“In 2020 I used the words ‘we have a very healthy balance sheet.’ For 2021, health has increased! We saw an increase in turnover of just over 8%. We set our target for 2021 to reach the €1 billion turnover mark and we reached this milestone, ending the year €30 million over,” says CFO Hans Scholten. 

Reaching the €1 billion turnover

“Of course, it is just a number, but it is especially positive when you consider that we divested from our wind industry service in Denmark and China, which was not part of our core business yet had a €17 million turnover in 2020. It is worth celebrating, while aiming for further growth ahead. We have now set a new target for 2025 of €1.5 billion, which we are confident of achieving. We have learned that in our existing market we are able to increase both market share and turnover. Looking at our performance in 2021, most countries increased their turnover, with some excellent growth in France (+ 16%), the UK (+ 12%) and Italy (+ 27%).” 

Changes in costs

“Our travel costs in 2021 as well as in 2020 were much lower than pre-COVID-19. I expect them to remain lower during 2022 and beyond, because we have learned that working from home is a viable alternative for at least some of the work we have previously carried out on location. 

“Good news too on the financing side: our debts have decreased and interest rates were lower, resulting in some 20% reduced interest costs – which adds to our bottom line. During 2020 several currencies, for example the Russian ruble and the Polish złoty, devalued, which hit us hard. In 2021 the situation was more stable and some currencies recovered, including the Russian ruble and the UK pound, so there was a small profit in foreign exchange.

“Overall, we have an operational result that is 15% higher, reaching a level of €93 million. We anticipate a similar operational result for 2022, with the increases in salaries, energy, fuel, packaging and higher inflation counterbalancing the projected increase in turnover.” 

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“We have learned that in our existing market we are able to increase both market share and turnover.”

- Eddie Perdok

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