Voimatel’s revenue and profits increased despite the partially challenging operating environment. In 2020, the Group generated a revenue of EUR 141.3 million compared to EUR 113.8 million in 2019, up 24% on the previous year. The profit earned by the company improved substantially to EUR 4.4 million in 2020. In 2019, the company incurred a loss of -EUR 5.3 million. During 2020, Voimatel made non-recurring adjustments that decreased the operating profit by about EUR 1.0 million.
“The full impact of the measures taken in 2019 on operations and profitability began to be felt during 2020. The excellent performance achieved in 2020 was made possible by high volumes, improved efficiency and successful business and management development efforts,” says Voimatel’s Chief Executive Officer Timo Rask.
Cash from operating activities increased considerably as a result of improved efficiency. Additionally, the equity ratio developed favourably and net gearing decreased. Working capital efficiency improved substantially.
During 2020, the company signed a number of new, more profitable contracts and updated its contract stock substantially with a view to coming years. The current contract stock ensures a healthy base load up to the end of 2021. At the end of 2020, the company acquired a 84% interest in OptiWatti Oy, which will make it possible to play a role in the development of intelligent distribution networks.
“The change that has taken place in the company proved a pleasant surprise exceeding expectations in terms of both the timeframe and scale. This sound financial performance makes it possible to develop the company further and scan for new opportunities on an ongoing basis. Other positive developments include improvements in safety culture and increased job satisfaction. Our goal is to maintain Voimatel Group’s sound positive financial performance during 2021,” says Chief Executive Officer Timo Rask.
Timo Rask, Chief Executive Officer
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