As we start a new fiscal year, we navigate through uncertain times. I take a moment to acknowledge the challenges we are facing as a digital consultancy in today's EU market.
The aftermath of the COVID pandemic and the war in Ukraine affected the economy, which has had a trickle-down effect on businesses across Europe. The increase in the cost of living has added further pressure, making it more challenging to sustain the same growth and profitability.
Furthermore, large consultancies add pressure to "boutique" consultancies such as ours. While it may seem daunting, I want to assure our readers that we, as a smaller company, have a unique set of advantages that enable us to succeed in the current market. Our agility and ability to pivot quickly have always been a cornerstone of our success, and we will continue to leverage these strengths and techniques to remain competitive.
Despite these challenges, our revenue soared last year, which is a testament to the hard work and dedication of every member of our team. However, we must remain cautious because the first quarter of 2023 has seen a slowdown in revenue growth, and we must work as a unified team to overcome these challenges.
yechte has two business segments: One is our consultancy work, which provides IT services to large corporations. The other is the ERP customisation solution that we offer to smaller companies. This year, for the first time in our history, these two key segments have been overlapping, which presents a unique opportunity to empower our employees and to offer our clients an even more integrated suite of services. We must continue to build on this opportunity to inspire and remain competitive.
As we look towards the future, I want to remind everyone that our company has always been driven by our commitment to sustainability and socially-conscious policies. It is our responsibility to ensure that our operations have a minimal impact on the environment, and we will continue to explore new ways to remain flexible while engaging in dialogue with a wider range of stakeholders.
Finally, I want to offer some words of reassurance and inspiration. The challenges we are facing are not insurmountable, and we will emerge from these times stronger and more resilient. We have a talented team of individuals who have consistently shown their ability to overcome obstacles and drive growth. I am confident that we will continue to do so in the future. For yechte to continue to create new value through our two business segments and grow into new areas, a healthy global environment and society in which we can all live with peace of mind is vital. In order for us to create this new value, it is essential that our purpose is shared among our approximately 50+ yechte employees. This purpose must become our corporate culture. We will continue to take a long-term management perspective, and evolve as a digital consultancy with a solid foundation of technology, leveraging our strengths across our two business segments and array of talent.
Managing Director, EU