Economic development 2024

2024 will go down in history as a challenging year characterized by great uncertainty and unpredictable markets, driven by higher interest rates, inflation and ongoing geopolitical conflicts. The tougher market situation persists and even though we see signs of recovery, it is too early to say that we have reached the bottom of the recession. Despite these challenges, the importance of innovation and new technology in society is increasing and both companies and authorities have a great need to drive their digital transformation even in a weaker economy. This means that the need for competence for the transition to a sustainable society through digitalization remains great.

-We have seen the market conditions as an opportunity for qualitative growth and have intensified sales work and had an increased focus on customer dialogue during the year. We have worked intensively to diversify our service offering, strengthen collaborations and improve the customer experience. Proactivity in customer dialogues combined with a focus on constantly optimizing and streamlining the organization has been crucial to Upgraded’s success and strong growth during the year, says Birgitta Hedegård, CEO of Upgraded People AB.

Despite the challenging business climate, 2024 has been a record year for Upgraded People AB. For 2024, sales amount to just over SEK 1.73 billion compared to SEK 1.06 billion in 2023, which corresponds to organic growth of approximately 63%. Looking at the last three years, sales growth is 246%.

-Going against the flow and being able to present such strong growth in a weak market feels fantastic and shows stability and competitiveness as well as the competence and driving force that exists in the organization, says Birgitta Hedegård, CEO of Upgraded People AB.

During the year, we have won several exciting procurements and been awarded many new assignments in both the public and private sectors. Among our new customers, we can proudly count ALMI, Landskrona and Eslöv municipalities, the Swedish Post and Telecom Agency (PTS) and Södertörn.

Looking at the private sector, it is primarily in the banking, finance and insurance segments; energy and the automotive industry that there is the most activity. In the public sector, we continue to be strengthened with increased trust from government agencies, municipalities and regions.

Important events during the year:

• Several new strategic framework agreements signed in both the public and private sectors.
• Internationalization as Upgraded establishes itself outside Sweden’s borders through its entry into Norway and Denmark.
• Ranked number 74 in Upsales Revenue Journal Ranking of Sweden’s fastest growing B2B companies.
• The growth journey is recognized by Dagens Industri by awarding DI Gasell for the second year in a row

As one of the leading consulting brokers in Sweden, Upgraded is well positioned to continue growing and taking market share when the market turns around.

“We have a strong position in the market. The year has given us several new assignments and we continue to strengthen our position in banking, finance, public sector and automotive. Furthermore, we are aiming for a turnover exceeding 2 billion in 2025. I am incredibly proud of what we have achieved together in 2024, which was, after all, the best year in Upgraded’s 15-year history. I look forward with great confidence and anticipation to everything the future has to offer and we will always emerge stronger from a tougher market.”

Birgitta Hedegård

CEO Upgraded People AB

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About Upgraded

Upgraded offers the market tailor-made solutions to meet the unique needs and wishes of its clients, we have a focus on services that lead the digital transformation forward to sleeplessly take on the challenges and opportunities of the future. Upgraded’s clients are found in both the public and private sectors with resource deliveries in Sweden, Norway and Denmark with over 1000 consultants on assignment. The turnover for 2024 amounted to just over 1.73 billion sek.