Incap Corporation        Stock exchange release        28 July 2022 at 8:30 a.m. (EEST)
Half-year financial report

Incap Group’s half-year financial report for January–June 2022 (unaudited): Strong revenue and profitability growth continued

This release is a summary of Incap’s half-year financial report for January–June 2022. The complete report is attached to this release as a pdf file and available on the company’s website at

AprilJune 2022 highlights

  • Revenue grew 82.2% and amounted to EUR 61.2 million (4–6/2021: EUR 33.6 million).
  • Adjusted operating profit (EBIT) increased by 96.4%, amounting to EUR 8.8 million (EUR 4.5 million) or 14.4% of revenue (13.4%).
  • Acquisition related purchase price allocation (PPA) amortisation amounted to EUR 0.1 million (EUR 0.1 million) and non-recurring costs were EUR 0.1 million (EUR 0.1 million).
  • Incap has recorded credit loss provisions in April–June 2022 amounting to EUR 0.1 million and provisions for inventory write-offs amounting to EUR 0.6 million.
  • Operating profit (EBIT) increased by 101.6%, amounting to EUR 8.6 million (EUR 4.3 million) or 14.1% of revenue (12.7%).
  • Net profit for the period was EUR 5.7 million (EUR 3.2 million).

January–June 2022 highlights

  • Revenue increased 60.6% and amounted to EUR 114.5 million (1–6/2021: EUR 71.3 million).
  • Adjusted operating profit (EBIT) increased by 54.6%, amounting to EUR 15.8 million (EUR 10.2 million) or 13.8% of revenue (14.3%).
  • Acquisition related purchase price allocation (PPA) amortisation amounted to EUR 0.2 million (EUR 0.3 million) and non-recurring costs were EUR 0.2 million (EUR 0.2 million).
  • Operating profit (EBIT) increased by 57.2%, amounting to EUR 15.4 million (EUR 9.8 million) or 13.4% of revenue (13.7%).
  • Net profit for the period was EUR 11.2 million (EUR 7.8 million).
  • Earnings per share were EUR 0.38 (EUR 0.27).

Unless otherwise stated, the comparison figures refer to the corresponding period in 2021. This half-year financial report is unaudited.

Key figures

Eur million 4–6/22 4–6/21 Change 1–6/22 1–6/21 Change 1–12/21
Revenue 61.2 33.6 82.2% 114.5 71.3 60.6% 169.8
Non-recurring items 0.1 0.1 -10.2% 0.2 0.2 16.3% 0.3
Operating profit (EBIT) 8.6 4.3 101.6% 15.4 9.8 57.2% 26.0
EBIT, % of revenue 14.1% 12.7%   13.4% 13.7%   15.3%
Adjusted operating profit (EBIT)* 8.8 4.5 96.4% 15.8 10.2 54.6% 26.8
Adjusted EBIT*, % of revenue 14.4% 13.4%   13.8% 14.3%   15.8%
Net profit for the period 5.7 3.2 79.6% 11.2 7.8 44.4% 21.1

*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 2022

Incap estimates that its revenue, operating profit (EBIT) and adjusted operating profit (EBIT) for 2022 will be clearly higher than in 2021. The increase in the revenue and operating profit estimate is driven by improved visibility related to the customers' forecasts and the company's own assessments of the business development.

The estimates are based on increased visibility of Incap’s customers’ forecasts and the company’s own assessments of the business development. The estimates are given provided that unexpected events impacting Incap’s business environment do not occur, for example, in the availability of components.

Previously Incap estimated that its revenue, operating profit (EBIT) and adjusted operating profit (EBIT) for 2022 will be higher than in 2021.

Otto Pukk, President and CEO of Incap Corporation:

“During the first six months of 2022 the war in Ukraine and lock-downs in China continued to affect global business environment and we have not seen the full effects of them yet. The rising general inflation and cost of manufacturing as well as constrained component availability continued. Nevertheless, we performed well with improved revenue and profitability. I am grateful to our team who has worked very hard to secure materials and keep Incap’s customer commitments.

The second quarter was the best one in Incap’s history, in terms of revenue and operating profit. Revenue continued to grow both year-on-year and above the first quarter of 2022 supported by strong demand for electronics and an all-time-high order book. We are very happy to see all our units growing.

Our profitability improved due to the current product mix and tremendous work of our employees in sourcing materials in a tough market. With continued component availability constraints and supply chain challenges, we keep our inventories on a high level to support future growth. Increasing salary, energy and raw material costs mean higher prices of electronics to end customers.

To respond to the growing market demand, we have been investing in our factories in India and Europe. The third factory project in India is scheduled for completion by the end of the year and is progressing according to plan. In Europe, Incap Estonia is upgrading its two existing SMT production lines and adding a third to its factory in Kuressaare. The new production lines will be opened in the third quarter this year. Incap Slovakia is also investing in new technology by replacing one of the current SMT lines and by adding a new selective soldering machine to the factory.

Consolidation in the EMS market continues. We remain in a solid financial position and are well placed to actively pursue growth through M&A. We continue to evaluate companies with good profitability, a strong cultural fit and with potential for geographical expansion.

As we have kicked off the second half of 2022, we have updated our outlook and estimate now that our revenue, operating profit (EBIT) and adjusted operating profit (EBIT) for 2022 will be clearly higher than in 2021.”

Financial reporting in 2022

Incap will publish the business review for January–September on 27 October 2022.


Incap will hold a webcast on Thursday 28 July 2022 at 2:00 p.m. EEST. The result will be presented by Otto Pukk, CEO, and Antti Pynnönen, CFO, Incap Corporation. In addition to the result, Incap's UK operations will be presented at the event, and Jamie Maughan, Director of Operations UK will participate in the event.

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, 27 July 2022

Board of Directors

For additional information, please contact:
Otto Pukk, President and CEO, tel. +372 508 0798

Nasdaq Helsinki Ltd.
Principal media  

Incap Corporation is a trusted partner and full service provider in Electronics Manufacturing Services. As a global EMS company Incap supports customers ranging from large multinationals and mid-sized companies to small start-ups in their complete manufacturing value chain. Incap offers state-of-the-art technology backed up by an entrepreneurial culture and highly qualified personnel. The company has operations in Finland, Estonia, India, Slovakia, the UK and Hong Kong and employs approximately 2,500 people. Incap’s share has been listed on Nasdaq Helsinki Ltd stock exchange since 1997.

Incap’s half-year financial report January-June 2022