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Granlund is back on the strong growth track, with an 18.5% increase in net sales

Granlund is back on the strong growth track, with an 18.5% increase in net sales

14.2.2023 – The year 2022 was very profitable for Granlund. The Group returned to a strong growth track after the years slowed down by COVID-19.

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The net sales of Granlund Group increased by 18.5 % year-on-year, to EUR 129.2 million (EUR 109.0 million). Operating profit was EUR 11.9 million (EUR 10.7 million). The growth was driven by both organic growth and acquisitions, with a total of five acquisitions made during the year.  “Acquisitions have had a significant impact on our growth. The acquisitions made during the past two years have brought in more than EUR 11 million of new net sales,” says Granlund’s CEO Pekka Metsi.

The drivers of organic growth have included, for example, data center and energy services, renovation projects and continuous customer relationships. “We have also developed new service models for maintenance, property management and building services. These will have a stronger role in our business operations in the coming years,” Metsi points out.

Key figures of 2022

  • Net sales EUR 129.2 million
  • Operating profit EUR 11.9 million
  • Bonus to staff EUR 4.4 million
  • Investments in R&D EUR 7.2 million

Granlund has always invested in long-term customer relationships, and the chosen path has been successful in all business areas. “87% of our projects are carried out for regular customers. It is important for us to establish long-term customer relationships, which enable us to develop our customers’ operations in the long term,” says Metsi.

EUR 4.4 million profit-related bonus for the personnel

Granlund had 1,358 employees at the end of 2022, an increase of 136 from the previous year. Similarly as in previous years, the entire personnel is included in the profit-related bonus scheme, under which EUR 4.4 million will be paid out. “Granlund is the sum of its experts. We definitely want to reward our personnel for their good work with our annual profit-related bonus,” Metsi notes.

It is important for us to establish long-term customer relationships, which enable us to develop our customers’ operations in the long term.

Pekka Metsi, CEO

Heading to the Nordic countries

Granlund’s current strategy is to target net sales of EUR 200 million by 2025. After the years slowed down by COVID-19, 2022 saw a return to a good growth track, on which Granlund intends to continue in the coming years. “Our goal is to seek growth through internationalisation, for example. We have offices in Sweden and also projects in other Nordic and Baltic countries. We will continue to focus on these areas in the future, too,” says Metsi.

In 2022, Granlund opened its second Swedish office in Stockholm and now has a total of 40 experts in the country. Growth in Sweden is sought especially in energy, hospital and data center sectors.

Our goal is to seek growth through internationalisation.

Pekka Metsi, CEO

6% of net sales for innovation and development activities

Granlund continues to invest strongly in innovation and development activities.  In 2022, it invested EUR 7.2 million, or approximately 6% of the Group’s net sales, in innovation and development. Important R&D areas included hospital design, energy-efficient solutions and the utilisation of artificial intelligence. Granlund was also actively involved in the launch of the Talotekniikka 2030 (Building services 2030) programme, which promotes development in the entire building services sector in Finland. Annual financing of nearly EUR 300,000 was raised for the programme for the next five years.

Business overview

In 2022, business activity at Granlund remained at a good level throughout the year. In the design business, both the public and the private sector were active. There were a lot of energy efficiency, lifecycle school and renovation projects. Large hospital projects were also underway, there were plenty of data center projects and the trade sector was active.

In the consulting business, all energy-related services developed positively. Demand for ESG and sustainability services increased clearly in both the project business and property management. The year 2022 was also a record-breaking year for Due Diligence activities associated with real estate transactions in Finland and the Nordic and Baltic countries. Business intelligence services grew and customers were increasingly interested in property maintenance planning and maintenance optimisation.

In the software business, the integration activities were growing at a record pace as the need for data transfer is constantly growing. Sales developed positively and the market share of the property management software Granlund Manager grew. In the international arena, the focus was shifted more to the neighbouring Nordic and Baltic countries.

Construction management and supervision continued to develop positively. The public sector remained the largest customer group, but there were also more new regular customers. Construction management services provide project management as a separate service as well as a comprehensive renovation project services.

More information

Pekka Metsi

CEO
Granlund Oy

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