Sales revenues saw an increase in 2009 of 9.9% to NOK 3,439 million compared with NOK 3,130 million in 2008. The pre-tax profit figure amounted to NOK 410 million compared with NOK 375 million in 2008.
”We are extremely satisfied with these figures. They are proof of the purposeful and intensive efforts of our skilled and talented employees,” confirms CEO of Nammo, Edgar Fossheim.
International growth
Over the past three years, Nammo has reinforced its focus on the North American market by carrying out a number of acquisitions and establishing new companies in the region. These measures have strengthened Nammo’s position in the USA and Canada, which will continue to be extremely important target areas in the years to come. The company emphasizes the decisive importance of having a local presence in key markets.
The sales to the USA and Canada represented 40% of the company's revenues last year, of which around 50% was generated by sales from Nammo's companies in the USA. The Nordic domestic market remains strong and its share of revenues is stable at around 30%. However, if this region is to secure continued growth, expansion is required to larger markets than the Nordic countries.
”Nammo has developed into a solid company and still has ambitions for growth. The current strategy will be sustained as the company assesses growth potential in new and existing markets,” explains CEO, Edgar Fossheim. He goes on to underline that the company will continue to work on development activities in order to produce high quality products which are in demand and to continue the further development of the company’s industrial expertise.
Equal terms for competition
The unrest caused by the world-wide financial crisis does not appear to have had any major impact on Nammo’s markets. The company possesses the foremost expertise and technology related to its products and services. The company’s market is dominated by customer demand and Nammo aims to continue its investments in high-tech products. The market is also strictly governed by the export regulations imposed by national authorities.
”It is of the utmost importance for Nammo and the Norwegian defense industry to maintain healthy competition for all parties active in this market. There must be thorough reconciliation of any changes on an international scale and a level playing field must be prerequisite,” concludes Mr. Fossheim.
For more detailed information, please contact:
Sissel Solum Peter Lerche Raadal
Senior Vice President Communication Senior Vice President Finance and CFO,
Nammo Group Nammo Group
Tel.: +47 61 15 22 42 Tel.: +47 61 15 21 22