Explosives
FORCIT Explosives’ revenue declined slightly during 2024 with lower volumes to the mining segment. The company continued a high investment pace, carrying out modernizations at production plants, to support future sustainable growth and to maintain the high technical standard of its bulk fleet and other technologies.
During the year FORCIT and Orica reached an agreement on a transaction concerning part of Orica´s business in Finland and Sweden. With the agreement, part of Orica’s operations in Finland and Sweden was transferred to FORCIT. The agreement covered personnel, storages and other service stations, and the equipment needed to produce the services. Furthermore, through the agreement FORCIT’s existing product range was expanded with Orica’s advanced technology products, including, e.g., wireless technology detonators (WebGen™).
Defence
FORCIT Defence continued to grow, and the order book remained at a high level. During 2024, focus areas included increasing production capacity and ensuring the availability of key raw materials, as well as a re-organising and launching a new operating model to enable further sustainable growth. Alex Lagerstedt took over the lead of the Defence Business unit from October 2024.
In 2024 FORCIT acquired the underwater technology business of DA-Group. The transaction complemented FORCIT Defence’s position as a supplier of entire defence systems for area denial on land and at sea. Through the acquisition FORCIT Defence strengthened its position to cover advanced knowledge and technology related to insensitive munitions, mechanics, electronics, and software for FORCIT’s relevant defence applications.
Consulting
FORCIT Consulting’s revenue grew in 2024 despite challenging market conditions. The profitability continued to increase as a result of a targeted operational excellence program launched in 2022. The integration of Bergwerk Oy into the Consulting business was completed during 2024
Research and development
In FORCIT Explosives, development work continued related to several key projects including nitrogen-free explosive products, a new green product line, a new wireless ignition system, and the further development of the O-Pitblast platform.
In FORCIT Defence, R&D work focused on the continued development of underwater systems and the FORCIT Sentry Area Denial System.
In FORCIT Consulting, development work continued related to the platform for handling, monitoring and utilising measurement data.
Investments
The Group’s total investments during the financial period, including M&A, amounted to EUR 148.3 million (EUR 28.1 million), and if lease financing is included, they reached EUR 149.5 million (EUR 29.0 million). The parent company’s investments in its own operations totalled EUR 140.0 million (EUR 19.3 million). The Group’s’ total investments including leasing financed investments was 54.3% of the annual revenue.
The most important investments, excluding M&A, were in expanding capacity in the Defence business, as well as modernising the production plant in Vihtavuori. Significant investments were also made in the digitalisation of the charging and delivery processes. In FORCIT Consulting investments were mainly made in equipment and software for vibration and noise measurements.