Financial Statement Report: Second consecutive positive year of operation

The company made a second consecutive year of operations with positive profitability in 2021, despite some challenges with the operating environment. In 2021, the Group’s turnover was EUR 133.1 million, compared to EUR 140.8 million a year earlier. The company’s operating profit did not reach the previous year’s level, but it remained positive at EUR 1.6 million. The profit for 2020 was 4.3 million euros. Cash flow from operating activities remained at a good level and the company’s net working capital continued to decrease from its 2020 level by 1.9% to 0.3% in 2021.

During 2021, the previous measures taken in 2019 and 2020 started to have almost full impact on operations and profitability. The 2021 contract portfolio continued to include areas of challenging profitability. In addition to normal seasonal variation, profitability was weakened by the exceptionally rapid and significant increase in material costs during the rest of the year, especially in service construction. The rapid development measures implemented ensured that the company’s result was maintained at a reasonable level.

Work to improve occupational safety continued to be comprehensive. The active involvement of staff in improving safety is reflected, among other things, in a significant number of safety observations. The company’s efforts to improve employee satisfaction continued to harness the resources of the company’s personnel to support the company’s development. According to the results of the employee motivation survey, employee satisfaction continued positive development and reached the excellent level of 4.0/5 for the financial year in review.

During 2021, the company has entered into new agreements with an inherently better profitability level and has renewed its contract portfolio for the coming years. The current contractual position guarantees a good basic workload almost through to the end of 2022.

The second positive year of operation confirms the view that the company’s positive turn will be permanent, which will enable the company to further develop and continuously review new opportunities. Our aim is to ensure that Voimatel Group’s profitability is maintained and the company’s further development will continue during 2022.

Read more about the KPY Group’s financial statements release

 

Further information available from:
Timo Rask, CEO
tel. +358 50 361 9246
timo.rask@voimatel.fi