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ETTEPLAN Interim Report January-March 2022 published: A strong start to the year

News – Published: 05.05.2022 14:21:47

Etteplan News release May 5, 2022

Etteplan’s Interim Report January-March 2022 has been published. You can find the report and the related presentation materials at

Join our webcast today May 5, 2022 at 2.30 p.m. EEST here:

A recording of the webcast can be found through the same link after the live event.

President and CEO Juha Näkki:

“The first quarter gave us a good start to the year. Our growth was very strong, acquisitions supported our growth, but we also accelerated our organic growth which totaled some 15 per cent. Our profitability was in line with our target and cash flow was also at a good level thanks to the strong final quarter of the previous year. 

Russia’s attack and the war in Ukraine have shocked us all, but the impacts of the war on our business have been minor so far. The demand situation has been good, but the overall impacts of the war on the demand development are difficult to assess. Investments related to the defense industry and accelerating the green transition are growing, while rising inflation may reduce demand and the willingness to invest in some industries.

The prolongation of the COVID-19 pandemic had a bigger impact on our business in the first quarter than Russia’s attack on Ukraine. Significantly increased sickness-related absences affected our operations in Europe and the effects of the shutdown measures in China began to show. We are able to work remotely in China to a reasonable extent, but we expect the shutdowns to have clear effects on our business operations in the second quarter in China at least.

We continued to invest in growth during the review period. We strengthened our Technical Documentation Solutions service area in Germany by acquiring Cognitas GmbH and we strengthened our Software and Embedded Solutions service area in Sweden by acquiring Syncore Technologies AB.

After the review period, at the end of April, we acquired the Finnish company LCA Consulting Oy. LCA provides us with new capabilities in the area of carbon footprint calculation, significantly strengthening our ability to help our customers achieve their sustainability targets. We now have the ability to assess the customer’s current carbon footprint and help them develop their products and production facilities in order to accomplish their sustainability goals. We believe that these types of services are in high demand among our customer base, which creates excellent growth opportunities for us going forward.

The war in Ukraine and COVID-19 have significantly increased uncertainty in the markets and made forecasting very difficult. While there will certainly be fluctuations in demand, we do not expect the demand situation to deteriorate suddenly. Instead, we expect demand to remain fairly good for the remainder of the year. Consequently, we are keeping our financial guidance unchanged.”

Additional information:
Juha Näkki, President and CEO, tel. +358 10 307 2077
Outi Torniainen, SVP, Marketing and Communications, tel. +358 10 307 3302

Etteplan in brief

We are a rapidly growing technology service company specializing in software and embedded solutions, engineering solutions, and technical documentation solutions. We are a forerunner in the engineering industry and we differentiate ourselves by the wide-ranging competence of our experts. Our customers include world’s leading companies in the manufacturing industry. We help them to create a better world through engineering, innovation and digitalization. Etteplan has lead the way in the engineering field already since 1983. In 2021, we had a turnover of EUR 300.1 million. The company currently has almost 3,900 professionals in Finland, Sweden, the Netherlands, Germany, Poland, Denmark and China. Etteplan's shares are listed on Nasdaq Helsinki Ltd under the ETTE ticker.