iLOQ’s net sales grew by 25.8% and operating profit by 33.7% during the first half-year

January–June 2018:

The figures in this press release have been calculated in accordance with IFRS. The figures in the press release have not been audited.

CEO Heikki Hiltunen:

“The figures of the first half-year are an excellent demonstration of the effectiveness of iLOQ’s business strategy, which we updated last year. The company’s net sales grew by 25.8% year-on-year, totalling EUR 22.0 million. We achieved an operating profit of EUR 4.2 million, showing an increase of 33.7%. Accordingly, we have continued to make significant investments to ensure our future growth and international expansion, as well as accelerating our growth from the previous year. In May, we introduced the world’s first NFC-enabled access management solution, iLOQ S50, which is a prime example of our company’s forerunner position in digital locking systems. iLOQ S50 provides mobile access management for distributed serial locking systems. I look forward with confidence and believe that iLOQ products are an excellent solution to increasingly digital access management needs.”

Financial development during the review period

iLOQ’s profitable growth, in line with the company’s targets, continued during January–June 2018. The company’s net sales totalled EUR 22.0 million, increasing by 25.8% year-on-year. The net sales of the Central European operations increased by 82.0% from the previous year, led by Germany’s operations, and amounted to EUR 3.9 (2.2) million. The net sales of the Northern European operations amounted to EUR 18.1 (15.3) million, showing an increase of 18.4% year-on-year. In Northern Europe, growth in euros was strongest in Sweden.

The company’s profitability developed positively for all key indicators during the first half-year. The gross profit improved, amounting to 56.9% (54.8%) of net sales. EBIT was EUR 4.2 (3.1) million, increasing by 33.7% year-on-year. EBIT margin was 18.9% (17.8%). The company’s result for the review period was EUR 3.2 (2.5) million.

The company’s liquidity and financing position were strong. Cash flow from operating activities totalled EUR 3.1 (2.5) million, improving significantly year-on-year, especially due to the increased operative result. The group had a balance sheet total of EUR 23.0 (23.8) million and an equity ratio of 64.1% (66.9%) at the end of the review period.

Execution of the growth strategy continued

During the first half of the year, iLOQ continued to strengthen its organisation to support the company’s long-term internationalisation and growth targets, in accordance with the company’s growth strategy. The efforts were focused especially towards strengthening the company’s international sales and marketing as well as product development. In addition to international expansion and strengthening current operations in line with the company’s strategy, iLOQ expanded its Central European operations by opening a new sales office in France in May.

In May, iLOQ introduced the world’s first NFC-enabled mobile access management solution iLOQ S50 for power production & distribution companies, telecom network services, data centres, water treatment plants, property services and transportation services. The keyless iLOQ S50 is based on the NCF technology used in smartphones and secure cloud-based access management. At the core of the iLOQ S50 technology is the world’s first and only lock cylinder harvesting energy for unlocking from a smartphone.

In addition to expanding its network of retailers, the company signed framework agreements with Finland’s leading real estate players YIT and SATO during the first half-year. Several measures have also been taken and initiated to fortify iLOQ’s brand and recognition, aiming at good visibility among target groups in several markets important to iLOQ in Central and Northern Europe.


Heikki Hiltunen
President and CEO

For more information:
Heikki Hiltunen, President and CEO
Tel. +358 (0)40 3170 260

Samuli Siljamäki, CFO
Tel. +358 (0)40 3170 273