HELSINKI – Incap saw revenue of EUR51.4 million ($55.2 million) in the first quarter, a 29.3% year-over-year decline.

The company said the decline resulted from a destocking exercise with its largest customer, and excluding that impact, revenue grew 38% year over year.

"Incap’s year 2024 got off to a great start, as our revenue grew and profitability improved compared to the previous quarter," said CEO Otto Pukk. "We are happy to see the continued growth and especially that the factory in India returned to growth as well. We continued to focus on customer acquisition, explored cross-selling possibilities, and participated actively in trade shows.

"Our revenue for the first quarter grew 21% quarter on quarter and was EUR51.4 million. Excluding sales to our largest customer, our revenue grew 38% year on year. With the sales growth, also our profitability started to grow. Our EBIT for the first quarter was EUR6 million or 11.7% of revenue. The EBIT increased by 62.3% compared to the previous quarter.

"To respond to the growth trend, we continued increasing the number of employees at our factories in India. However, the largest customer’s destocking is still ongoing, and we expect it to continue at least to the end of the first half of the year.

"In 2023, we expanded our operations to the US market, and we are very pleased with our acquisition there. The integration of Incap US’ operations has continued as planned, the results are very good, and they have also had success in new customer acquisition."

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