PROFITABILITY: The Financial Performance of 2021

GENERAL

FORCIT Group’s operations developed overall positively in 2021, despite the supply chain challenges related to geopolitics and the pandemic. The turnover increased by 18%. The rising revenues contributed positively to the profit, while at the same time, rising raw material costs contributed negatively. In 2021, FORCIT Group acquired the Portuguese software company O-Pitblast, a significant player within mining optimisation and especially blasting optimisation.

The development of turnover in 2018‒2021

TURNOVER

FORCIT Group’s operations developed overall positively in 2021. All business units grew in comparison to the previous year, the group turnover increasing by 18 % to EUR 150.4 million (127.4). FORCIT Explosives business unit’s turnover grew in 2021 by 21%, FORCIT Consulting business unit’s by 7% and the Defence business unit by 3%. FORCIT Group’s turnover developed positively on all our main markets: Finland +15%, Sweden +17% and Norway +32%.

OPERATING PROFITS

FORCIT Group’s operating profit (EBIT) ended up on the same level as in 2020.

The profitability increased with rising revenues, while it was at the same time significantly negatively impacted by rising raw material costs.

SUSTAINABLE PROFITABLE GROWTH

Financial sustainability is based upon long-term financial targets and perspective on financial decisions and actions. The targets address profitable growth and sustainable capital structure, resulting in stable economic value for our owners.

In recent years, Forcit has invested significantly in expanding its operations in the Nordic countries and in acquiring and maintaining modern equipment.