FINLAND - Raute Corporation, a leader in veneer, plywood, and LVL production technologies, saw a significant financial turnaround in 2023.

The company's order intake surged to EUR 315 million, more than doubling from the previous year's EUR 138 million, with major contributions from Europe, North America, Asia-Pacific, and South America.

However, net sales for 2023 totaled EUR 145.4 million, an 8.2% decrease compared to the previous year. This drop was mainly due to a higher share of sales from Russia and a shift towards mill-sized projects with longer delivery times, exacerbated by inefficiencies from a new ERP system.

Geographically, Europe accounted for 40% of net sales, North America for 30%, South America for 15%, Asia-Pacific for 6%, and Russia for 9%.

Mika Saariaho, the President and CEO, emphasized Raute's resilience and leadership despite challenges. The company achieved a comparable EBITDA of EUR 9.3 million, marking a recovery from previous lows.

In the fourth quarter of 2023, Raute secured its largest-ever contract with Metsä Wood, contributing to a record EUR 118 million in order intake.