2023 financial period in brief
During the November 1, 2022–October 31, 2023 financial period, Panostaja primarily focused on promoting profitability measures and achieved a clear improvement in profitability overall. Comparable EBIT improved in three of the four segments, while EBIT for the entire Group declined to MEUR -1.1 from the reference period. The EBIT for the reference period includes MEUR 9.4 in sales profit from the SokoPro deal.
Over the course of the financial period, Panostaja segments Grano, Hygga and Oscar achieved a clear improvement in profitability. CoreHW’s investments in its own product business and the slow progress of projects dragged down the profits, which were lower than in the reference period. The market situation has been poor for Gugguu but, despite the clear decline in net sales, profitability was successfully protected during the financial period. In the latter half of 2023, the slowing economic development was also clearly mirrored by the demand situation and profit performance of the segments.
Panostaja made a significant additional investment in its current portfolio in 2023: a total of four million euros in the development and commercialization of CoreHW’s own product business. The financing consisted of Panostaja’s subordinate loan and a product development loan granted by Business Finland. The company also invested in other strategic growth areas, such as Oscar Software’s cloud transition and Hygga’s software business.
In spring, Panostaja was selected as a growth partner for the software entrepreneur organization Software Finland Association, which has strengthened the company’s position and notoriety among software companies. The sector-specific focus for the software and service fields, as outlined in Panostaja’s updated strategy, also progressed well otherwise: the projects were of high quality and in alignment with the strategy.
Focuses for the 2024 financial period
The general economic situation is expected to continue in a relatively poor state, and there are still uncertainties related to the development of the operating environment in 2024. In the coming year, Panostaja will continue to focus on promoting profitability measures throughout its segments and exploring new investment opportunities, which is the company’s most important goal for the year.
As regards responsibility, Panostaja’s companies have clearer goals and measures for the new year, which is why more concrete steps related to responsibility can be expected across all Panostaja segments in 2024.
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