Fimpec Group’s Revenue Surpasses 50 Million Euros

In 2023, Fimpec Group’s revenue increased by 23%, reaching a record 50.5 million euros. Both engineering and project management services experienced growth. Throughout the year, Fimpec continued its strategic focus on seizing opportunities in the clean transition of the industrial and energy sectors.

2023 was a year of robust growth for Fimpec Group. Revenue rose to 50.5 million euros (up from 41.1 million in 2022), and the workforce numbered 440 at the end of 2023 (up from 389 in 2022). By the end of the fiscal year, the market situation, particularly in project management, energy engineering, and industrial engineering units, propelled the company’s bid portfolio to an all-time high. However, EBITDA dropped to 1.7 million euros (down from 3.0 million in 2022). The decline to below the industry average in EBITDA was attributed to investments and recruitments associated with rapid growth, as well as internal restructuring.

“Behind this positive development are our successful strategic choices and customer satisfaction. Our skilled and experienced staff has repeatedly succeeded in winning orders and maintaining trust with clients in highly demanding projects,” states Jukka Nieminen, CEO of Fimpec.

Fimpec Continues Its International Expansion

In addition to its Finnish company, Fimpec has subsidiaries in Sweden, Estonia, and Germany, emphasizing its expansion and operational footprint within Europe. The company’s progress in these countries continued as planned.

In South America, Fimpec strengthened its presence and sought new client relationships in the energy, forestry, and mining sectors. The South American market, already familiar to Fimpec from long-term forestry projects in which it has been involved in both engineering and project management, presents significant opportunities. Subsidiaries in Uruguay and Chile serve this market.

Fimpec Focuses on Clean Transition and Energy-Intensive Sectors

In 2023, Fimpec decided to seek growth particularly from opportunities offered by the clean transition in the industrial sector and services for energy-intensive sectors, including the battery value chain and critical minerals. These expanding markets offer Fimpec the best opportunities for profitable business growth in the coming years.

“Our strategic choices are linked to the market situation. The potential of the clean transition market can be seen from the Confederation of Finnish Industries, EK’s, green investments data window, which indicated that the total sum of investment plans related to the energy transition had risen to nearly 240 billion euros by March 2024. The significant increase in interest rates and cost inflation during 2023 affects the realization and schedules of investments, but there is still plenty of work in their preparation, even if not all investments are implemented immediately,” explains Nieminen.

To implement its strategy, Fimpec expanded and sharpened its service offering in the energy sector during 2023. Additionally, the company ventured into management consulting, establishing Fimpec Consulting Oy to offer independent advice related to the energy transition and clean transition to businesses seeking new directions and business opportunities.

Growth Expected to Continue

This year, Fimpec expects its revenue growth to continue as previous investments and strategic choices begin to yield results. The main theme for 2024 is profitable growth and the implementation of Fimpec’s growth strategy, taking into account market and investment environment developments.

“My personal concern is directed towards external factors in the industry in Finland. To attract future investments, especially from foreign investors, Finland’s appeal as an investment environment must be further improved. It’s crucial to maintain our level of education, cost competitiveness, and labor peace, which will help us attract investments to Finland,” Nieminen comments.