Wavestone Exceeds Revenue Targets with Significant Growth in 2023/24

Wavestone reported a substantial increase in revenue for the fiscal year 2023/24, achieving a total of €701.1m, marking a 32% increase from the previous year. Excluding the impact of recent acquisitions such as Q_PERIOR and Aspirant Consulting, revenue stood at €586.9m, surpassing the target of €580m and indicating a 9% organic growth. This growth aligns with the company's initial expectations of matching or exceeding the previous year's growth rate of 7%.

Despite challenging market conditions, Wavestone maintained a stable consultant utilization rate at 73% throughout the year and recorded a modest increase in average daily sales price by 1%. In Q4, the revenue reached €248.8m, reflecting a 59% increase, yet at a constant scope, it presented a more conservative growth of 4% due to adverse working day impacts.

Looking forward, Wavestone has confirmed its EBIT margin objective of around 15% for the fiscal year ending 2024, excluding the figures from Q_PERIOR and Aspirant Consulting. For the upcoming fiscal year 2024/25, the firm anticipates growth exceeding 3% and an EBIT margin over 13%, including full-year figures from the recent acquisitions but excluding any further acquisitions.

The 2023/24 fiscal year saw approximately 800 new hires, a decrease compared to the previous year, reflective of a cautious approach given the economic uncertainty. Q_PERIOR, consistent with Wavestone, also continued a restrained recruitment policy.