Wisetek Prioritizes Growth
Despite reverberations from the COVID-19 pandemic and reduced secondary market prices in Asia, ITAD company, Wisetek Solutions, managed to increase its global revenue by 4 percent during its 2022 fiscal year, as evidenced by a financial report.
Strategically placed around five countries, the Ireland-based ITAD firm now has a strong presence with sites in the U.S, Ireland, the U.K., United Arab Emirates, and Thailand. Two company directors recently emphasized its prioritization of its U.S. operations, however.
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2022 Financial Data Released
In its recently released fiscal year 2022 financial statements, Wisetek reported overall sales of 81.57 million euros ($86.43 million at Oct. 20 rate) over a 12 month period, representing an increase of 4 percent on last year’s total.
Reporting a gross profit of $28.96 million, or an increase of 7 percent from the previous year, Wisetek’s success was slightly bogged down by increased administrative costs leading to a drop in profit before tax. The figure for this currently stands at $4.36 million, representing a decrease of 16 percent compared with the prior year’s outcome.
According to a report signed by Wisetek’s CEO, Sean Sheehan, and director Orla Sheehan, “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.”
Company officials explained 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 newest U.S. facility opened its doors in 2022, located in Northborough, Mass., just 40 miles from Boston. At 40,000 square feet of space, this hub is joined by processing locations in Sacramento, Calif.; Austin, Texas; and Winchester, Va.
Global E-Commerce Goals and Employee Numbers
Wisetek’s directors have also declared that the company is pushing ahead with its U.K. growth plans. Signed in late July 2023, Wisetek’s report outlines processes to increase its presence in the United Kingdom, as part of a wider strategy to support global e-commerce efforts.
An analysis of Wisetek Solutions’ financial statement reveals the firm’s employee numbers grew from 377 in 2021 to 396 in 2022. Of those 396, 75 percent were non-administrative workers, 23 percent administrative employees and 2 percent directors. This is compared to 2021 where 80 percent of employees belonged to non-administrative roles, 17 percent were administrators and 2 percent had director positions.
By the end of March 2022, Wisetek had announced it had employed 200 workers across the United States, with intentions to increase the figure to 300 staff members.
The directors noted that when the company was established in 2007, it had planned for rapid growth. “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 reiterated.
“Wisetek is committed to providing the most comprehensive range of services to the U.S. market and this facility enables us to better support our partners in sustainable resource consumption through the critical reuse, refurbish and remarketing of IT components,” Sheehan concluded.
