‘A success for YIT’
By Thomas Allen22 February 2018
Key strategic objectives were achieved by Finnish company YIT in 2017, according to its full-year financial results.
The company’s president and CEO, Kari Kauniskangas, said, “The year 2017 was a success for YIT in many ways. All of the group’s business segments achieved positive development.”
Total revenue grew by 7% year-on-year, from €1.784 billion in 2016 to €1.909 billion in 2017, while operating cash flow after investments reached €164.5 million, up from a negative cash flow of minus €43.1 million in 2016.
Profitability in the fourth quarter of 2017 was said to have been one of the best in YIT’s history, and adjusted profit for the year was up 53% on 2016, from €79.9 million to €122.3 million.
The company’s order backlog at end of the period was €2.613.1 billion, down 2% on the €2.568 billion recorded at the end of the previous year.
The year 2017 will also be remembered for the merger between YIT and Lemminkäinen, which was announced in the summer and completed at the beginning of February 2018.
Kauniskangas said, “The merger is a strategically important step for YIT on its path to becoming one of the leading urban developers in the Northern European construction market.
“The merger significantly strengthens our balance sheet, increases and diversifies our resources, and improves our tolerance for cyclicality.”