Vision 2020

Kicking off 2020 with a record number of orders

VEO is indeed in a good starting position for 2020. The year started off with a record-high order backlog, which provides the company with new opportunities to increase the profit margin and optimise the pricing of future projects.

“We should really aim towards a pricing that reflects the value that our solutions and services deliver to our customers”, explains Petri Mäkinen, CFO.

But even if talking numbers are Petri Mäkinen’s true speciality, he also confirms that the company spirit among the employees at VEO is very good. According to Mäkinen, the employees are fully committed to the new company culture.

“There is a positive buzz in the company, and people are energised by their work as they experience the positive development throughout the company.”

A favourable market situation

Despite the global covid-19-crisis, Petri Mäkinen believes that the overall market situation favours companies like VEO, who are able to create sustainable solutions for energy companies. A global trend that aims to fight against climate change by reducing emissions and investing in reliable power distribution networks reveals a strong support for VEO’s line of business. VEO has an excellent standing as an established domestic company with high-quality solutions, switchgear manufacturing, on-time deliveries and a good brand.


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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.


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.

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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