490 million EUR. That was our turnover in 2022. An adjusted turnover growth of more than 100 percent compared to 2021*.
Other key figures for 2022:
- The EBITDA came to 57,5 million EUR.
- Ordinary profits after taxes were 27,7 million EUR.
- The cash holdings at the end of 2022 were 37,4 million EUR.
- Group CEO, Dag-Adler Blakseth, points out three reasons why Element Logic yet another year can celebrate a doubling in its turnover.
“Firstly, we operate in a market with generally strong growth. Secondly, we have dedicated and strategically oriented sales teams. And thirdly, we deliver good solutions without long delivery times”, Blakseth says.
Inflation, supply chain backlogs, record high energy prices and geo-political instability. 2022 was a year filled with dramatic changes. The macro level trends also affected the intralogistics industry.
“We have less predictability than before. This leads to more uncertainty – also among customers. Decision-making processes lasted much longer in 2022 than in 2020 and 2021”, Blakseth explains.
“However, we showed that we handled the new situation very well”, he adds.
And one important move from Element Logic in 2022 was to cross the Atlantic.
From one to three continents
2022 became the year where Element Logic went from being a European company to a global player. In March last year they acquired the American company SDI Industries – a supplier of turnkey automation and sorting solutions. With the acquisition of SDI, Element Logic expanded to 8 new locations in the US and Latin America.
“The acquisition of SDI Industries was an important milestone for us. We have entered the attractive US market together with a strong partner who accelerates our growth strategy and fits us very well”, Blakseth says.
Recently Element Logic was listed among the top 20 system suppliers in the world by the American magazine Modern Materials Handling. Blakseth emphasizes that Element Logic`s global expansion has only just begun:
“This year we are expanding into the Asia-Pacific region. In Element Logic we aim to revolutionize warehousing worldwide, and we see great opportunities going forward.”
Continuous search for smarter solutions
As a tech company Element Logic needs to constantly develop. In 2022 they added new expertise and capacity to their team. One important milestone was the acquisition of the German software company, S&P Computersysteme – a leading provider of IT solutions within the field of intralogistics.
“With S&P Computersysteme on our team we increase our competence and capacity to innovate, integrate and connect hardware and software solutions. This is key for us to continue developing and offering our customers the best solutions”, Blakseth explains.
In addition to cube storage solutions, a megatrend within the field of intralogistics these days is AMR – autonomous mobile robots. Element Logic also made important moves within this area in 2022, by partnering up with the robotics and automation company, Addverb Technologies.
“Thanks to our collaboration with Addverb Technologies, we can now offer our customers a wide range of intralogistics solutions that all work together. AutoStore, eOperator, and AMRs”, Blakseth says.
“This is exactly what today`s customers expect. They don’t want to pick solutions from three or four different suppliers but get it all from one system integrator. This will be even more important in the future, and we want to be a preferred supplier and partner all over the world”, he concludes.
* Element Logic’s 2021 results were based on Norwegian accounting rules (NGAAP), while the 2022 figures are according to international accounting rules (IFRS).