Incap Corporation | Stock Exchange Release | May 08, 2024 at 09:00:00 EEST

This release is a summary of Incap’s business review for January–March 2024. The complete report is attached to this release as a pdf file and available on the company’s website at

January–March 2024 highlights

  • Revenue for the first quarter 2024 amounted to EUR 51.4 million (1–3/2023: EUR 72.2 million). Year-on-year the revenue decreased 29.3%, as expected.
  • Excluding the impact of the company’s largest customer, revenue grew 38% year-on-year.
  • Revenue increased 21.1% compared to the fourth quarter of 2023.
  • Adjusted operating profit (EBIT) amounted to EUR 6.2 million (EUR 11.5 million) or 12.1% of revenue (15.8%).
  • The adjusted operating profit (EBIT) increased 40.4% compared to the fourth quarter of 2023.
  • Operating profit (EBIT) amounted to EUR 6.0 million (EUR 11.3 million) or 11.7% of revenue (15.5%).
  • Operating profit (EBIT) increased 62.3% compared to the fourth quarter in 2023.
  • Net profit for the period was EUR 4.9 million (EUR 8.4 million).
  • Earnings per share were EUR 0.17 (EUR 0.29).

Unless otherwise stated, the comparison figures refer to the corresponding period in 2023. This business review is unaudited.

Key figures

EUR million 1–3/24 1–3/23 Change 10-12/23 Change 1–12/23
Revenue 51.4 72.7 -29.3% 42.4 21.1% 221.6
Non-recurring items 0.1 0.1 -33.1% 0.2 -61.7% 1.1
Operating profit (EBIT) 6.0 11.3 -47.0% 3.7 62.3% 28.2
EBIT, % of revenue 11.7% 15.5% 8.7% 12.7%
Adjusted operating profit (EBIT)* 6.2 11.5 -46.1% 4.4 40.4% 30.6
Adjusted EBIT*, % of revenue 12.1% 15.8% 10.4% 13.8%
Net profit for the period 4.9 8.4 -40.9% 1.3 268.9% 19.8
Equity Ratio 62.2% 58.3% 60.6%
Net Gearing -5.3% 14.8% -7.7%

*Adjusted operating profit (EBIT) is an alternative performance measure. Adjusted EBIT excludes non-recurring items and purchase price allocation amortisation. Adjusted EBIT provides comparable information between different financial years on operating profit.

Outlook for 2024

Incap estimates that the company’s revenue and operating profit (EBIT) in 2024 will be lower than in 2023.

The destocking exercise with the company’s largest customer will impact the revenue and profitability in the first half of 2024. However, Incap’s revenue is estimated to grow quarter to quarter starting first quarter of 2024, improving results over the year.

The estimates are given provided that unexpected events impacting Incap’s business environment do not occur, for example, in the availability of components.

Otto Pukk, President and CEO of Incap Corporation

Incap’s year 2024 got off to a great start, as our revenue grew and profitability improved compared to the previous quarter. We are happy to see the continued growth and especially that the factory in India returned to growth as well. We continued to focus on customer acquisition, explored cross-selling possibilities, and participated actively in trade shows.

Our revenue for the first quarter grew 21% quarter on quarter and was EUR 51.4 million. Excluding sales to our largest customer, our revenue grew 38% year on year. With the sales growth, also our profitability started to grow. Our EBIT for the first quarter was EUR 6.0 million or 11.7% of revenue. The EBIT increased by 62.3% compared to the previous quarter.

To respond to the growth trend, we continued increasing the number of employees at our factories in India. However, the largest customer’s destocking is still ongoing, and we expect it to continue at least to the end of the first half of the year.

In 2023, we expanded our operations to the US market, and we are very pleased with our acquisition there. The integration of Incap US’ operations has continued as planned, the results are very good, and they have also had success in new customer acquisition.

To continue succeeding in the EMS industry, our philosophy is to continuously improve our operations and to keep investing in the latest technology in our factories. In the beginning of the year, we replaced the second SMT production line with advanced SMT machinery at our factory in Slovakia and made some investments at the UK factory as well.

In April, we published our first combined Annual and Sustainability Report and are preparing for reporting in accordance with the CSRD in 2025. We have started the required double materiality analysis and are developing our sustainability programme further. We take a positive view of the tightening legislation related to sustainability reporting, as we believe that uniform rules can develop our industry in an increasingly responsible direction.

Sustainability is an important part of our strategy, and I believe that this work will improve our ability to respond to future opportunities and challenges. We are also happy about being able to support sustainable development in practice. We have for instance in many ways supported young people learning through various technology-related events and donated local schools’ equipment for learning physics and mechatronics.

During the remainder of the year, we will keep investing in our factories, focus on new customer acquisition and increasing sales to existing customers. We will also continue pursuing shareholder value creating M&A transactions, supported with our solid financials.

For 2024, we estimate that our revenue and operating profit will be lower than in 2023. The destocking exercise with our largest customer will impact the revenue and profitability first half of the 2024. However, we estimate our revenue will grow quarter to quarter and our results will improve over the year.

Year 2024 has started well for Incap, and I would like to thank our entire team for doing a great job.

Financial reporting in 2024

In 2024, Incap will publish the following financial reports:

  • Half-year report for January–June 26 July 2024
  • Business review for January–September 25 October 2024


Incap will hold a webcast on Wednesday, 8 May 2024 at 11:00 a.m. Finnish time. The result will be presented by Otto Pukk, CEO, and Antti Pynnönen, CFO, Incap Corporation.  

The live webcast can be followed at During the webcast, the public can ask questions in the chat room at the address mentioned above. The recording of the broadcast will be available on the company's website at later that day.

The event is targeted for analysts, portfolio managers and the media. Welcome!

In Helsinki, 8 May 2024

Board of Directors