A few years ago, we set ourselves a target that VEO’s turnover would be EUR 200 million by 2023. The aim was also to clearly improve the result. However, we soon realised that improving profitability during a period of strong growth was very challenging, so instead we decided to put profitability ahead by focusing on improving operational efficiency.
We implemented significant projects to develop our processes, products and overall business management. The result of this work is reflected in the 2021 result.
We exceeded our budgeted target despite some cost overruns in a few challenging projects. Our improved performance also withstands the surprises typical of the project business in new business segments. Our staff has been flexible and performed well in these challenging market situations. Rising material costs require high-quality project operations throughout the organisation to minimise risks.
VEO is in good shape today and we can now return to the growth path in line with our new strategy. VEO is known as a top expert in the energy industry and we have a solid reputation as a reliable partner.
To support sustainable development, we will continue developing solutions based on, for example, energy storage and hybrid technologies. We know that it is important to stay at the forefront of development in the pursuit of clean energy production.
VEO’s continuing success can be relied on by taking care of our operational efficiency combined with the competence and wellbeing of our staff.
During the past two years, we have successfully developed our company under very challenging conditions. I am impressed with our organisation’s ability to adapt to special circumstances while maintaining excellent performance.
On behalf of the Board, I thank the entire staff for a job well done. Let’s take VEO towards a bright future together.
Chairman of the board