Norrhydro's business developed strongly again in 2022
Net sales grew by approximately 20% from the previous year. Demand was good in almost all of our customer industries and segments. In the autumn, we ramped up our new production facility in Rovaniemi.
Most of our growth came from our profitable and cash-generating cylinder business. The Group also expects the share of digital solutions to grow to over 30% of our revenue by 2027.
Digital solutions are of high importance for our future
In 2023, we will focus on commissioning our new production facility, improving delivery accuracy and productivity, as well as acquiring new, international customers outside Scandinavia and strengthening cooperation with existing customers. The importance of digital solutions in the Group's growth strategy is extremely high, which is why during 2023 we will increase the focus and resources in the implementation of current projects and new customer acquisition of the bespoke solutions. This is essential in order to succeed in increasing our market share in energy efficient and environmentally friendly solutions according to our strategy.
The influence of external factors
According to our estimate, the complex geopolitical situation, energy-related challenges and a possible recession will not slow down our growth rate this year either. Our business is based on several segments of traditional hydraulics. The versatility of our operations is a factor that provides a strong foundation for the Company's growth despite many threats. The still-developing hydraulics market is boosting our growth.
Success through strategic partnerships
Also in 2023, we will provide our customers with tailored solutions, both in the traditional cylinder and digital business. We want to continue to be a long-term strategic partner for our customers, helping their customers succeed – and at the same time, we also succeed ourselves. According to our motto, "Partner in Success".
