Scanfil ended 2022 with record high sales and profit
“I am satisfied with our performance in 2022. At the start of the year we had a strong customer demand which strengthened further during the year,” says CEO Petteri Jokitalo in the groups financial statement.
Turnover for the forth quarter amounted to EUR 222.3 million, which is an increase of 15.9% from EUR 191.7 million during the same period last 2021. Operating profit during the quarter was EUR 13.4 million, an increase of 40.3% from EUR 9.5 million. Fourth quarter net profit ended up at EUR 10.5 million, an increase of 24.0% from EUR 8.4 million during 4Q21.
“I am satisfied with our performance in 2022. At the start of the year we had a strong customer demand which strengthened further during the year. The year progressed upward both in terms of turnover and operating profit and ended with a record-breaking last quarter,” says CEO Petteri Jokitalo.
Full 2022 turnover amounted to EUR 843.8 million, an increase of 21.3% from EUR 695.7 in 2021. Operating profit for 2022 was EUR 45.4 million, an increase of 14.6% from EUR 39.6 million the year before. 2022 net profit amounted to EUR 35.0 million, compared with EUR 29.8 million in 2021, which is an increase of 17.8%.
“Our focus was clear and we concentrated on organic growth and managing the risks of cost inflation and operating environment. The operating environment was demanding and headwinds were brought by the availability challenges of electronic components, cost inflation, the corona situation especially in China. To meet the growing customer demand, we invested in production capacity at the factories in Suzhou, Malmö and Wutha. As a whole, we made strong progress! I would like to thank our dedicated employees for their good work and our customers for their support and trust,” says Jokitalo.
The CEO continues to say that the demand outlook from the company’s customers for 2023 continues to be strong, which provides Scanfil with base for organic growth and positive profitability development.
For 2023, the company is targeting a turnover of EUR 820–890 million and an adjusted operating profit of EUR 49–55 million.
“In the longer term, we aim for organic 5–7% annual growth and a 7% operating profit level. In 2023, key investments to increase production capacity are investments in electronics manufacturing lines for the Atlanta factory in the United States and the Sieradz factory in Poland,” the CEO says.
For both factories, the new production lines are expected to be in use in the third quarter of 2023. Scanfil has also started preliminary planning to expand the Sieradz factory with a production building of about 8,000 square metres.