Sitowise 2018 — Strong increase in net sales, profitability among the best in the market
The net sales of the Sitowise Group increased strongly and profitably in 2018. The Group's comparable pro forma net sales increased by more than 20% to EUR 135 million, while profitability remained high; EBITDA was 12.5% (pro forma). The number of employees increased with more than 200 new experts joining the company. The objective of the company's new strategy is to achieve net sales of EUR 200 million by 2022. We want to be the most profitable and responsible company in the industry.
“Our skilled personnel and successful corporate transactions played a key role in the building of the excellent growth in 2018. In the first year of the new Sitowise, we invested in the creation of our corporate culture and a strategy that emphasises responsibility. We are very pleased that we had such a strong year in terms of financial results as well, and this will provide a good foundation for achieving our objectives. I would like to thank our customers for their trust and our experts for the great implementation of our customers' wishes.”
The Group's business developed well. Both the invoicing rate and the volume of orders remained at a high level throughout the year. Building and infrastructure construction was strengthened as the cornerstone of Sitowise operations. The Smart City business area focusing on digital solutions was the fastest grower, with net sales growing by nearly 60% and amounting to over EUR 10 million. The largest projects included, for example, Jokeri Light Rail, Public Traffic Count, the Espoo–Salo direct rail line, Tripla and the Digiroad information system.
"Sitowise’s outlook for the year 2019 is very good. We expect net sales and EBITDA to increase year on year. I believe that we will be able to grow our business in the core areas during this year as well. In line with our growth strategy, we will also consider corporate transactions in both design operations and digital services. The potential for expansion into other Nordic countries is also being explored actively. We aim to be ready for an IPO during 2020," Eloholma says.
For further information, please contact:
Pekka Eloholma, Acting CEO
Tel. +358 (0)50 555 5590, pekka.eloholma[at]sitowise.com