Annual Report

CEO’s greeting

This year, we are celebrating our 130th anniversary – our company history goes back to the end of 19th century and continues to this day.

From our beginnings in dynamite production in 1893, we have continued our operations throughout the 20th century to the present.

Group financials and activities

The company’s operations continued to develop positively in 2022. The overall European economic development and the operating environment have been heavily influenced by the pandemic, the war in Ukraine, and the aftermaths of these.

Business Unit Developments

FORCIT Explosives’ product development made great progress in the development of quality consistency of the Kemiitti system through the introduction of new measurement methods, as well as process and product improvements.

In FORCIT Defence, the R&D work has focused on the continued development of underwater systems and of the FORCIT Sentry Area Denial System. The first serial deliveries of Sentry system are expected to take place in 2023.

In FORCIT Consulting, development work related to the platform for handling, monitoring and utilising measurement data has continued and a new mobile app for easy and efficient data handling was launched.

Forecasts and Predictions

In summary, the company expects an increase in sales in 2023 compared with 2022 but has a cautious view on the development of profitability due to inflation and worsened overall market sentiments in civil explosives and consulting markets.