Completion of VEO’s successful turnaround

Although a lot has already been said about VEO’s year 2019, it is only fair to allow VEO’s CFO, Petri Mäkinen, to present a few words based on his analysis of the year 2019. He is also the right person to share his views on VEO’s prospects for 2020 as he and his finance team work to provide a business management outlook for 2020. Petri Mäkinen believes that the past year can best be described as a complete turnaround.

According to Petri Mäkinen, VEO’s improved performance within such a short timescale was a truly excellent accomplishment. The whole VEO group turnover increased 20.1% from the previous year, and the net result increased by a total of EUR 3 million. In addition, cash flow increased by over EUR 5 million, which was quite a remarkable improvement compared to the previous year.

“The main reasons for most improvements are clear: firstly, a change of strategy was implemented to maximise profitability, and secondly, an extensive restructuring of the organisation brought in many new people and skills.”

Petri Mäkinen is also convinced that the big changes that VEO’s finance organisation started at the end of 2019 was another important factor.

“Faster fact-based decision making with more accurate financial and follow-up data.”

“We were able to rapidly improve the company’s financial reporting processes, which enabled faster fact-based decision making. In fact, the finance organisation now has a more active role to play in company decision-making, as we provide business management with more accurate financial and follow-up data.”

2019 measures pave the way ahead

Some of the many strategic measures taken in 2019 can clearly be seen as non-recurring measures with one-time cost-savings, while others will continue to help the company’s economy in 2020. Restructuring measures, especially, are expected to have a growing reduction on company costs in 2020. There are also a large number of initiated process development projects that will yield positive results on various levels once implemented.

“2019 showed that our strategy and new working methods are successful and worth pursuing.”

The essence behind the company’s so-called 3-year-strategy is based on simple pragmatism: continue along the company’s new course and grow at the same time profitably. VEO also launched several productivity projects in the beginning of 2020 to increase profitability.

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CEO’s review

Our main focus during the year was to achieve profitability, which we managed splendidly. We could not have done it without working together for this common goal.

Chairman’s greetings

On behalf of the board, I would like to warmly thank all of VEO’s personnel for their excellent work during 2019. I think we can proceed very satisfactorily, based on what we achieved together last year.

Power Utilisation

Both VEO’s contract manufacturing and project-driven business finished the year 2019 with a lot of positive news to share.


We had a clear direction of where we wanted to go when we started to develop the production – and we have done well as a result.

I.C. Electrical

During the year, ICE has evolved from being VEO’s British sales office to a more independent member of the VEO Group.

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