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CEO’s review

In July-August, sales remained stable despite the summer season. Customer demand turned to strong growth in September and is expected to remain robust throughout the rest of the year. Third-quarter net sales amounted to EUR 6.7 million, a year-on-year increase of 12 percent. Net sales for the first three quarters increased by 17 percent compared to last year’s reference period, amounting to EUR 20.6 million.

The customer segment that generated the strongest growth was the telecommunications network segment, boosted particularly by next-generation 5G technology development projects. Through its products and services, the company supports the development and commercialization phase of several leading technology companies’ 5G products. The automotive industry and semiconductor testing segments saw good steady growth, too. The order book at the end of September amounted to EUR 2.8 million, a year-on-year increase of EUR 0.5 million.

The operating result for July-September grew to EUR 0.6 million, representing approximately 8.5 percent of net sales. For the first nine months of the year, operating result amounted to EUR 1.6 million, representing approximately 8 percent of net sales. Profitability has developed very favorably over the year as new technologies have raised the average value of the products.

Cash flow from operations grew to EUR 2.4 million due to a decline in committed working capital to the same level as at the end of 2017.

 

Espoo, October 25, 2018