PROFITABILITY: THE FINANCIAL PERFORMANCE OF 2022

The company’s operations continued to develop positively in 2022. The overall European economic development and the operating environment have been heavily influenced by the pandemic, the war in Ukraine, and the aftermaths of these.

Despite an overall challenging business environment, all business units grew in comparison to the previous year in local currencies.

Turnover

FORCIT Group’s operations developed overall positively in 2022, the group turnover increasing by 52% to EUR 228.3 million (150.5).

In 2022 FORCIT Explosives and FORCIT Defence business unit’s turnover grew significantly, while FORCIT Consulting business unit’s turnover remained on last year’s level.

FORCIT Group’s turnover developed positively in all our main markets: Finland +38%, Sweden +52% and Norway +76%.

Operating Profits

FORCIT Group’s operating profit (EBIT) increased significantly compared to 2021, by more than 200%, while EBITDA also increased significantly compared to 2021, by more than 100%.

Profitability has increased with rising revenues and a more profitable business area mix.

The development of turnover in 2019‒2022

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.