Annual Report 2018
Report by the Board of Directors
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Net Sales and Operating Result of 2018 Improved as Targeted

Bittium´s net sales in January-December 2018 grew by 21.7 percent year-on-year to EUR 62.8 million (EUR 51.6 million, in 2017).

The share of the product-based net sales increased significantly to 49.0 percent and was EUR 30.8 million (EUR 16.3 million, in 2017), which resulted mainly from the product deliveries of the tactical communication system, deliveries of products for measuring and monitoring biosignals, and product deliveries of Bittium Tough Mobile smartphones and Mexsat phones and their related security software.

The share of the services-based net sales decreased to 51.0 percent and was EUR 32.1 million (EUR 34.9 million, in 2017). The decrease in the services business net sales was caused by the typical variation of timing of R&D projects´ beginning and ending, as well as the company´s own significant large R&D projects that tie experts into internal product development.

Operating profit was EUR 2.8 million (operating loss of EUR -6.2 million, in 2017).