Financials: Record-Breaking Year for Uptime

Uptime’s recently published financial results reveal that the financial year 2021 was the most successful in the company’s history, with revenue up by more than 20% year-on-year, exceeding the €13 million mark for the first time, and profits increasing by the same margin. The strong growth was driven by excellent results in all of Uptime’s markets, with more than half of the revenue now originating from outside of Estonia.

“We are seeing strong growth in all of our markets. While Norway and Switzerland demonstrated very strong results last year, the biggest growth came from Poland and Denmark,” said Eero Tohver, CEO of Uptime. “It’s extremely rewarding to see that all the investments we’ve made in recent years have paid off and that all of our business units are showing strong organic growth.”

For Uptime, the largest market outside Estonia for last year was Norway, which accounted for almost 18% of the group’s total turnover. Tohver noted, however, that this year it’s expected that it’ll be the Polish branch of Uptime that will see particularly strong growth, as a deal was recently closed that will double Uptime’s headcount in the region and add several new large companies to its client roster.

In the last financial year, Uptime employed an average of 165 people. The number of employees has increased compared to the previous year and, according to Tohver, the 200-employee mark has already been reached this year. “Last year we invested more than €7.5 million towards our staff and this year that number will increase significantly,” he added.

Compared to 2020, Uptime’s operating profit increased by more than 20%, to almost €2.5 million.

Strategy remains unchanged

Tohver noted that both this year and in the coming years, Uptime plans to continue with its current strategy of serving customers via long-term contracts, growing organically across all business units, and pursuing new M&A opportunities in both current and new markets. “We will focus primarily on Europe and look for companies that are a good fit with our business and ambitions,” he explained.

Likewise, as part of its long-term strategy, Uptime plans to continue to devote a significant proportion of its resources to finding, developing, and retaining top talent. As the labor market continues to be under a lot of stress, Tohver said it is important for Uptime to invest in maintaining long-term relationships with its employees.

“Our clients understand that investments into IT are critical, so it’s clear that there will be no shortage of work to be completed. However, with all companies facing a shortage of top talent, it is an area that we need to constantly monitor and support with adequate investments,” he said.

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