International. Milestone Systems announced in its most recent Annual Report, launched at the end of March, double-digit growth in 2022, as well as a 30% increase compared to the 2021 period.
Overall, the company posted the highest annual net income in its history, with a figure of DKK 1.5 billion, the currency of Milestone's home country, to put it in more familiar terms, achieved just over 2.2 billion US dollars (USD), an increase of 30% compared to the 2021 period.
Milestone also posted a pre-tax profit of DKK 11 million (or $1.6 million) in 2022. Looking ahead, the company expects to be more than double its 2021 revenue by 2026 as part of an ambitious growth strategy.
A key part of Milestone's strategy is responsible technology. In the past year, the company has 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, chief executive of Milestone Systems, said it took them 21 years to reach the first net income of one billion crowns, 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 that sense, he included that 2022 was a difficult year in which his company and his clients had to learn to live with Covid-19, to manage the problems in supply chains and the shortage of components that brought with it the exit of the pandemic.
"The outbreak of 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 sailed a year that was almost the perfect storm."
Reflecting on Milestone's growth ambitions, Thomas Jensen added: "As we enter our twenty-fifth anniversary year, we are well positioned to follow 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 make investments, grow and hire 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 designed primarily 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 facilities worldwide and is used by various end users, from airports to hospitals and tourist attractions.
*In the photo illustrating this publication you can see Thomas Jensen (CEO) and Lars Larsen (CFO) of the company.
