Nov 28, 2018

Proventia Group Corporation’s strong growth continued in the third quarter

Proventia Group Corporation is a technology company based in Oulu. It offers solutions and services for the engine, machine and vehicle industries to help solve the global problem of air pollution. Air pollution can be reduced by implementing tighter emission regulations globally, developing cleaner engines and alternative fuels, and seeking solutions from other power sources, such as electricity. Proventia develops, designs and manufactures exhaust aftertreatment systems for diesel engines, work machines and heavy vehicles. The company also provides modular test laboratories and centres for the product development and testing of engines, powertrains, hybrid systems and batteries.  

January-September 2018

• Net sales increased by 94.1% to EUR 25.3 million (13.0 million in January-September 2017).
• The operating profit (EBIT) was EUR 4.1 million (1.3 million).
• The result for the period was EUR 3.1 million (1.0 million).

July-September 2018

• Net sales increased by 135.1% to EUR 10.9 million (4.6 million in July-September 2017).
• The operating profit (EBIT) was EUR 1.2 million (0.5 million).
• The result for the period was EUR 1.0 million (0.4 million).

 
Proventia's strong and profitable growth continued in the third quarter of 2018. In January-September 2018, the company's net sales grew by more than 94% year-on-year, to EUR 25.3 million (13.0 million). The company's operating profit (EBIT) in January-September 2018 was EUR 4.1 million, or 16% of net sales (1.3 million, or 10% of net sales in the corresponding period of the previous year).

President and CEO Jari Lotvonen:

'Our strong growth continued and our profitability improved in the third quarter of the year. Both our Emission Control and Test Solutions business areas grew and developed favourably. We continued our deliveries and installations of retrofit exhaust aftertreatment systems for buses in London, and we received our first orders for the retrofit project in Germany in the third quarter. In our Test Solutions business, we have started deliveries of modular units for testing electric vehicle batteries. 

Between January and September, we invested in production equipment in the Czech Republic and Finland, as well as in product development equipment and projects. Due to our growth, we hired 39 new employees during the review period: 34 in Finland and five in the Czech Republic.'

Future outlook

In its Emission Control business, Proventia is focusing on delivering current Stage IV systems, as well as developing Stage V systems and starting their production for OEM customers. Retrofitting projects in various cities and countries are progressing according to schedule. In Europe, the United Kingdom and Germany are important markets for Proventia.  The market need for modular test solutions is increasing, and Proventia is investing heavily in the development of this business.

More information:  Proventia's net sales and operating profit in January-September 2018, January-September 2017 and January-December 2017

Contact information:

Jari Lotvonen, President and CEO, Proventia Group Corporation, tel. +358 20 781 0265, jari.lotvonen(at)proventia.com

Proventia is an international technology company based in Oulu. It offers solutions and services for the engine, machine and vehicle industries to help solve the global problem of air pollution. Proventia develops, designs and manufactures exhaust aftertreatment systems for diesel engines, work machines and heavy vehicles. The company also provides modular test laboratories and centres for engines, powertrains, hybrid systems and batteries. The company has around 100 employees in Finland and the Czech Republic. Proventia is part of the Head Invest Group, a group of technology companies. www.proventia.com