Annual Report

CEO’s greeting

In March 2023 the EU commission proposed a set of actions in the form of a European Critical Raw Materials Act (CRMA) to ensure the EU’s access to a secure, diversified, affordable and sustainable supply of critical raw materials.

At FORCIT we feel pride of being an important cog in the large wheel of an industry that is and will be in an absolute key position for a resilient, clean and green Europe.

Group financials and activities

The financial development of the company in 2023 was broadly in line with the previous year. The overall European economic development and the challenging construction market in our core geographical areas of operation resulted in a demanding business environment.

Business unit development

FORCIT Explosives’ revenue declined during 2023 largely due to the partial normalisation of raw material prices after the high peak in 2022.

The revenue and order book within FORCIT Defence continued to grow strongly compared to the previous year.

FORCIT Consulting’s revenues declined in 2023 due to worsening market conditions.

Forecasts and Predictions

In summary, the company expects an increase in sales in 2024 compared to 2023, driven by an increased demand in Defence products. The company expects the growth to be profitable.