Business
NTG Clarity Raises 2024 Financial Guidance
(TheNewswire) Toronto, ON - T heNewswire - October 15 , 2024 / NTG Clarity ...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Raises 2024 Financial Guidance\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Toronto, ON - T\n \n\n heNewswire\n \n\n -\n \n\n October 15\n \n\n , 2024 / NTG\nClarity Networks Inc. (TSX.V:NCI, OTC: NYWKF);\n \n\n NTG Clarity (“NTG” or the “Company”) is pleased to\nannounce\n \n\n a positive revision to its previously\nannounced 2024 financial guidance. Driven by a sustained and rising\ndemand for our services, from both new and existing\ncustomers\n \n\n , we now expect revenue of $55 million\nfor 2024, a 10% increase over our previous projection of $50 million,\nalongside a revised net income margin target of 14%, up from the 10%\npreviously forecast.\n \n\n\n\n The decision to revise upward follows a sustained\nperiod of exceptional performance. NTG has delivered thirteen\nconsecutive quarters of last-twelve-month revenue growth, with the\nlast seven quarters setting new all-time highs. This momentum has been\nfurther reinforced with the recent announcement of our largest\nmulti-year contract to date, alongside a current backlog exceeding $70\nmillion in unbilled purchase orders and contracts on hand as of August\n31. These developments highlight NTG’s growing reputation as a key\nplayer in the digital transformation space across the Middle East and\nworldwide.\n \n\n\n\n As laid out above, NTG has strategically increased its\nfull-year net income target to 14%, up from the 10% previous\n \n\n\n\n ly forecast. While this\nmargin is lower than our most recent quarter, it reflects investments\nbeing made to expand our Egypt Offshore Center and expand our sales\nteam in Saudi Arabia. These investments are critical to supporting\nNTG’s long-term growth strategy while positioning the Company\ncontinue to capitalize on emerging opportunities in key markets.\n \n\n\n\n Importantly, with our existing cash flow positive\noperations\n \n\n and completion of our successful\ncapital raise in September 2024, NTG is fully capitalized\n \n\n to execute on continued growth into 2025 and beyond. With\nthis growth comes an increase in headcount. NTG’s team is now made\nup of more than\n \n\n 900 IT and network\nprofessionals, up from more than 700 earlier this year. The majority\nof new staff are entirely billable to our clients, working offshore...