Incap nearly doubled its revenues in 4Q20

Even if we exclude the revenues from AWS Electronics Group, which Incap acquired back in January 2020, revenue still increased organically 45%. Adjusted operating profit (EBIT) during the period was EUR 5.6 million, compared to EUR 2.7 million during 4Q19. Net profit for the period ended up at EUR 4.2 million, quite the jump from EUR 0.2 million during the last quarter of 2019. “For all of us, as companies and individuals, 2020 was challenging year marked by the breakout of the coronavirus pandemic. For Incap, the operating environment caused big uncertainties for a period of time. Our actions during the year focused on keeping our personnel safe and deliveries to customers running smoothly. The pandemic-related lockdowns and consequent factory closures were a challenge that might have held back our plans, but overall, I am happy to conclude that we were able to navigate through the crisis and stay on the path with our growth strategy,” CEO Otto Pukk says in the company’s year end report. Looking at the company’s full year performance Incap’s revenues increased 50% from EUR 71 million in 2019 to 106.5 million in 2020. Adjusted operating profit (EBIT)amounted to EUR 14.6 million, compared to EUR 10.8 million the year before. 2020 Net profit amounted to EUR 9.2 million, up 47% from EUR 6.3 million in 2019. As the EMS provider enters 2021,it does so with a high level of confidence and expects that both revenues and operating profit will end up at a higher level than 2020. Otto Pukk continues and says that the company start the year with a strong order book which will support its growth targets. At the same time the company will also continue to look at M&A cases that would offer potential for geographical expansion.