Granlund achieved a good result in a challenging market situation

The Finnish  market leader in MEP design, Granlund produced a positive result in a challenging market situation. Granlund’s net sales increased by 8 % year-on-year, to EUR 139.3 million (EUR 129.2 million). The operating profit was EUR 12.7 million (EUR 11.9 million). The growth targets were not achieved, but the overall result was quite good.

“Our specialisation and focus on MEP-oriented projects, such as energy repairs, data centres and hospitals, also brought results in the more demanding market. There was also strong demand for property management services as well as sustainability and energy consulting,” says Pekka Metsi, CEO of Granlund.

Granlund has also continued its significant investments in digital solutions, which is reflected, for example, in the record-breaking growth of the software business. “A year ago, we set up our own data unit to develop the data-driven approach of the Group and its business operations. Digital solutions can make a significant contribution to improving the productivity of the industry,” adds Metsi.

Granlund had 1,423 employees at the end of 2023, an increase of 65 from the previous year. “We managed to maintain quite a good workload throughout the year. Of course, there were variations between functions and regions,” Metsi says. “This good result was achieved with hard work and an active approach, for which we would like to thank all of our experts,” he adds. A total of €3 M in performance bonus is paid to the staff.

In the acquisition front Granlund was more active in the end of the year

On the acquisition front, Granlund became more active towards the end of the year. Granlund made transactions with Projektivisio Oy, a company specialised in hospital design, and an architectural office Arkkitehtitoimisto ON Oy. At the beginning of 2024, acquisition of a construction management company Rakennuttajatoimisto Rantatupa Oy was confirmed.

The organisation underwent a major reform when Granlund’s 12 regional companies were merged into the parent company in October. The merger will help the company prepare for stronger growth, both in Finland and internationally. Granlund’s strategic goal is to more than double its net sales and personnel by 2027. The aim is to expand mainly to Scandinavia and some other select parts of Europe.

Development and business overview

The company continued to strongly invest in innovation and development. In the previous year, Granlund’s innovation and development investments amounted to EUR 8.3 million, about 6% of consolidated net sales. The innovation activities focused on Granlund’s strategic growth areas, in other words energy, sustainability, data and digitalisation. These themes will continue to be promoted in 2024.

Granlund’s design business had a good year, considering the challenging market situation. The volume of orders remained at a good level, and as in the previous year, the public and commerce sectors continued to be active. Lifecycle projects, data centres and energy efficiency projects were actively carried out. The volume of hospital projects increased towards the end of the year.