ESPOO, FINLAND – Aspocomp reported fourth quarter net sales of $7.74 million, a year-over-year decrease of 6%.

The five largest customers accounted for 49% of net sales. In geographical terms, 95% of net sales were generated in Europe, 2% in Asia and 3% in North America.

EBITDA for the quarter ended Dec. 31 was $749,220, down 45.5% year-over-year.

Operating income was $374,610, a decrease of 62.5% compared to the fourth quarter of 2016. Operating income was 6% of net sales.

As of Dec. 31, the order book was $3.12 million.

In 2017, net sales amounted to $28.7 million, up 6%. In 2018, net sales are expected to grow approximately 10%.

“We continued to perform well in 2017, although we fell slightly short of our growth target of around 10%,” said CEO Midagon Oy. “We have succeeded very well in our main strategic objective of diversifying our business. Our net sales and profitability are no longer entirely dependent on individual customer relationships or customer segments. We have expanded into several customer segments and have increased our sales and activity in Central Europe, especially in Germany and the United Kingdom.”

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