Netwise will buy its shares back. Some of them will be offered to employees and co-workers
The General Meeting of Shareholders of Netwise S.A. authorized the Company’s Management Board to purchase company’s shares after the end of the close period. It is the first step toward offering these shares to employees and associates as part of a future incentive program. Netwise Management Board may spend up to PLN 3.6 million (EUR 0.8 million) of company’s funds for this buyback.
Netwise S.A. closed the first quarter of 2022 with impressive results, about 40% better than in the same period last year. Net sales revenue in Q1 2022 increased by 25% vs. Q1 2021, while net profit reached more than PLN 1 million in Q1 and increased by 40% vs. Q1 2021 and by almost 700% vs. Q1 2020. It is the third year in a row that the company is reporting record profits in the first quarter.
– Netwise is a rapidly growing company, and according to 2021 financial figures, it has the sixth highest net profit among IT companies, including gaming companies, listed on NewConnect. Unfortunately, the company’s market valuation is significantly undervalued, so we are ready to pay more for our shares than the market values them today – says Jakub Skałbania, Chief Growth Officer and board member of Netwise S.A. – In this way, we want to open a new chapter in the company’s history by including the company’s employees and associates in the distribution of profits and earnings formally by offering shares and options in the future, he emphasizes.
Currently, Netwise S.A.’s management is working on the principles of the new incentive program.
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