Sentiec Oyj, the parent company of Citec Group, was established in 2020. In order to carry out the recapitalisation and restructuring of ownership of the Citec Group in February 2021, Sentiec Oyj acquired 100% of the shares in Citec Group Oy Ab and gained control over Citec Group and became the new parent company of Citec Group. In this report “Citec Group” or “Citec” refers to the whole Sentiec Oyj Group of companies, including the parent company Sentiec Oyj.
The first three months were very strong months for Citec despite the geopolitical uncertainties, giving a good start of the year. Compared to the corresponding quarter of 2021, revenue increased by 26,5% and the adjusted EBITDA-% increased from 15,5 % to 19,3%.
After the Q1 review period, on 25 April, Cyient, a leading global technology solutions company with more than more than 14,000 associates across 19 countries, announced that it is set to acquire Citec.
Citec Group January-March 2022 highlights
• Revenue increased by 26,5 % to 25,1 M€ (19,9 M€) compared to Q1/2021
• Adjusted EBITDA increased to 4,9 M€, or 19,3% of revenue (3,1 M€, or 15,5%) compared to Q1/2021
The Interim Report is published and available in English on Citec's website at https://www.citec.com/about-us/investors/.
For more information, please contact:
Johan Westermarck
Chief Executive Officer
Mobile: +358 50 3397 972
E-mail: johan.westermarck@citec.com
Mari Kytöharju
Chief Financial Officer
Mobile: +358 40 0618 763
E-mail: mari.kytoharju@citec.com
About Sentiec and Citec
Sentiec is the parent company of Citec Group. Citec’s expertise is in industrial plant engineering, product engineering, engineering consultancy, technical documentation and digital solutions. We do multidiscipline engineering and technical documentation worldwide and make an impact on people’s lives through global projects and innovations. Citec is headquartered in Vaasa, Finland, and has offices in Finland, Sweden, Norway, France, Germany and India. We currently employ more than 1,200 persons worldwide.
