Incap Announces 4% Increase in Annual Revenue
HELSINKI – Incap reported full-year revenue of €230.1 million ($239.4 million), a year-over-year increase of 3.8%.
For the fourth quarter, the company's €59.3 million ($61.7 million) in revenue marked a 39.7% increase over the fourth quarter of 2023.
"2024 was a successful year for Incap, with our performance aligning well with our plans," said president and CEO Otto Pukk. "We have effectively navigated through the challenges of the previous years and have now reached a new normal with our largest customer's destocking exercise finalized. While many of our peers faced similar challenges in 2024 as we did in 2023, we had already overcome them and continued to grow our EBIT quarter-to-quarter, as anticipated. I want to extend my gratitude to our team for their dedication and hard work, which led to these great results.
"Our revenue in 2024 was €230.1 million, with the fourth quarter contributing €59.3 million. Our 2024 results were driven by new customer acquisitions, increased sales to existing ones, and cross-selling opportunities from our acquisitions. The successful integration and strong performance of Incap US, along with Incap India's newest factory ramping up its production capacity, were significant contributors to the increase in revenue. We continuously improved our efficiency and invested in the latest technology, such as advanced SMT machinery in Slovakia and UK. We maintained good customer dialogue by for example organising events in Slovakia and Estonia, and our teams participated in various cooperation events, trade shows, and training sessions.
"Our fourth quarter EBIT was €8.6 million, representing 14.4% of revenue, and our full-year 2024 EBIT was €29.2 million, or 12.7% of revenue. We achieved approximately 40% higher revenue and 132% higher profitability compared to the same period in previous year mainly thanks to the higher production volumes in Incap India. These figures highlight our successful operational model and agility. Furthermore, we have been focusing on our global cooperation and driving synergies between different units at Incap, to benefit our customers and enhance client engagement.
