May 17, 2022
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Merus Power has been awarded with Kauppalehti’s Achievers and Growth Company 2022 certificates

Kauppalehti has awarded Merus Power with 2022 Achievers and Growth company certificates based on its financial performance!

“It’s great to be recognized for a job well done. We are grateful to Kauppalehti for the 2022 Achievers and Growth Company Certificates. Only a few companies are selected for both categories in the same year. I want to thank all Merus Power’s professionals for their passion for developing and manufacturing these world-renowned technologies. With our innovative solutions, we drive energy breakthroughs and an energy-efficient future. Without Merus Power’s knowledgeable and committed staff, such rapid growth would not have been possible to achieve. “ – Kari Tuomala, CEO, Merus Power

 

Read the story in Finnish

 

Kauppalehti’s reasons for choosing Merus Power:

Merus Power has strong revenue growth

Kauppalehti’s Achievers 2022 certificate is a recognition of the company’s stable operations, growth development, good results, profitability, strong financial structure, and liquidity. In the analysis, Merus Power is ranked among the best companies in comparison, both by Finnish companies and by companies in their industry. The Achievers 2022 ratings are based on the financial year 2021. Only 8% of Finnish limited companies belong to Kauppalehti’s Achievers companies.

Merus Power has grown significantly over the past three years and thus earned its place as a 2022 Growth Company. Over the past three years, the company’s turnover has grown by an average of more than 10 percentage points faster than the average level of its main industry category. Only 2% of Finnish limited companies belong to Kauppalehti’s Growth companies.

Merus Power’s net sales turned to strong growth in its last financial year, 2.3 times after the recession of the previous year. Net sales amounted to EUR 14.8 million and the growth rate was as much as +127.2%. This increase in net sales is impressive. The increase in net sales is also reflected positively in, for example, the company’s EBITDA, net profit, and equity ratio.

  • The company’s EBITDA for the financial year amounted to EUR 828 thousand (EUR 41 thousand). EBITDA improved with the increase in net sales, but the growth in EBITDA was also affected by slower growth in operating expenses than in net sales. The EBITDA margin was 5.6%.
  • After one year of loss, the net result rose again to a profit of EUR 106 thousand and the improvement on the previous year was EUR 571 thousand. However, the total result was a loss of EUR 994 thousand. The total result was burdened by extraordinary expenses of EUR 1.1 million incurred in connection with the listing.
  • The equity ratio improved significantly from the previous year. The equity ratio at the end of the year was 70%, which is an excellent level. The increase in the equity ratio was also affected by the additional investments accumulated in equity due to the listing (EUR 12 million).
  • Relative debt ratio decreased significantly from the previous financial year. Liquid cash covered all interest-bearing liabilities, so the Group is practically debt-free.
  • The Merus Power Group employed an average of 52 people during the financial year. The increase from the previous year was 11 people.