International. Milestone Systems announced in its most recent Annual Report, released at the end of March, double-digit growth in 2022, as well as an increase of 30% compared to the 2021 period.
Overall, the company posted the highest annual net income in its history, coming in at 1.5 billion Danish kroner DKK, the currency of Milestone's home country, to put it in more familiar terms, made just over 2.2 billion US dollars (USD), an increase of 30% compared to the period of 2021.
Likewise, Milestone recorded a profit before taxes of 11 million DKK (or 1.6 million dollars) in 2022. In this sense, looking to the future, the company expects to be more than double its income for the period by 2026 2021, as part of an ambitious growth strategy.
A key part of Milestone's strategy is responsible technology. In the last year, the company adhered to the United Nations Guiding Principles on Business and Human Rights. Therefore, Milestone will introduce new initiatives that address how technology is developed, as well as how its products are used and marketed.
Thomas Jensen, CEO of Milestone Systems, said it took them 21 years to reach the first net income of 1 billion kroner, noting that in the last three years, they added 500 million kroner to their net sales volume. “That attests to the hard work, commitment and innovation of our people.”
In this sense, he included that 2022 was a difficult year in which his company and its clients had to learn to live with the Covid-19, to manage the problems in the supply chains and the shortage of components that the exit from the company brought with it. pandemic.
“The outbreak of the war on European soil continued to have tragic consequences for those involved. Together with other companies, we left Russia because of the invasion of Ukraine. Despite inflation and high energy prices in the past year, we expanded our business by 30%. With the reinforcement of our network of technology partners, distributors and resellers, we navigated a year that was almost the perfect storm”.
Reflecting on Milestone's growth ambitions, Thomas Jensen added: “As we enter our 25th anniversary year, we are well positioned to pursue our strategic direction to transform our industry by setting the standard in video technology in security and other sectors, such as video solutions specially designed for hospitals. We also see many opportunities with the growth of artificial intelligence, which we believe will greatly expand the possibilities of data-driven video technology.”
Growth plans
Last year, Milestone added nearly 200 people to its global workforce, spread across 25 locations. Lars Larsen, CFO of Milestone Systems, said: “We continue to invest, grow and recruit for the future. Our investments in 2022 have put us in a strong position to continue our growth trajectory together with our partners in 2023.”
Other notable achievements of the year included the announcement of a new cloud solution, Milestone Kite™, powered by Arcules®. Kite is a simple, secure and scalable video surveillance as a service (VSaaS) solution. The cloud solution is primarily designed for small to medium-sized businesses and larger organizations with multiple satellite and remote sites.
The company also announced that it will explore new opportunities for XProtect® in the traditional security market and beyond. The software has been deployed in more than 500,000 installations around the world and is used by a variety of end users, from airports to hospitals to tourist attractions.
*In the photo illustrating this publication you can see Thomas Jensen (CEO) and Lars Larsen (CFO) of the company.
