Increased e-commerce and expectations of fast deliveries contribute to an increased demand for automated logistics solutions worldwide. This has resulted in another record year for Element Logic.
The Norwegian technology and intralogistics company increased its turnover by 130 percent from 100 million EUR in 2020 to 230 million EUR in 2021. The EBITDA came to 39 million EUR, an increase of 123 percent from 2020. Ordinary profits after taxes were 14 million EUR. The cash holdings also increased from 34 million EUR to 48 million EUR at the end of 2021, with a positive cash flow of 14 million EUR.
“We are thrilled to mark another record year with profits and growth in all established markets. The largest growth is in Denmark and Sweden, closely followed by Germany and Norway. We succeed because of our strategy to safeguard and develop our market-leading position in established markets while accommodating profitable growth in new ones”, Dag-Adler Blakseth explains, Chief Executive Officer of Element Logic.
"We succeed because of our strategy to safeguard and develop our market-leading position in established markets while accommodating profitable growth in new ones"
New strategic owners and acquisitions
In June 2021, the Castik Capital acquisition fund entered as a majority owner of Element Logic. Castik aims to support Element Logic with its rapid organic expansion across Europe and to explore further expansions of its service and software capabilities, partly through selective mergers and acquisitions.
“The combination of our expertise and strong ambitions with a professional partner like Castik Capital on board opens several opportunities for further growth”, Dag-Adler Blakseth says.
In March this year, Element Logic acquired the American company SDI, a supplier of turnkey automation and sorting solutions. This happened after reaching a global distribution agreement with AutoStore earlier this year that allows for the expansion of Element Logic’s services and deliveries beyond Europe. Element Logic thus expands to 13 new locations in the US and Latin America (Brazil, Chile, Colombia, Mexico, and Peru). The transaction was completed on April 12.
“The acquisition is an important milestone in our global expansion strategy. With SDI, we enter the attractive US market together with a strong partner who accelerates our growth strategy”, Blakseth explains.
Aiming for further growth in 2022
“For Element Logic, it is crucial to continuously help our customers make their warehousing and logistics solutions the best possible. Our ambition is to be the number one choice. With new owners, the acquisition of SDI, and an agreement with AutoStore for expanded global distribution rights, everything is set for another exciting year”, the CEO of Element Logic concludes.