Annual report 2022

A year of growth and investments for Eltronic Group

To the technology company Eltronic Group, 2022 was a year focused on investment and development. With solid product platforms and a strengthened organization, the company is looking forward to 2023.

This week, Eltronic Group discloses its annual accounts for 2022. In 2022, the group has increased its total revenue to 1.66 billion DKK compared to 1.04 billion DKK in the previous year. This makes up an increase of approx. 60 percent. At the same time, Eltronic Group has obtained a profit after tax of 71.2 million DKK.

Great investments in development

The main topic of the financial year is: Investments. This is particularly the case with regard to new technologies and further development of products. Among other things, the subsidiary Eltronic has focused on investing in development of products with sustainable materials for the manufacturing industry. Eltronic Fueltech has developed new fuel systems for ammonia, and ENABL has developed full production lines for the manufacturing of towers and monopiles for wind turbines.

“We have to a great extent focused on investing in and developing our product platforms to prepare ourselves for solving future tasks. In five years, we can’t feed on what we do today. This is something we constantly keep in mind. We need to always be at the forefront in terms of new technology within the areas that we work with,” CEO of Eltronic Group, Lars Jensen, says.

Digitalization in all aspects

In 2022, Eltronic Group has sustained its focus on extensively digitalizing the organization to ensure its continued journey.

“It is necessary to have a solid foundation. For that reason, we are in the process of strengthening and adapting our business systems. We work with digitalization in all aspects with an ambition to strengthen our performance culture in the entire organization. This helps us create the greatest possible value for our customers in the future,” Lars Jensen concludes.

Addition and expansion – locally and globally

At the end of the financial year, Eltronic Group has approx. 1,300 employees. In comparison, the equivalent count in the previous year was approx. 900.

To support the constant development, Eltronic Group has built an addition to its headquarters in Hedensted. During the summer of 2022, a new office building with room for more than 100 engineers was opened. In February 2023, a new development and test center of 6,200 square meters is ready for use. Also, a number of Eltronic Group’s subsidiaries have set up business in new locations outside of Danish borders, for instance in South Korea and in the US, in order to get closer to their customers.

During the financial year, Eltronic Group has furthermore added two new subsidiaries to its portfolio. Both the system integrator for logistics centers, Epcido, and the medico technology company, MME Nordic, have joined the group with the intention of scaling their business and strengthening their competitive position.

Affected by the component crisis

Similar to many other companies in the industry, Eltronic Group has encountered the challenges of a chaotic market characterized by a lack of components. It has, among other things, been challenging to obtain a sufficient number of microchips, which are a key component to the Eltronic Group subsidiaries.

“We have had to make considerable design changes, develop new software platforms, and plan new initiatives as new solutions were created. We have also had to invest in larger inventories to ensure delivery to our customers. At the end of the financial year, things are looking up as component deliveries are improving. There are, however, exceptions to this, but we hope to avoid further irregularities. Overall, we are pleased with how we have managed to get through the component crisis with our customers,” Lars Jensen says.

Prepared for the future

According to the Eltronic Group CEO, the group is prepared for the future, where the green transition, with renewable energy, Power-to-X and X-to-Power, medico, infrastructure, and sustainable materials in industrial production will power the activities of the subsidiaries.

“We have a solid business, ambitious customers, and employees with great competencies. We have gone through a year of great investments, and we are ready to start using the product platforms which we have developed,” Lars Jensen says.

Read the annual report here.