Logset reports higher turnover and operating profit compared to 2015.
New machine sales and after sales operations were good in 2015. Logset reports an increasing order book towards the end of 2015 and growth is expected to continue. Product developments included new engines that meet Tier 4 final emission standards and the new TH85 and SH38 harvester heads. The engineering of the 10H GTE Hybrid, claimed by Logset to be the first hybrid harvester in the world, also started, and the machine will be delivered during the first quarter of 2016. The key components of Logset logging machines are manufactured in Finland and Germany, while the control system is developed at Logset.
Finland, the Baltic countries and middle Europe showed market growth. The Brazilian and Russian markets had subdued growth due to economic and political challenges. The decrease in machine deliveries to these areas was compensated by increased sales especially in the EU. The market in the Scandinavian countries was described as challenging, with market penetration not having met Logset’s expectations so far.
Logset had 69 people in their employment at the end of 2015, compared to 66 in 2014. Tapio Ingervo was assigned as the new Managing Director as of July 2015. When examining the outlook for 2016, several pulp mills and bio product plants are being planned and built in Finland and other countries. Logset predicts that these investments will increase the demand for wood and therefore also logging machines. They also predict that other industries will start to utilize wood in more diverse ways, which will increase the demand for wood even more. Logset’s turnover is expected to exceed that of 2015 and the operating profit is expected to grow. Logset is confident due to a good order book at the start of 2016 and an improved machine range. Source: Logset corporate press release emailed to stakeholders.