GlobeNewswire by notified

Incap Group’s business review for January–March 2022 (unaudited): Revenue and EBIT growth continued


Incap Corporation        Stock exchange release           27 April 2022 at 8:30 a.m. (EEST)
Business review Q1/2022

Incap Group’s business review for January–March 2022 (unaudited):Revenue and EBIT growth continued

This release is a summary of Incap’s business review for January–March 2022. The complete report is attached to this release as a pdf file and available on the company’s website at

January–March2022 highlights

  • Revenue increased 41.4% and amounted to EUR 53.3 million (1–3/2021: EUR 37.7 million).
  • Adjusted operating profit (EBIT) increased 22.0%, amounting to EUR 7.0 million (EUR 5.7 million) or 13.1% of revenue (15.2%).
  • Acquisition related purchase price allocation (PPA) amortisation amounted to EUR 0.1 million (EUR 0.2 million) and non-recurring costs were EUR 0.1 million (EUR 0.1 million).
  • Operating profit (EBIT) increased 22.8%, amounting to EUR 6.8 million (EUR 5.5 million) or 12.7% of revenue (14.6%).
  • Net profit for the period increased 19.7% and amounted to EUR 5.5 million (EUR 4.6 million).
  • Earnings per share were EUR 0.93 (EUR 0.78).

Unless otherwise stated, the comparison figures refer to the corresponding period in 2021. This business review is unaudited.

Key figures

EUR million1–3/221–3/21Change1–12/21
Non-recurring items0.10.157.0%0.3
Operating profit (EBIT)6.85.522.8%26.0
EBIT, % of revenue12.7%14.6%15.3%
Adjusted operating profit (EBIT)*7.05.722.0%26.8
Adjusted EBIT*, % of revenue13.1%15.2%15.8%
Net profit for the period5.54.619.7%21.1

*Adjusted operating profit (EBIT) is an alternative performance measure. Adjusted EBIT excludes non-recurring items and purchase price allocation amortisation. Adjusted EBIT provides comparable information between different financial years on operating profit.

Outlook for 2022

Incap estimates that its revenue, operating profit (EBIT) and adjusted operating profit (EBIT) for 2022 will be higher than in 2021.

The estimates are given provided that there are no major negative changes in the geopolitical or coronavirus pandemic situation, currency exchange rates or in component availability. The estimates are based both on Incap’s customers' forecasts and the company's own assessments of the business development.

Otto Pukk, President and CEO of Incap Corporation:

“We are all devastated by the ongoing humanitarian catastrophe resulting from the war in Ukraine which has put a significant amount of the country's population in need of humanitarian assistance. To support the victims of the war, we are contributing by helping refugees and providing them job opportunities in our factories. Our hearts are with everyone impacted by this crisis, especially with our Ukrainian employees and their families. The situation in Ukraine affects material availability widely.

The first quarter of 2022 was another quarter of growth despite the challenging market conditions especially regarding the overall supply chain and component availability. Energy shortages and the ongoing coronavirus pandemic are still affecting deliveries from China. General raw material and energy price increases continue, now additionally fuelled by the war in Ukraine.

On the other hand, market demand stayed on a high level in the first quarter driven by the growing demand for electronics. The high demand contributed to the revenue, EUR 53.3 million, which was 41.4% more than in the first quarter of 2021.

Our first quarter EBIT grew 22.8% and amounted to EUR 6.8 million or 12.7% of revenue. Our flexible operational model allows for a relatively high EBIT percentage, and we are focusing on increasing the absolute EBIT and earnings per share.

The capacity expansion at our Indian factory is progressing as planned, scheduled for completion by the end of the year. Additionally, we continue to invest in our European factories.

With the continued challenging component availability situation and the supply chain challenges, we will keep our inventories on a high level to support our future growth and meet the growing demand.

We estimate that we can continue on our growth path in 2022, and we continue to evaluate M&A opportunities, concentrating in companies with a strong cultural fit and good profitability.”

Financial reporting in 2022

In 2022 Incap will publish the following financial reports:

  • Half-year report for January–June 28 July 2022
  • Business review for January–September 27 October 2022


Incap will hold a management webcast on Friday 29 April 2022 at 3:00 p.m. EEST. The result will be presented by Otto Pukk, CEO, and Antti Pynnönen, CFO, Incap Corporation.

The live webcast can be followed at During the webcast, the public can ask questions in the chat room at the address mentioned above. The recording of the broadcast will be available on the company’s website at later that day.

The event is targeted for analysts, portfolio managers and the media. Welcome!

In Helsinki, 27 April 2022

Board of Directors

For additional information, please contact:
Otto Pukk, President and CEO, tel. +372 508 0798

Nasdaq Helsinki Ltd.
Principal media

Incap Corporation is a trusted partner and full service provider in Electronics Manufacturing Services. As a global EMS company Incap supports customers ranging from large multinationals and mid-sized companies to small start-ups in their complete manufacturing value chain. Incap offers state-of-the-art technology backed up by an entrepreneurial culture and highly qualified personnel. The company has operations in Finland, Estonia, India, Slovakia, the UK and Hong Kong and employs approximately 2,500 people. Incap’s share has been listed on Nasdaq Helsinki Ltd stock exchange since 1997.

Incap’s business review January-March 2022


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Statkraft and FREYR Battery Sign Agreement, Securing Long-Term Supply of Renewable Energy25.5.2022 10:01:21 CEST | Press release

(New York, Oslo and Luxembourg, May 25, 2022) Statkraft, Europe’s largest producer of renewable energy has signed a binding Heads of Terms with FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity. The Heads of Terms is expected to be finalized as a long-term physical supply agreement, with the ambition to secure a long-term supply of renewable power under globally competitive terms for FREYR’s planned battery cell production project in Mo i Rana, Norway. The Heads of Terms and related energy services from Statkraft is projected to cover all of FREYR’s currently anticipated electricity needs for the period of 2024-2031 and to ensure physical delivery of energy from the central grid in Mo i Rana to FREYR’s Customer Qualification Plant (“CQP”) and combined Gigafactory 1 & 2. During this period, Statkraft commits to providing up to 23 MW baseload with an accumulated delivery of 1.4 TWh over the contract period to FREYR, as well as th

Statkraft inngår avtale med FREYR Battery for langsiktig forsyning av fornybar energi25.5.2022 10:01:21 CEST | Pressemelding

(New York, Oslo og Luxembourg, 25. mai 2022) Statkraft, Europas største produsent av fornybar energi har inngått en bindende prinsippavtale med FREYR Battery (NYSE: FREY) (“FREYR”), en utvikler av ren, neste-generasjons produksjonskapasitet for battericeller. Prinsippavtalen ventes å bli ferdigstilt som en langsiktig kraftkjøpsavtale (PPA), med sikte på å sikre langsiktig forsyning av fornybar energi til globalt konkurransedyktige vilkår for FREYRs planlagte battericellefabrikker i Mo i Rana, Norge. Avtalen og tilknyttede energitjenester levert av Statkraft, anslås å dekke hele det forventede strømbehovet i perioden 2024-2031 og sikre fysisk leveranse av kraft fra sentralnettet i Mo i Rana til FREYRs pilotfabrikk og den første planlagte gigafabrikken. Statkraft forplikter seg til å levere inntil 23 MW grunnlast med et samlet volum i kontraktsperioden på 1,4 TWh, sammen med opprinnelsesgarantier som dokumenterer at kraften kommer fra Statkrafts vannkraftproduksjon i regionen. - Vår ambi

ArcelorMittal launches XCarb™ Accelerator Programme to support breakthrough technology start-ups and drive decarbonisation25.5.2022 10:00:00 CEST | Press release

25May 2022 ArcelorMittal has today launched its search for the best companies and brightest ideas focused on breakthrough technologies which hold the potential to accelerate the decarbonisation of the steel industry. Breakthrough technology start-ups worldwide are invited to submit applications to compete for investment from ArcelorMittal’s XCarb™ Innovation Fund, which aims to invest up to US$100 million annually in such transformative technologies, and access to ArcelorMittal’s advice and expertise in innovation, research and development, technology commercialisation and business mentorship. Aligned with ArcelorMittal’s purpose, ‘Smarter steels for people and planet’, the XCarb™ Innovation Fund invests in companies with the potential to accelerate the transition to low, and ultimately zero, carbon emissions steelmaking, enabling them to develop more quickly and achieve the scale needed for their technologies to become commercially viable. This year, finalists will be invited to pitch

Vapers deliver an open letter to Swedish Members of the Parliament and ask to stop the vaping flavour ban25.5.2022 09:10:17 CEST | Press release

Stockholm, Sweden, May 25, 2022 (GLOBE NEWSWIRE) -- Yesterday, the global vaping advocacy group World Vapers Alliance delivered an open letter to the Swedish parliament urging policymakers to stop the flavour ban. World Vapers’ Alliance held another protest today to stand against the ban on vape flavours. The group marched in front of the Parliament with the slogan “Flavours help smokers quit” during parliament's session and delivered an open letter to members of parliament to urge them to vote against the ban. Earlier this year, the Swedish government introduced a bill that would prohibit all non-tobacco vape flavours in nicotine and non-nicotine products. If approved, the bill is set to enter into force on 1 January 2023. “I benefited first hand from vaping and managed to stay smoke free for the last few years. Like most other smokers, I tried to find a way out of cigarettes - but nothing worked for me, the patches, the gums, the inhalers. Vaping - and especially combined with flavou

Kalera - Last day of trading in Kalera AS' shares on Euronext Growth Oslo25.5.2022 08:00:00 CEST | Press release

OSLO, Norway, May 25, 2022 (GLOBE NEWSWIRE) -- Reference is made to the stock exchange announcement published by Kalera AS (the "Company") (Euronext Growth Oslo: KAL, Bloomberg: KSLLF) on 13 May 2022 regarding the merger with its wholly-owned Luxembourg subsidiary Kalera S.A. (the "Merger"). The Merger will become effective upon publication of the minutes from Kalera S.A.'s general meeting approving the Merger in accordance with Luxembourg law. Such publication, and the effectiveness of the Merger, is expected to occur on 27 May 2022 (the "Effectiveness"). The last day of trading in the Company's shares on Euronext Growth Oslo is today, 25 May 2022. A trading suspension will be imposed by the Oslo Stock Exchange following end of trading today, and the trading suspension will remain in force until the Effectiveness. As of the Effectiveness, all of the Company's assets, rights and liabilities will be transferred to Kalera S.A., and the Company will be dissolved and have it shares deliste