CEO’s review

Three years of growth in a row

A lot of good things happened at VEO in the year 2018. In Finland, we were happy to note the recovery of the hydropower business as well as a significant increase in a number of projects in the mining industry. Successes were also seen in VEO’s large ship projects, in pulp and paper as well as sectional drive projects in the metal industry. VEO’s substations business strengthened its foothold in all the Nordic countries, which in turn will allow us to accept larger projects. All these fruitful projects also spawned new orders, so the future looks very bright indeed for our business units.

Moreover, our country units are not doing that bad either. In Sweden, VEO AB received an increased amount of orders from large customers; VEO AS in Norway acquired many new long-term projects; and I.C. Electrical Ltd, which we acquired at the end of 2017, did a lot of marketing work to grow the project business in the UK. In the coming years, we will surely see growth throughout the organisation.

Speaking of growth, I am delighted to inform that VEO grew for the third year in a row. In 2018, our turnover rose to an impressive €103 million, and the number of orders increased more than ever before. This is thanks to our persevering innovation work, continuous launch of new products, such as Vector medium-voltage switchgear, and a high number of new process development projects to streamline operations.


Not just a bowl of cherries

Despite these successes, 2018 was not entirely problem-free for VEO. The introduction of a new ERP system, for example, placed additional pressure on our changing and growing organisation. Although the system upgrade meant that we could now develop our operating models, create new processes and improve project visibility, implementing such changes demanded a lot from all the staff in the company.

One of the biggest challenges we faced in 2018 was a lack of resources, especially concerning project management and lead engineering. We dealt with this challenge by recruiting many new employees during the year. This meant that a lot of time was spent orientating and training the new workforce.


There is more to come

However, challenges are not always a disadvantage. While expanding our business and export rate we see that decisions we have made gave VEO a good path to follow. We will now focus more on profitable growth by building partnerships and customer relations to match our core knowhow. During the ongoing year 2019, we will implement a new growth strategy that will provide clear guidelines for the entire VEO staff and management. I strongly believe that with a forward-thinking strategy and open communication, we will support our customers even better and successfully continue our growth as a company.

With a forward-thinking strategy and open communication, we will be able to continue our successful growth as a company.

Timo Ala-Heikkilä



In 2018, our turnover rose to an impressive €103 million, and the number of orders increased more than ever before.

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