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Darekon continues its steady development

Darekon’s operations in 2023 have returned to a stable development path after the disturbance that marked the previous year. Darekon Group’s turnover in 2023 was 87.2 million euros and operating profit was 4.2 million euros. The corresponding figures for 2022 were €85.6 million and €1.6 million.

Delivery times for electronic components have returned to normal and this is believed to have reduced the company’s inventories. The group’s operating profit percentage was 4.8 last year, the equity ratio was 36% and the number of employees was 490 at the end of 2023. An increase in personnel by 40 people took place mainly at the Haapavesi manufacturing facility.

A solid foundation for the future

Darekon Group’s structure has been modified in recent years and the current structure – three electronics manufacturing facilities (in Finland, Poland and Sweden) and two mechanical production sites in Finland – provide a good foundation for the future. A 1,200m 2 expansion of the firm’s Haapavesi site’s production facilities is nearing completion and, at the same time, a 120kWp solar power plant on the roof of the facility will be commissioned.

The integration of Darekon AB and Premec Oy, acquired just over two years ago, into the group’s operations has progressed well. The group’s common enterprise resource planning system was put into use at Premec at the beginning of 2023 and at Darekon AB at the beginning of the current year. Darekon AB is currently moving to new premises in Stockholm, doubling the available space.

The sustainability reporting started last year is being further developed and an ESG manager was hired by the group at the beginning of this year. Last year, a business controller was also recruited and, under his leadership, plant reporting has been developed and a database-based system introduced to support and report on the daily management of the facilities.

Moderate organic growth

Moderate organic growth and stabilisation of profitability to a more typical good level are expected for the financial period that has started.

Darekon’s customer base is now grouped more clearly, into four industry groups: Medtech; Cleantech; aerospace and defence; and advanced industrials.

Investments have been planned for the current year, particularly taking into account environmental aspects and customer needs.

Darekon keeps growing

Despite a challenging business environment, Darekon’s operations in 2022 were marked by strong growth and the integration of acquisitions made in the previous year.

Darekon Group’s turnover in 2022 was EUR 85.6 million and operating profit was EUR 1.6 million. The acquisitions of the previous year are included in the figures of the completed financial year for the whole year. The corresponding figures for 2021 were EUR 52.9 million and EUR 2.9 million.

Adaptation to prevailing conditions

During the last two financial years, Darekon’s inventory has been significantly increased in order to serve customers as strongly as possible despite the difficult availability of electronic components. In addition, the net sales of last year include EUR 10 million worth of electronic components purchased on the spot market and invoiced to customers. The corresponding amount of the previous fiscal year was EUR 2 million.

In the completed financial year, Darekon Group’s profitability was weakened by the challenges of the supply chain in the electronics industry and strong inflation. Increasing the firm’s inventory and lower than normal profitability has increased the need for working capital. That need has been met with external capital.

The results of the fiscal year includes credit losses and the costs incurred from the closure of the Savonlinna manufacturing facility. The combined effect of these non-recurring expenses, which weakened the results, was approximately EUR 1.5 million. EUR 0.5 million were invested in R&D at the group level.

Growth continues and profitability improves

The turnover for the current year has been budgeted at EUR 92 million, and the development of the first quarter is on track. In the current fiscal year, the spot market purchases made on behalf of customers have decreased and the availability of components has improved overall. Thanks to this, the value of inventories is expected to decrease during the year.

Darekon Group’s operations are expected to grow and profitability to improve to the level before corona virus. In the completed fiscal year, the number of personnel was an average of 453 people. Thanks to increased demand at the beginning of the year, staff have been recruited and numbers are approaching 500 people.

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