A strong year for Combitech
The Nordic solution and consulting partner Combitech is today releasing its year-end report for 2021. Combitech reports a year of increased sales and good development in several market segments. During the year, the company did among other things sign a long-term collaboration agreement with BAE Systems Hägglunds on digital transformation, model-based development, and autonomy. The assignments in the Swedish industry and the public sector continued to grow, as did the work to support activities for a sustainable and secure society.
- We have had a good year in a number of ways. Several of our businesses, for instance within defense, telecom and large parts of the public sector, have developed and only experienced a limited impact from Covid-19. The area of defense, which includes both civilian and military defense, was and remains important. Likewise, the demand for services in cyber security and digital transformation. Having such a wide range of customers, assignments and services is a strength for us but I also want to give a big praise to our employees for a strong team effort and adaptability in a pandemic, says Jessica Öberg, CEO, Combitech.
Combitech has simultaneously been involved in several important areas of technology, such as for instance artificial intelligence (AI), which is important for both the industry and the public sector. The company has, together with the Swedish Forest Agency, developed an AI solution for early detection of pest attacks to forests. Furthermore, work continued within the framework of the national foundation Wallenberg AI Autonomous Systems and Software Program (WASP) and the research arena Public Safety (WARA-PS) where Combitech is involved and conducts research around the autonomous rescue systems of the future. During the year, the company also became a partner of AI Sweden to exchange experiences and upskill.
Investment in employees and recruitment
At the end of 2021, Universum released the results of its annual survey "Sweden's best employer", where employees rate their employer. The survey shows that Combitech continues to be in the top 30 among Sweden's best employers. A ranking that gives an extra boost to the important work of retaining and training employees but also to recruiting new ones.
- At Combitech it is us employees and our shared competence that are the core of our business, so this survey and our ranking means a lot. In 2021, we invested even more in our corporate culture with the goal to make it permeate our leadership and employeeship. In 2022, we want to continue to grow. I see a great need to continue working with the employee perspective and to recruit, says Jessica Öberg.
Important events in 2021
- In March 2021, a reorganization within Saab was presented, which for Combitech meant a more independent role within the Group. Jessica Öberg, then Chairman of the Board of Combitech and Head of the IPS business area within Saab, took over as CEO of Combitech on July 1st. In conjunction with the reorganization, employees from Saab were welcomed to Combitech, which strengthened the offer within secure and robust communication.
- Combitech signed a cooperation agreement with BAE Systems Hägglunds. The 10-year agreement makes the company an exclusive partner in, among other things, digital transformation, model-based development, and autonomy. Employees at BAE Systems Hägglund are in addition given the opportunity to work on assignments at Combitech to train and develop their skills.
- Commitments within the defense, both civilian and military, have increased during the year. Combitech already supports several major authorities. New customers and assignments in cyber security have also been added.
- Combitech has been given funds from Microsoft's global initiative "AI for Earth" to support the work with the Swedish Forest Agency. The purpose is to further develop an AI solution to detect pest attacks early and also make the technology available to other businesses.
- Combitech has signed a framework agreement with Avinor Air Navigation Services, which is responsible for most Norwegian airports, regarding the use of Combitech's solution AWOS for automatic weather observation. Most Swedish airports use AWOS.
- Cyber security experts from the company have conducted a security review of the ECPAT Hotline, an online service to anonymously report abuse or exploitation of children and young people online or offline. The assignment is a part of the work to support the operations of ECPAT Sweden.
- During the year, Combitech joined AI Sweden as a partner.
- Combitech continues to be in the top 30 in Universum's annual survey "Sweden's best employer" and is ranked 21st out of about 100 large companies.
Key figures 2021
Order intake reached 3 472 MSEK, which is an increase of 1,5 percent compared to the previous year (3 419 MSEK). The order intake is a combination of small and medium-sized assignments, often linked to framework agreements and larger orders that run over several years.
Sales revenues amounted to SEK 3 295 million, an increase of 8,4 percent compared to 2020 (SEK 3,038 million).
Result and margin
Operating profit (EBIT) increased by 7,7 percent and amounted to 294 MSEK (273 MSEK). The operating margin was 8,9 percent, which is in line with the previous year 2020 (9.0 percent). The result shows continued good occupancy and good profitability.
Operating cash flow
Operating cash flow amounted to SEK 465 million (SEK 567 million). Cash flow remains strong and is mainly a result of advances received from customers.
Number of employees
The number of employees at the end of the year was 2045.
For further information:
Ulrika Matsers, Kommunikationschef, Combitech
Tel: 0734-46 00 70
Merton Kaplan, IR-ansvarig, Saab AB
Tel: 0734-18 20 71, E-post: email@example.com
Combitech is a Nordic solution and consulting partner with services in areas such as digital transformation, cyber security and defense. We are approximately 2,000 employees, helping companies, industry and the public sector to benefit from technology and digitalisation for a sustainable and secure society. Technology with a purpose, simply said! Combitech is an independent company within the defense and security group Saab AB. Read more at combitech.se or combitech.com.