Combitech shows continued growth in the third quarter of 2023
The increasing need for Combitech's domain expertise, particularly within total defense, drives demand for the company's experts and services. Sales grew organically by 16% during the period, with an accumulated sales growth over the year of 19%.
Interest in Combitech's expertise in civil and military defense, artificial intelligence, and cyber security continues to grow. Meanwhile, more and more organizations need support in building knowledge to manage disinformation, which is increasing significantly.
“The increasing demand for our experts is proof of the important and deep expertise we at Combitech provide to shape a smart and resilient society. Our employees are the absolute core of our business, and their efforts in various sectors of society make a difference”, says Jessica Öberg, CEO of Combitech.
Different sectors of society, such as business, politics, and academia, show a great need and desire to accelerate societal development by using technology and integrated working methods. The demonstration week for research and innovation arena WARA-PS in Västervik, held in September, where Combitech plays a leading part in development, is an example of how organizations together can explore the interaction between AI, autonomy, and humans in civilian rescue systems.
Combitech has also maintained a high recruitment rate and has welcomed 165 new employees during the quarter, while staff turnover is decreasing.
“As a leading Nordic tech, solutions, and consulting partner, it is crucial that we continue to focus on developing our skills in a world that changes at an increasingly fast pace. Our way of working with personal development, like during the last Course Week where 700 employees broadened their expertise in various areas, is therefore important both for our delivery and for our employees' growth opportunities," Öberg continues.
Important events during the quarter
- Extension of agreement with the Swedish Armed Forces for the Swedish Defence TeleNet (FTN), regarding nationwide networks and IP-based infrastructure.
- A new order to conduct a feasibility study for the installation of Private Network/5G at BAE Systems Hägglund's test facility.
- Combitech is strengthening its position in the financial sector as a supplier of TIBER tests in the Nordic region by winning contracts.
- Demonstration week in September for the research and innovation arena WARA-PS, which focuses on how AI, autonomy, and humans can interact in civilian rescue systems.
- During the quarter, 13 new graduates started Combitech's Talent program, which is running for the third time, focusing on AI.
- Combitech carried out its annual Course Weeks during the quarter, engaging about 700 employees to deepen and broaden their expertise in several areas.
Key highlights Q3 2023
(comparative figures Q3 2022 in brackets)
Sales revenue: Turnover 816 MSEK (703 MSEK)
Profit and margin: EBIT 43 MSEK (36 MSEK)
Operating margin: 5,3% (5,1%)
Operational cash flow: -36 MSEK (-113 MSEK)
The number of employees at the end of the third quarter: 2 245 (2 142)