Strong results in 2020
The future looks bright!
Eidsvoll Electronics AS (EIDEL) has in recent years won several long-term and strategically important agreements in space and defense, and despite the global pandemic, last year was another strong year.
In 2020, the company had a total turnover of more than NOK 40 million, as well as an organic growth of 30% from the previous year. EIDEL won several research and development agreements for the European space agency ESA as well. In addition, the year ended with the signing of a historic agreement with Forsvarsmateriell on the further development of the air force’s radio connection ‘SISAM’, a solution EIDEL first developed in the 90s. . The agreement runs over several years and is the largest EIDEL has signed through its more than 50-year history.
We have increased sales of EIDEL’s data collection and encryption products to a European defense and defense industry. Together with streamlining operations, it has ensured both cost reductions and increased profits. In 2020, EIDEL increased its gross operating profit to NOK 8.5 million, which is an improvement of as much as 78% from the previous year. The increased demand has led to exciting recruitments that will further strengthen the company in the future. In 2020, the number of employees increased by 25% and we have also needed more hired consultants to strengthen our projects.
The employees’ contribution and perseverance has been absolutely essential to achieve the strong result over the past year and EIDEL is constantly looking for new talents who can help drive the success further. EIDEL is planning expansions of its product and service portfolio to support needs and overlapping interests between defense and aerospace, where EIDEL with its unique history is well positioned. The company also sees opportunities in civil industries and especially renewable energy by offering its cutting-edge expertise in data collection from unmanned infrastructure in remote and weather-exposed areas. Last but not least, EIDEL also sees great growth potential in commercial space travel. The establishment of Andøya Space Port will be a new Norwegian launching field for the European market and EIDEL sees several new exciting opportunities here in the future.