ITAD company Wisetek Solutions managed to grow its global revenues by 4% during its 2022 fiscal year, despite the ongoing impacts of COVID-19 and lower secondary market pricing in Asia, according to a financial report.
The Cork, Ireland-based ITAD company now has facilities in the U.S, Ireland, the U.K., United Arab Emirates and Thailand. In a report, two directors of the company said the U.S. remains a key focus for the company.
In Ireland, private companies are required to submit their financial results to the Irish Companies Registration Office, which will disclose them to the public for a fee.
The recently uploaded financial statements, which cover the year ended Oct. 31, 2022, show that Wisetek’s sales totaled 81.57 million euros during the 2022 fiscal year ($86.43 million based on Oct. 20 currency conversion rate; all currencies below have been converted to U.S. dollars). That was up 4% from the year before.
Wisetek’s gross profit was $28.96 million, up 7% from the prior year.
The company’s profit before tax was down slightly, however, with higher administrative expenses during the year. Profit before taxes totaled $4.36 million, down 16% from the prior year.
“2022 was a year of continued growth for Wisetek, increasing gross profit year on year across our two divisions despite the negative impact of the ongoing Covid pandemic and a downturn in Asian pricing,” according to a report signed by Sean Sheehan, the company’s CEO, and director Orla Sheehan.
The directors noted that “the U.S. continues to be a key focus, and a lot of progress was made in further integrating into Wisetek, streamlining processes, with a focus on adding new customers, and innovation to our portfolio.” The most recent U.S. facility to open was a 40,000-square-foot space in Northborough, Mass., about 40 miles west of Boston, in 2022. It also has processing locations in Sacramento, Calif.; Austin, Texas; and Winchester, Va.
The directors also stated that the company continues to expand its presence in the U.K. The report, signed in late July 2023, notes that Wisetek continues to expand into the U.K. and has 2023 expansion plans in place for the U.K. to support the company’s global e-commerce strategy.
The financial statement notes Wisetek Solutions had 396 employees during the 2022 fiscal year, with 75% of them non-administrative workers, 23% administrative employees and 2% directors. During the prior year, Wisetek Solutions had 377 employees – 80% of those were non-administrative workers, 17% administrative employees and 2% directors.
In March 2022, the company reported it had 200 employees in the U.S., with plans to grow the number to 300.
The directors wrote that they are planning growth for the company, which was founded in 2007. “The Directors foresee the Group continuing to grow significantly in the coming years and have an aggressive growth strategy in place to achieve this,” they wrote.