- Record revenue for the third year in a row reaching 2,438 MDKK.
- 6.1 percent growth largely driven by new innovative solutions released within the last three years.
- Significant growth in North America and expectations to double revenue in five years, passing 1 billion DKK.
FOSS’ CEO, Kim Vejlby Hansen said: “Despite the ongoing pandemic and a challenging economic environment, FOSS has managed to achieve a new record revenue in 2022. Our continued commitment to innovation and our ability to deliver solutions that reflect the needs of our customers truly is what drives our growth.”
“We continue to re-invest more than 10 % of our revenue in the development of new products and solutions, and it is with great satisfaction that we see innovation mirrored in the strong performance of our most recent product launches. In FOSS, being “FIRST” is one of our core values – and it always has been. Nils Foss founded an innovation driven company on the very same values back in 1956 and the fact that it’s still a family-owned company today with the same mindset is what makes FOSS the global market leader within our field and what paves the way for our future growth."
The revenue growth in 2022 is strongly driven by the markets North America, Latin America and Asia, while Europe has been challenged due to the brutal Russian invasion of Ukraine, and China due to the aftermath of Covid-19. Despite the record revenue, FOSS has seen a decrease in profit compared to the year before. This is mainly caused by the suspension of sales to Russia and Belarus as well as by the rising cost of materials and components. Support of customers has been prioritized above profit.
With innovation deeply rooted in the company DNA, FOSS is dedicated to investing above industry average in research and development. This year’s R&D investment is the most prominent in the history of FOSS, accounting for 11.1 % of the total revenue.
Looking ahead - with a desire to innovate for change
In the recent year several initiatives have been launched to secure FOSS’ future growth. All of them are directly tied to FOSS’ founder Nils Foss’ innovative heritage.
The value, FIRST, has resulted in a series of groundbreaking events during the year that has passed. The opening of the first-ever FOSS Software Services start-up hub in Copenhagen strengthens FOSS’ research alliances and nurtures tomorrow’s talent within software and digitalization. The launch of a new unit in Warsaw, Poland, fully dedicated to developing SaaS (software-as-a-service) and cloud-based solutions will push the industry towards data-driven and intelligent production. The opening of a new FOSS Software Services unit in the technological epicenter of San Francisco, United States, emphasizing our vast ambition and to push our innovations within digital and software-based solutions even further. All three are vital milestones on the entrepreneurial journey of FOSS Software Services, which continues with the first official product launch later in 2023.
FOSS also signed a purchase agreement on a 150,000 sq m building plot in Frederikssund, Denmark, fitting for a new state-of-the-art production facility set to open in 2025. The facility will be constructed using the latest sustainable standards for building materials, green energy, and environmental considerations.
FOSS will develop and expand the digital offerings, launch new instrument solutions and continue to expand the impact in key markets. All of which will help FOSS deliver the cutting edge, end-to-end technology that empowers customers to improve their business as well as the world around them. FOSS expects 2023 to drive growth in both revenue and profitability compared to 2022.
For more information and media inquiries, please contact:
Benjamin Rugholm
Director, Communications & Public Relations
beru@foss.dk
(+45) 2840 9500
The FOSS Annual Report 2022 can be read online or downloaded here::
About FOSS
FOSS contributes to the sustainable use of our planet’s agricultural resources and thus to the nutrition and health of the people of the world. Through analytics FOSS adds value to customers - which includes the world's 100 largest food companies - by improving food quality and optimising production, from raw material to finished product. By turning measurement into information, businesses can run intelligent, data-driven productions with less waste and bigger yields. FOSS helps food and agricultural producers scale their business faster and smarter. Nils Foss founded the family-owned company in Hillerød in 1956. Today, FOSS employs more than 1,600 highly qualified people in more than 30 countries with consolidated sales of DKK 2.44 bn in 2022.
