Combitech presents its annual report for 2015
Technical consultancy company Combitech, an independent subsidiary of defence and security company Saab AB, today presented its annual report for 2015. The report shows increased sales, increased profits and an improved operating margin.
Combitech’s sales increased by 2 per cent and amounted to SEK 1,684 million. Swedish operations have experienced positive development during the year, with increased profits and an improved margin. Norwegian operations have had a difficult year, since the falling oil prices resulted in a reduced demand for consultation services. Measures have now been taken within Norwegian operations to ensure long-term profitability.
The number of employees decreased by 18 during the year to 1,448 people.
Several important events took place during the year:
- Combitech is a leading Cyber Security consultant in the Nordic region with 150 security specialists, and the Cyber Security business is developing in a positive manner as the demand for security services within the industry increases.. The acquisition of SecureCom earlier this year has also resulted in new deals within secure payment services.Combitech has also launched a new network monitoring service, so-called Managed Security Services (MSS), offering our customers real-time monitoring and analytical services round the clock.
- Combitech has been awarded several contracts within the Internet of Things area, including a contract for a cloud solution for Lund-based company Serstech, which produces handheld instruments for identifying drugs and other chemical substances. Another example is a project commissioned by Proyk AB to digitalise the construction industry by replacing traditional paper drawings with online tablets.
- An important step outside of the Nordic market was taken in November when Combitech signed a letter of intent concerning increased collaboration with Brazilian technical solutions provider Akaer in the areas of cyber security and software development.
- Combitech has once again been named one of Sweden’s Best Employers by survey company Universum.
- In November, Hans Torin was named Combitech’s new CEO after standing in as Acting CEO since April.
“All in all, it has been a good year for Combitech. Profitability has improved, primarily thanks to positive development in Swedish operations. This is the result of increased utilisation of resources and streamlining of operations to reduce costs. We therefore look forward to 2016,” says Combitech CEO Hans Torin.
The incoming orders reached SEK 1,666 million, an increase of 11 per cent compared to the previous year. The incoming orders are a mixture of small and medium-sized assignments, often connected to framework agreements, and larger orders spanning several years. The incoming orders thus vary from year to year.
The sales revenues amounted to SEK 1,684 million, an increase compared to 2014 (SEK 1,649 million). This increase is primarily due to positive market development and thus higher utiliz<tion rate in the Swedish operations. The proportion of sales to customers outside of the Saab Group amounted to 59 per cent (60 per cent).
Earnings and margin
The operating profit (EBIT) increased by 12 per cent and amounted to SEK 103 million (SEK 92 million). The operating margin was 6.1 per cent, which is an increase compared to 2014 (5.6 per cent).
Operating cash flow
The operating cash flow increased to SEK 94 million (SEK 76 million), primarily due to higher earnings.