2022 witnessed a glimmer of hope as COVID-19 restrictions eased, paving the way for a more optimistic outlook in 2023. The year began with aspirations of leaving the pandemic behind and embracing a new normal. However, the aftermath of the global crisis continues to cast its shadow on the business world. The World Economic Forum’s annual meeting held from the 16th to the 20th of January 2023 addressed these lingering aftereffects, focusing on the transformative impact of the challenges of the past three years.
One of the key topics of discussion at the meeting was the future of work, encompassing anticipated changes in work conduct influenced by technology, generational shifts, and social dynamics. Part of the discussions focused on the issue of a growing talent gap in the EU, where more than 75% of companies report difficulties finding skilled workers, underscores the importance of addressing skills shortages in the region. While organizations express confidence in developing their existing workforce, they are less optimistic about talent availability in the coming years. This scarcity of talent poses a significant barrier to industry transformation, with skills gaps and difficulty attracting talent being key challenges. SGS recognizes these global issues as significant opportunities, as we focus on solving talent acquisition problems and assisting companies in adapting to dynamic market conditions.
Part of the discussion on the future of work revolved around the aftereffects of the COVID-19 pandemic. The pandemic has brought about a major shift in the future of work, with three major trends reshaping how businesses operate. Remote work and virtual meetings have become the new norm, providing greater flexibility, and breaking down geographical barriers. E-commerce has witnessed unprecedented growth, compelling businesses to rethink their digital strategies. Simultaneously, the rapid adoption of digital technologies, such as automation and AI, has revolutionized various industries and work processes. As a result, traditional work setups are being reimagined, and businesses are now seeking sustainable growth and new ways of working.
For SGS, these emerging trends present exciting opportunities, as the number of potential clients grows exponentially. Even conservative companies that were once skeptical about remote work are now open to exploring new possibilities. Our expertise in this area is highly valuable and relevant, as we remain committed to helping organizations navigate these changes and capitalize on the potential for success in the evolving landscape of work.
In light of these global discussions, our company, during Q1 2023, demonstrated impressive performance and unwavering commitment to excellence and adaptability in dynamic market conditions. Notable achievements include a remarkable 232% increase in revenue compared to Q1 2022, a testament to the effectiveness of our strategic initiatives and the strong demand for our products and services in the market.
By leveraging our current network of investors and reaching out to past investors, we achieved an impressive 69% increase in investments raised during this quarter compared to the same period last year. This success is a testament to the strong relationships we have built with our investors and their continued confidence in our business and growth prospects.
Moreover, our client base experienced remarkable expansion during the same period, growing from 2 clients in 2022 to 10 clients, representing an impressive growth rate of 400%. This growth underscores the market’s recognition of the quality and value of our SGS ONE software and our DaaS solution. Furthermore, it is not only the growth of our client base but also our customer satisfaction, which has been a key driver of our success. Read more about the success story of our largest client ORBIS.
Our company has consistently surpassed planned revenue targets, achieving a growth rate of 3.60% beyond the set plan in Q1 2023. This further illustrates our adaptability and ability to thrive in dynamic market conditions.
We extend our heartfelt gratitude to our investors, clients, and employees for their unwavering support and commitment, which has been instrumental in our success.
With the World Economic Forum’s annual meeting providing valuable insights into the future of work and the global business landscape, we are poised to navigate the challenges and opportunities ahead with confidence and resilience. Together, we look forward to a path of growth and prosperity in this ever-changing world of work.
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