The 2020 financial year

After four good quarters, with particularly strong growth during the second half of the year, we can summarise 2020 as the Group’s best year ever. All our business units surpassed the previous year’s profit levels and reported improved margins. Many of the Group’s companies advanced their market positions, and we completed two supplementary acquisitions within Precision Technology that are further strengthening us as a group.

For the whole year, sales growth amounted to 5 per cent, of which just over 4 per cent was organic. Compared to the previous year, operating profit increased by 19 per cent while the operating margin rose from 10.8 to 12.2 per cent. The profit margin stood at 11.2 per cent (9.9), which means that we clearly exceeded our stated goal of 8 per cent. A high cash flow further confirmed the Group’s healthy financial position.