After the summer solstice here in the North, it is a good time to shortly review the first half of the year.
The first half of this year has thrown all of us some unexpected challenges, especially in Poland, as a result of the Russia invasion of Ukraine. These can be seen, e.g. in logistics and component challenges, shortages of employees and high cost inflation. I am pleased, however, that despite the events, the Alteams Poland Team has made a significant turnaround during the first half of the year and thus we believe that we are in the right path towards producing positive results, backed up by positive forecasts and strong customer demand.
This is giving a great base to ensure long term and sustainable support for our customers.
The Covid pandemic is still causing issues in China, where extreme Covid measures have been implemented in many cities, causing a number of hindrances to the effective business of Alteams. Despite this regrettable situation, Alteams Suzhou team has done their utmost in serving and supporting our customers. I hope the team’s commitment and capability have also been well noted by customers.
In Ashley Alteams India, customer demand has been very strong, with no major Covid issues being experienced. Within the last six months the local team has done very good work and the profitability has been improving significantly. The same is expected to continue within the second half of the year.
In Alteams Finland, both factories have been busy, as customer demand has been high and component shortages have generated additional volatility. Laihia factory is restructuring some of its organization to meet the demands of the future and Loppi factory is already performing positively.
Despite the global issues beyond our control, it pleases me to know Alteams personnel are capable of dealing with challenging business events in a very professional way. Most importantly, this can be seen in positive feedback from our customers, but also in positively developing financial results.
I trust summer with its long and warm days will energize us all to perform and meet any new issues.
I want to thank you for the first part of the year and wish you relaxing and peaceful holiday season.
President and CEO