Global instability has heightened the emphasis on total defence, with digitalisation emerging as a vital element for resilience and industrial competitiveness. This year, Combitech published its “Smart and Secure Industry 2024” report, underscoring the importance of integrating digitalisation into business strategies. The report concluded that prioritising digital transformation is essential for enhancing business strength and competitiveness in the current landscape.
CEO Jessica Öberg commented on the challenges facing the sector: “We see a strong innovation force in Sweden, but we need to be better at handling digitalisation and contingency planning as a management and strategy issue. Small- and medium-sized companies, together with large companies, are crucial to keep society going both in peacetime and during crises. Combitech is meeting this demand by continuing to develop its offering in smart industries and total defence.”
Combitech posted strong financial results, showing organic sales growth across all units. Profitability growth surpassed sales growth within Swedish units, reinforcing its solid market presence. The company’s sales for July to September 2024 totalled SEK 877 million, up from SEK 816 million in the same period last year. Operating profit more than doubled to SEK 91 million from SEK 43 million, bolstered by a positive impact of SEK 18 million from the divestment of Combitech’s operations in Norway.
Key achievements for the period included a new collaboration between Combitech, Saab, and FMV to enhance the digitalisation of the Swedish Armed Forces’ ground forces. Additionally, Alstom Transport AB signed a service agreement for engineering services in cybersecurity, and the partnership with BAE Systems Hägglunds expanded to include prototype development and verification work.
Combitech also continued its relationship with Svenska Kraftnät, focusing on civil crisis preparedness and systems management. A notable structural change during the quarter was Telenor Cyberdefence’s acquisition of Combitech’s Norwegian operations, positively impacting the quarter’s operating profit by SEK 18 million.
Further expansion was evident with the establishment of Combitech’s new unit in Hyderabad, India, aimed at bolstering engineering and support services. This initiative is part of the company’s strategy to enhance its global offering. The quarter also saw the addition of 170 new employees, increasing the total workforce to 2,440, up from 2,245 in the third quarter of 2023.
