A lot of good things happened at VEO in the year 2018. Our turnover rose to an impressive €103 million, and the number of orders increased more than ever before.
In Finland, we were happy to note the recovery of the hydropower business as well as a significant increase in a number of projects in the mining industry. Successes were also seen in VEO’s large ship projects, in pulp and paper as well as sectional drive projects in the metal industry. VEO’s substations business strengthened its foothold in all the Nordic countries, which in turn will allow us to accept larger projects. All these fruitful projects also spawned new orders, so the future looks very bright indeed for our business units.
Moreover, our country units are not doing that bad either. In Sweden, VEO AB received an increased amount of orders from large customers; VEO AS in Norway acquired many new long-term projects; and I.C. Electrical Ltd, which we acquired at the end of 2017, did a lot of marketing work to grow the project business in the UK. In the coming years, we will surely see growth throughout the organisation.