ESPOO, FINLAND – Aspocomp announced annual sales of EUR32.3 million ($35.3 million), a decrease of 17% from the previous year's total.

For the fourth quarter, the company's sales of EUR5.9 million ($6.4 million) marked a decrease of 42% from the same quarter in 2022.

"2023 was a challenging year for Aspocomp," said CEO Manu Skyttä. "Full-year net sales decreased by 17 percent to EUR 32.3 million. In the last quarter of the year, net sales decreased by 42 percent. The development of net sales was affected by sluggish demand in several of Aspocomp’s customer segments, weakened product mix and, in the last quarter, a temporary process disruption in the company’s production.

"The weak demand situation was particularly reflected in the Semiconductor Industry, Telecommunication, and Industrial Electronics customer segments. In the Automotive customer segment, full-year net sales increased when the industry’s component shortage eased and customers could be provided with the order book deliveries they had been waiting for. In the Security, Defense and Aerospace customer segment, net sales decreased from the comparison period, but active demand in the segment was reflected at Aspocomp as an increase in the number of requests for quotations and orders. Order cycles are typically long in the Security, Defense and Aerospace customer segment.