Powernet Oy Announces 2013 Growth

Alongside rapidly completed product development projects, strong technology, competitive R&D and ability to innovate enables Powernet to satisfy customer needs, even in the most challenging projects.

The company's results and profitability turned positive in 2013. Earning power will continue to improve, due to intense development efforts in particular. Net sales are estimated to grow by three per cent in 2013. Growth prospects for 2014 are positive and recently launched export projects promise even double-digit growth next year. The aim is to increase net sales to approximately €16 million over the next few years.

Top expertise, based on strong product development and research, will remain in Finland, and more resources will be invested in R&D. The company’s factory in Äänekoski is responsible for approximately one third of production. Outsourcing of maintenance and repair operations has had a positive effect on cost levels. Powernet’s worldwide subcontracting network of EMS partners ensures the cost-efficient production of high volume products.

We raised new capital with the share issue and are very pleased to have attracted strong, individual Finnish owners who will contribute to business development. We will now be able to implement our growth strategy more efficiently and continue developing into one of Europe’s leading players in the industry, says Paul-Erik Sjöman, CEO.