Nasdaq-bound MSP Noventiq reports $1.6bn record FY22 turnover

Its services business significantly boosted results, now making up 10.7 per cent of group's turnover

Noventiq's Q4 turnover of $480.7m propelled the MSP to a record full-year turnover of $1.6bn (£1.3bn) for the financial year 2022, ending 31 March 2023.

The London-HQ group'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.

Across Noventiq's business offering, IT services remained a key element of the company's growth strategy, with continued momentum resulting in $168m turnover and 109 per cent growth year on year.

Services now represents 10.7 per cent of group turnover, and contributes 40.6 per cent of total gross profit, according to Noventiq.

Software & cloud and hardware business lines also experienced significant growth, earning $1.3bn (up 29 per cent) and $107m (up 185 per cent) in turnover respectively.

The LSE-listed company, which is intends to list on the Nasdaq through a business combination with Corner Growth Acquisition Corp, established a presence in eight new countries this year and experienced strong double-digit growth across four regions in FY22.

Noventiq's business in EMEA swelled the most last year, rising 44 per cent to bring in $362m year on year.

Alongside significant organic growth in all regions, FY22 saw the continued execution of Noventiq's M&A strategy, with seven transactions, including Seven Seas Technology (June 2022), Makronet (September 2022), Value Point Systems (October 2022), Saga Group (November 2022), and G7 CR Technologies (December 2022).

"Our exceptional performance this year is a testament to the relevance of our strategy, and the strength of our team," said Noventiq global CEO, Hervé Tessler.

"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."