Innofactor as an Investment

Innofactor Plc has published its Interim Report for January 1–September 2020 on October 27, 2020: Innofactor's net sales and operating margin on Q3 were better than in the comparison period – the operating margin for entire year 2019 was exceeded in the first 9 months of 2020.

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The Leading Driver of the Modern Digital Organization in the Nordic Countries

Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its over 1,500 customers in commercial, public and third sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has over 500 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. In 2015–2019, the annual growth of Innofactor's net sales has been approximately 10%. The Innofactor Plc share is listed in the technology section of the main list of NASDAQ Helsinki Oy. #ModernDigitalOrganization #PeopleFirst #CreatingSmiles

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Interim Report for January 1–September 30, 2020 (IFRS): Innofactor's net sales and operating margin on Q3 were better than in the comparison period – the operating margin for entire year 2019 was exceeded in the first 9 months of 2020

 

July–September 2020 in brief:

  • The net sales were approximately EUR 14.0 million (2019: 14.0), which shows an increase of 0.3%
  • The operating margin was approximately EUR 1.6 million (2019: 1.5), which shows an increase of 1.6%
  • The operating profit was EUR 0.4 million (2019: 0.3), which shows an increase of 58%
  • The order backlog at the end of the review period was EUR 58.2 million (2019: 53.2), which shows an increase of 9%
  • Innofactor got several significant orders in the third quarter, for example,
    • Consulting and maintenance services for Senate Properties, approximately EUR 1.0 million (not yet in the order backlog at the end of the review period)
    • The document management system for Finnish Transport and Communications Agency Traficom, approximately EUR 1.0 million (not yet in the order backlog at the end of the review period)
    • The customer management system for Tampereen korkeakoulusäätiö, approximately EUR 0.7 million (not yet in the order backlog at the end of the review period)

January–September 2020 in brief:

  •  The net sales were approximately EUR 47.9 million (2019: 46.8), which shows an increase of 2.5%
  • The operating margin was approximately EUR 5.6 million (2019: 3.5), which shows an increase of 58%
  • The operating profit was EUR 2.1 million (2019: 0.3), which shows an increase of 566%

 

Q3 2020 result interviews

Innofactor's CEO Sami Ensio's result interviews by Evli Research's Managing Director Jonas Forslund and Inderes' analyst Joni Grönqvist after Innofactor's Q3 2020 result.

 

Innofactor Q3 interview with CEO Sami Ensio - Evli (In English, 6 min)

Innofactor Q3 interview with CEO Sami Ensio - Inderes (in Finnish, English subtitles, 8 min)

CEO's Review

October 27, 2020

The excellent September resulted in good profitability for Q3 – the most significant negative effects of the coronavirus on business are estimated to be over

The net sales in the third quarter of 2020 were EUR 14.0 million, which shows an increase of 0.3 percent compared to the previous year. The net sales grew in Finland, but decreased in other countries due to the effects of the coronavirus. The operating margin (EBITDA) grew by 1.6 percent from the previous year and was EUR 1.6 million (11.1 percent of the net sales), which is a historical record for Innofactor on the third quarter. In the third quarter, also the order backlog grew to a record-breaking amount and was EUR 58.2 million at the end of the quarter, which shows an increase of 9.4 percent compared to the corresponding time in the previous year.

The net sales in the first 9 months of 2020 were EUR 47.9 million, which shows an increase of 2.5 percent compared to the previous year. The net sales grew in Finland, but decreased in other countries due to the effects of the coronavirus. The operating margin (EBITDA) grew by 58.0 percent from the previous year and was EUR 5.6 million (11.6 percent of the net sales), which is also a historical record for Innofactor compared to previous comparison periods.

As a whole, the negative business effects due to the coronavirus in the third quarter were approximately as estimated. On a monthly level, August was weaker than expected and bore the brunt of the effects of the epidemic. On the other hand, September was better than expected, and this development is expected to strengthen towards the end of the year. The coronavirus situation still did not affect Innofactor's ability to produce services for its customers. Since the coronavirus situation got worse after the summer, our employees returned to mainly working remotely on August 7, 2020. In the Nordic countries in the third quarter, Innofactor received a total of approximately EUR 0.2 million in support from the states due to the coronavirus.

Innofactor strengthens its Business Productivity unit focused on Microsoft Dynamics and analytics business operations in Finland. Anu Pitkänen will start as the new leader of the unit on November 1, 2020. Anu has over 20 years of experience on corresponding business operations both as a provider and customer. We believe that the Microsoft Dynamics business operations have excellent growth potential in the coming years. I wish to warmly welcome Anu to Innofactor.

Innofactor updated its strategy during Q3. No significant changes were made to the strategy, but some parts of it were sharpened, for example, by writing out the purpose of Innofactor for the first time. The updated strategy is presented in more detail in the section "Strategy and its realization in the review period." As part of the strategy process, Innofactor also confirmed the company's updated dividend distribution policy. According to the renewed policy, the aim of the Board of Directors is to pay a dividend regularly each year. The goal is to pay about half of the result for the financial period in dividends, taking into account the company's financial position, possible corporate reorganizations and other development needs. I am very happy that, especially now on our 20th anniversary, we are able to change our dividend distribution policy in such a way that it makes distribution of dividends more probable in the future as this is what several of our shareholders have wished in past years.

In the long term, we believe that the digital step the society is taking due to the coronavirus epidemic will increase Innofactor's possibilities to grow its business operations. The abilities of a modern digital organization will be even more important for our customers in the future. It is also possible that some of our customers will transfer some of their operations back to the Nordic countries in order to be closer to their customers. This would have a favorable effect as regards the business model of Innofactor's chosen strategy based on Nordic specialists. We also believe that Microsoft's position has strengthened during the coronavirus epidemic. We believe in our chances of increasing our market share.

Innofactor's vision is to be the leading Nordic implementer of digital transformation in the Microsoft ecosystem. We believe even stronger in our chosen Nordic strategy and in reaching our long-term goals in the world after the coronavirus epidemic. Innofactor is still actively looking for new strategic partnerships. The Group’s goal is to grow both organically and through acquisitions. The coronavirus epidemic and the time after it may provide new and even surprising opportunities for this, and those may require fast actions. In view of this, we have drafted a separate plan, started to actively monitor the situation and, at the end of April, acquired EUR 3.0 million in additional funding in the form of a senior loan from a major Finnish pension insurance company to support our possible projects for gaining growth.

 

Sami Ensio
Innofactor's founder, major owner, and CEO

Business Environment

We believe the markets will grow in long term – due to the coronavirus, the markets are not expected to grow in 2020

Main forces affecting market changes and main trends of innovation are, for example, augmented and virtual reality, Internet of Things (IoT), artificial intelligence, robotics, blockchains, and quantum computing. Factors enabling these include transfer of software into the cloud, data analytics, social media, and mobility. Prevention of the climate change sets new requirements for both societies and organizations, but it also creates new business opportunities and speeds up innovation. The purchase habits of customers have changed as these business changes are taking place. Our customers expect their IT partner to focus more on business benefits instead of technology benefits. They want to get solutions that are ready for use without a need to make major customer-specific changes. Additionally, customers increasingly expect to purchase continuous services instead of large one-off projects.

We estimate that the IT service market in the Nordic countries grew by approximately 3–5 percent in 2019. We estimate that the IT service market will not grow in the Nordic countries in 2020 due to the financial hardships caused by the coronavirus epidemic. Our estimate is based on research institutes’ forecasts and our own outlook on markets.

In the long term, we believe that the digital step the society is taking due to the coronavirus epidemic will increase Innofactor's possibilities to grow its business operations. The abilities of a modern digital organization will be even more important for our customers in the future. It is also possible that some of our customers will transfer some of their operations back to the Nordic countries in order to be closer to their customers. This would have a favorable effect as regards the business model of Innofactor's chosen strategy based on Nordic specialists. We also believe that Microsoft's position has strengthened during the coronavirus epidemic. We believe in our chances of increasing our market share.

The competition in Microsoft-based solutions in the Nordic countries is fragmented. The first competitor group consists of large companies operating in all Nordic countries. These competitors sell a wide variety of IT solutions that corporations and organizations need, and they offer several competing technologies of which the Microsoft technology is one. The second competitor group consists of mid-sized companies that focus on a narrower solution area in the Nordic level and also offer several different technologies. The third competitor group consists of mid-sized companies operating mainly in a specific country and typically offering a wide variety of solutions using several competing technologies. The third competitor group consists of small companies operating only in their own country and focusing on a clearly defined solution area, technology and field of business.

Microsoft's fragmented partner network consisting of small and mid-sized companies offers us interesting possibilities for acquisitions. In acquisitions, we will probably focus on mid-sized companies operating in one country. With these, we will aim at expanding the coverage of our offering in a specific country and also possibly acquiring more cloud-based product and service business. Good reputation, fast and profitable growth, successful acquisitions, and entrepreneurial spirit will make us an attractive partner for reorganizations in the field. The coronavirus epidemic will probably increase reorganizations, if small and mid-sized IT service companies end up in financial trouble.

Purpose, Mission, Vision and Strategy

 

Our purpose

Innovating to make the world work better

Our mission

Driving the modern digital organization

Our vision

Leading Nordic digital transformation partner in the Microsoft ecosystem

Our strategic choices

  • The best Nordic professionals
  • Productized and specialized offering
  • Proactive and agile way of working
  • Innovation with top customers

Our values

  • Accountability
  • Empowerment
  • Innovation
  • Customer

Read more about our values.

Our working principle

Our principle is to put people first in everything we do. We want to create solutions that make people's everyday work and life run smoothly and bring a smile to their faces.

Our long-term financial goals

  • To achieve annual growth of about 20 percent, of which majority is intended to be achieved by organic growth
  • To achieve about 20 percent EBITDA in relation to the net sales
  • To keep the cash flow positive and secure solid financial standing in all situations

Strategy and its realization in the review period

Innofactor updated its strategy during Q3. No significant changes were made to the strategy, but some parts of it were sharpened. The updated strategy is presented in brief above.

Innofactor’s net sales in January–September 2020 were EUR 47.9 million (2019: 46.8), which shows an increase of 2.5 percent compared to the previous year. The net sales grew in Finland, but decreased in other countries due to the effects of the coronavirus. The goal of getting the net sales to grow is also supported by the record-breaking order backlog of EUR 58.2 million (2019: 53.2). Innofactor has plans on actions that will make the annual growth of 20 percent possible in the next few years. The effects of the coronavirus epidemic and Innofactor's strengthened financing position may also provide new possibilities for inorganic growth in the future. For this reason, Innofactor acquired EUR 3.0 million in additional funding in the form of a senior loan from a major Finnish pension insurance company at the end of April 2020.

In the review period, the operating margin (EBITDA) grew by 58.0 percent from the previous year and was EUR 5.6 million (11.6 percent of the net sales). As regards profitability, Innofactor was able to improve its performance substantially. Innofactor has plans on actions that will make the annual growth of 20 percent possible in the next few years. Possibilities for improving profitability can be found especially outside of Finland, where there have been significant challenges to the profitability especially during the coronavirus epidemic.

Innofactor’s operating cash flow in the review period of January 1–September 30, 2020, was EUR 4.9 million (2019: EUR 3.4 million), and the equity ratio at the end of the review period was 43.5 percent (2019: 40.2 percent). The strong operating cash flow and financial position support Innofactor’s strategic goal of profitable growth and securing solid financial standing in all situations.

Key Figures

2019

2018

2017

2016

2015

Net sales, EUR thousand

64,198

63,144

65,666

59,616

44,452

Operating profit before depreciation
and amortization (EBITDA), EUR thousand

5,089

-1,029

1,308

4,831

3,705

percentage of net sales

7.9%

-1.6%

2.0%

8.1%

8.3%

Operating profit (EBIT), EUR thousand

795

-3,872

-1,461

2,332

2,542

percentage of net sales

1.2%

-6.1%

-2.2%

3.9%

5.7%

Earnings before taxes, EUR thousand

12

-3,811

-1,579

1,920

1,935

percentage of net sales

0.0%

-6.0%

-2.4%

3.2%

4.4%

Earnings, EUR thousand

418

-3,462

-2,007

1,536

1,548

percentage of net sales

0.7%

-5.5%

-3.1%

2.6%

3.5%

Shareholders' equity, EUR thousand

22,145

21,303

24,764

22,501

24,534

Interest bearing liabilities, EUR thousand

16,853

15,418

14,228

16,701

9,219

Cash and cash equivalents, EUR thousand

963

258

910

902

843

Deferred tax assets, EUR thousand

5,602

5,602

5,668

5,760

6,704

Return on equity

1.9%

-13.8%

-5.3%

6.5%

6.6%

Return on investment

2.3%

-7.7%

-2.4%

6.4%

7.6%

Net Gearing

71.8%

71.2%

53.8%

70.2%

34.1%

Equity ratio

40.2%

41.2%

43.4%

35.8%

56.9%

Balance sheet total, EUR thousand

55,720

51,875

58,272

63,587

43,983

Research and development, EUR thousand

2,795

2,860

3,298

3,394

2,495

percentage of net sales

4.4%

4.5%

5.0%

5.7%

5.6%

Personnel on average during the year

534

591

610

532

409

Personnel at the end of the year

538

550

601

591

415

Number of shares at the end of the year

37,388, 225

36,188,225

36,188,225

32,901,377

33,453,737

Earnings per share (EUR)

0.0113

-0.0880

-0.0357

0.0467

0.0475

Shareholders' equity per share (EUR)

0.592

 0.589

0.684

0.684

0.733

Growth and Financial Targets

Annual net sales growth from 2015 to 2019 has been 10% on average.

 

Innofactor's long term financial goals:

  • To achieve annual growth of about 20 percent, of which majority is intended to be achieved by organic growth
  • To achieve about 20 percent EBITDA in relation to the net sales
  • To keep the cash flow positive and securing solid financial standing in all situations

The main actions for reaching the approximately 20 percent growth and 20 percent operating margin:

  • Focus on selected industries and solution areas (customer journeys) that provide the highest growth opportunities and allow us to best scale existing offering in the Nordics
  • Focus on current customers and cross sales to get a bigger share of wallet of customers' digital transformation budgets
  • Improving modern digital marketing and sales skills to achieve better and more cost-effective sales results
  • Focus on competence planning, recruiting and resource optimization across Nordics
  • Shifting revenues from projects and professional services toward products, IP-based and continuously managed services that support selected solution areas and industries
  • Strengthening continuously our specialists' professional skills and improving our leading offering in order for our customers to pay hour price above market average
  • Aiming to move to self-organized teams and to reduce organizational layers achieving better communication and faster decision making
  • Continuously improving our flexible value-adding delivery model minimizing number of non-invoiced hours and maximizing customer satisfaction

Customers

Innofactor's business operations were focused on Finland, Sweden, Denmark, and Norway. In January 1–September 30, 2020, approximately 67 percent of the net sales came from Finland, approximately 19 percent from Sweden, approximately 9 percent from Norway, and approximately 5 percent from Denmark. The net sales grew in the third quarter in Finland, remained approximately the same as in the last year in Sweden (in the local currency), but decreased in euros, and decreased in Norway and Denmark.

Of the net sales in January 1–September 30, 2020, approximately 42 percent came from commercial clients, approximately 41 percent from public sector clients, and approximately 17 percent from third sector clients. During the coronavirus situation, the significance of the public sector clients has been especially emphasized.

 

Distribution of net sales in January 1–June 30, 2020

distibution of net sales

 

Innofactor's net sales in the review period of January 1–September 30, 2020, came from the following sources:

  • approximately 42 percent from IT system delivery projects and consulting
  • approximately 32 percent from specialist work based on recurring service contracts, such as smaller customer-specific changes and further development of IT systems
  • approximately 20 percent from services based on recurring service contracts, such as SaaS, cloud and hosting services, and from software maintenance
  • approximately 5 percent from licenses, of which the share of licensing income to third parties was approximately 4 percent of the net sales

Innofactor’s 10 largest clients accounted for approximately 29 percent of the net sales during the review period January 1–September 30, 2020.

 

Get to know our customer stories 

Personnel

People First and a Smile on the Face Every Working Day

In line with our mission, we continue building Innofactor as a modern digital organization. We develop our operating models to support the daily work of our employees within a Nordic organization. Highly competent employees, good leading practices, self-organization and company-wide practices support Innofactor’s long-term goals. We have a principle of putting people first in everything we do. We want to create an inspiring and motivating work environment for our employees and also have fun while working.

Interim Report for January 1–September 30, 2020: The number of personnel in Innofactor grew slightly from the comparison period

 

Primarily, Innofactor monitors the number of active personnel. The number of active personnel does not include employees who are on a leave of over 3 months.

The average number of active personnel in July 1–September 30, 2020, was 545 persons (2019: 535), which shows an increase of 1.9 percent. At the end of the review period, the number of active personnel was 546 (2019: 542), which shows an increase of 0.7 percent.

At the end of the review period, the average age among personnel was 41.5 years (2019: 40.8). Women accounted for 28 percent (2019: 27%) of the personnel, and men accounted for 72 percent (2019: 73%) of the personnel.

Get to know our people!

Self-Organized Teams, Lighter Organization and Better Management

In 2019, work in Finland was mainly carried out under the new organizational model and in self-organized teams. The reduction of organizational layers has been reflected, among other things, in improved flow of information and agile teamwork at the customer interface. During 2019, Innofactor focused on supporting the organizational change and implementing new operating models for teamwork. With the new People Manager roles that are 100% focused on managerial duties, Innofactor has continued to invest in high-quality, people-centered leadership, with a focus on interactivity, timely communication and coaching. Self-organized teams are expected to be deployed in other countries in the future.

Good leadership is based on data-driven business and open communication. People need to know in real time what is going on in the organization. During 2019, we developed the Group’s internal reporting using the company’s Power BI capability. The development of reporting has been made possible by a common, Nordic Microsoft Dynamics 365 enterprise resource planning system.

Operating Models to Support Modern Work

Innofactor’s target is to build a company with Nordic integration that can help its customers to build a modern digital organization. In 2019, Innofactor continued development projects which create a basis for common operating models in the Nordic countries. Common systems, processes and culture support Innofactor’s strategic targets and co-operation between the countries.

We carried out a performance management process and employee satisfaction surveys in a uniform way in all Nordic countries in 2019. A new questionnaire was piloted to measure employee satisfaction, which better measured employee satisfaction in the current operating environment. Development discussions were held using uniform timetables and models.

The Nordic Leadership Day held in the spring created a framework for working with the values of Innofactor, and value-driven activities were made visible in everyday work at all levels of the organization during 2019. The strategy process was developed in such a way that the whole Innofactor’s personnel were able to provide feedback and ideas for the Group Executive Board’s strategy discussions.

Personnel Competence as a Foundation of Our Business

Innofactor Academy continued to actively train the personnel. The focus areas included training based on Microsoft technology, basic induction and tools related to project management, such as ITIL and SCRUM. Through Innofactor Academy personnel were trained both locally and at Nordic level.

In 2019, many of our employees renewed their Microsoft Most Valuable Partner (MVP) awards, and we also received new MVPs. Microsoft MVPs are technology experts who actively share their expertise in communities and want to be among the first to learn about new technologies. MVPs have a deep understanding of Microsoft products and services and an ability to combine a variety of platforms and products to solve problems in the real world.

Working Should Also Be Fun

Working at Innofactor should be meaningful but also fun. This is underpinned by good leadership and common working practices, but especially by top colleagues and a great team spirit. We organize recreational events for our personnel, both in teams and at the corporate level. The culmination of the year is the InSpirit event, where Nordic colleagues come together for new learning, good food, music and, above all, networking. We also have a Fun Club organized by the personnel, which offers joint recreational activities.

Remuneration and Engagement

The Board of Directors of Innofactor Plc decided in May 2019 on a share-based incentive plan for the Group’s personnel in order to commit personnel to the company. A total of 1,200,000 new shares were offered to the Innofactor Group’s personnel in the personnel issue. The personnel issue was fully subscribed. A total of 116 people gave an underwriting commitment and subscriptions were made in all countries where Innofactor operates: Finland, Sweden, Denmark and Norway.

Offering

We help our customers to build a modern digital organization

Our offering and delivery model are designed to deliver our customers long-term value by leveraging new technology and innovations in ways that take into account their current state and objectives.

Based on years of experience working at the forefront of digitalization with more than 1,500 private, public and third sector customers and the expertise of over 600 leading business and cloud technology professionals, we have developed a vision of a Modern Digital Organization. It's founded on a framework we're successfully using to help our customers take advantage of cloud technology and new innovations across their organization and operations. The approach is simple and effective, delivering quick, tangible results and paving the way for long-term customer relationships. We start with defining the big picture – helping our customers determine their current state, define their objectives and build a digitalization roadmap for their organization. We then continue our joint journey to build a modern digital organization leveraging the five areas of our framework. Innofactor offers leading solutions, services and products in each area, as well as an agile delivery model that helps our customers to successfully design, deploy and continuously develop new solutions.

Our solutions and services for building a modern digital organization

Our modern delivery model ensures effective deployment and adoption to maximize the lifetime value of new solutions

Our delivery model is based on years of experience in delivering both traditional IT projects as well as cloud services. It consists of five stages, each of which delivers our customers quick, tangible value. We offer our customers five productized delivery models, called Journeys, that are founded on our Modern Digital Organization framework. The value of our deliveries is based on not only helping our customers to design and implement a specific solution, but also supporting them in adopting it within their organization and evaluating its impact to their business processes and IT architecture. In our delivery model, we focus on providing managed services and continuous development of our solutions throughout their lifecycle.

read more about our solutions for modern digital organization

Acquisitions

In 2018 Innofactor made no acquisitions, but focused on integrating Cinteros AB, acquired in 2015, and the Lumagate companies, acquired in 2016, into the Innofactor Group. Our past acquisitions are as follows:

 

10 October, 2016
Innofactor signed a contract to acquire the entire share capital of the Lumagate group.
See Stock Exchange Release for more details.


22 December, 2015

Innofactor signed a contract to acquire the entire share capital of the Swedish company Cinteros AB.
See Stock Exchange Release for more details.


22 December, 2015

Finnish Arc Technology, which is focused on HR systems, bought Innofactor Plc's HRM (Human Resources Management) business.
See press release for more details.


31 December, 2013

Innofactor signed a contract to acquire the entire share capital of Enabling Group.
See Stock Exchange Release for more details.


30 September, 2013

Innofactor acquired Dynamic Team (company name Lainetar Oy, based in Tampere, Finland) and its business in order to strengthen its offering in the Microsoft Dynamics AX business area.
See press release for more details.


6 June, 2013

Innofactor signed a contract to acquire the entire share capital of atBusiness Ltd.
See Stock Exchange Release for more details.


30 November, 2012

Innofactor signed a contract to acquire the Microsoft project and project portfolio management solutions business from Tietotalo Infocenter Ltd.


25 June, 2012

Innofactor signed a contract to acquire the entire share capital of Bridgeconsulting A/S.
See Stock Exchange Release for more details.


3 December, 2010

Westend ICT Plc and Innofactor Ltd merged to become the Innofactor Plc Group.
See Stock Exchange Release for more details.


3 June, 2010

Visual Management Ltd became part of Innofactor Software Ltd.


12 October, 2009

Innofactor Software Ltd acquired Software Innovation Finland Ltd.


1 April, 2007

Innofactor purchased the Enfo Ltd business unit responsible for electronic business solutions.


15 December, 2004

Innofactor Software Ltd acquired TietoEnator Plc's parish-software business.

Sustainability

Innofactor is convinced that the company's long-term success is based on sustainable operations. Our digital solutions are in a key position in curbing climate change and promoting sustainable development. Our operation is steered by our Code of Conduct and environmental policy, in addition to which we comply with the leading international sustainability standards, such as the ILO Declaration on Fundamental Principles and Rights at Work, the UN Universal Declaration of Human Rights, the UN Sustainable Development Goals and the principles of the ICC Business Charter for Sustainable Development.

Innofactor's internal operations are managed through predefined core processes and standards. The key processes related to sustainability include the company's processes relating to legal affairs, risk management and human resources, which govern many of the main aspects of corporate responsibility. The framework for Innofactor's operations is provided by the ISO 9001, ISO 27001, ISO 13485 and AQAP-2110 standards, which the company's various processes adhere to.

In 2018, Innofactor conducted a survey to learn about the employees' views of the most material sustainability themes in the organization. The most relevant sustainability themes for the personnel in Finland were providing solutions which enable sustainable growth for our customer organizations, increasing energy efficiency in our operations, improving recycling in our offices and highlighting sustainability issues in our communications.

Innofactor is committed to supporting the achievement of the UN Sustainable Development Goals (SDGs) by 2030. Accordingly, we have mapped the main objectives from the perspective of our business operations.

Read more about Innofactor's sustainability

Future Outlook

Innofactor’s future outlook for 2020

Innofactor’s net sales and operating margin (EBITDA) in 2020 are estimated to increase from 2019, during which the net sales were EUR 64.2 million and operating margin was EUR 5.1 million.

Do you want to hear more about Innofactor? Contact us!
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