The growth of consulting and engineering company Elomatic continued: revenue improved considerably
Elomatic’s revenue grew to a record 123 million euros in the fiscal year 2023, despite challenging market conditions. A new era also began in the group when Patrik Rautaheimo moved to the position of Chair of the Board, and Tom Lind started as the new CEO.
The year 2023 was challenging for technology companies, and investments were made sparingly. Despite the demanding situation, Elomatic’s turnover rose to a new record figure, 123 million euros, meaning growth was over 20% from the previous year.
“We are experiencing strong growth for the second year in a row. The growth figures reflect our top expertise in the maritime industry, our expanded proficiency in cleanroom operations, and our bold expansion into international markets, including ventures into new sectors. 59% of our revenue comes directly from exports,” says Elomatic’s CEO Tom Lind.
The operating profit margin was 4.4%. According to Lind, profitability was affected by both the challenging market situation and the investments related to business development and building for the future. “The prospects for this year are positive,” Lind adds.
“Our growth indicates our ability to create substantial added value for our customers. Similarly, our investments in the expertise required for the green transition are beginning to yield results,” says Elomatic’s Chair of the Board Patrik Rautaheimo.
Elomatic’s strategic goals were largely met in 2023, and assignments focused on promoting the green transition as planned. What is more, the operations of the project development company Green North Energy, which enables the production of green hydrogen and ammonia, progressed well. The revenue of Elomatic’s subsidiary Cadmatic grew by 12%.
Significant changes were seen at Elomatic’s management during the past year when former CEO Patrik Rautaheimo moved to the position of Chair of the Board, and Tom Lind started as the new CEO.
“The first six months at Elomatic have taught me a lot. I have found areas where we excel, as well as areas for development where we can improve even further. The update of our strategy is already well underway, and we are building a model based on top expertise accordingly. The goal is to be able to offer our customers the best possible expertise in our chosen fields,” Lind says.
For further information, please contact:
Piia Leinonen
Marketing and Communications Director, Elomatic
+358 40 350 3719
piia.leinonen@elomatic.com
Elomatic is an international consulting and engineering company that provides top-level expert services, products and turnkey solutions to process, machinery, marine, energy and pharmaceutical industries. We are focused on continuous improvement and sustainable development, and we are committed to design solutions that increase the wellbeing of people and the environment. Established in 1970, Elomatic employs over 1,300 professionals, and has customers in more than 80 countries across the globe.