Year 2023 for Siili: changes in the market — focus on efficiency and AI

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Year 2023 for Siili: changes in the market — focus on efficiency and AI

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Siili's revenue grew by 3.7% (19.2%) from the comparison period and the growth slowed down throughout the Group during the financial year as demand dampened due to the rapid change in market conditions. Despite the challenges posed by the operating environment, last year also saw many successes.

Outlook for 2024 and financial goals for 2025–2026

Revenue for 2024 is expected to be EUR 120–140 million and adjusted EBITA EUR 7.5–10.5 million.

On 11 May 2022, the company announced the financial goals for the years 2023–2026 as follows:

  • Annual revenue growth of 20 percent, of which organic growth accounts for about half. From 2023 onwards, organic revenue growth will be calculated based on comparable revenue, reflecting changes in the corporate structure.
  • EBITA 12 percent of revenue. Operating profit before amortisation and impairment for fair value adjustments on acquisitions.
  • The aim is to keep the ratio of net debt-to-EBITDA below two.
  • The aim is to pay a dividend corresponding to 30–70 percent of net profit annually.

At the beginning of 2023, we moved to an organisation model based on customer sectors in line with our strategy. The objective of the change was a more agile and customer-driven way of operation, growth, continuous competence development and stronger synergy between different units. Now, about a year after the change, we can state that our understanding of our clients’ business has deepened significantly thanks to the sectoral focus, and therefore the result was successful." - says Tomi Pienimäki, CEO of Siili.

Read more about Siili’s Financial statement 2023 from Siili's Investors publications.

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