformation and cybersecurity.

Noventiq’s strong results were delivered off the back of the company’s announcement of a business combination with Corner Growth Acquisition Corp.

Hervé Tessler, Global CEO at Noventiq, said:

“Our exceptional performance this year is a testament to the relevance of our strategy, and the strength of our team. We have incredible momentum in the business, and I am proud that we have delivered above the business outlook for the year that we outlined on our last call. We have invested and transformed our business at unprecedented pace and scale as we expanded our competitive reach and capabilities into thriving new markets. I want to thank our 6,400 talented people around the world, whose agility, and unwavering commitment to delivering for our customers makes us the partner of choice for digital transformation in the high growth markets where we operate.”