In 2019, our revenue grew by 19.6%, adjusted operating profit was 18.7% and the net debt/ adjusted EBITDA ratio was 1.7. We seek to continue our predicted growth plan. Our long-term financial targets are:
* Does not take into account the effect of future changes in IFRS standards
We are on a path to further strengthen our position in the global sauna and spa market. The key strategic priorities to achieve our objective are:
We aim to grow the share of advanced sauna products and sauna solutions sold in all different sauna types. For example, instead of a sauna heater, we’ll offer a heater with a control unit and safety rail, or we will implement a full sauna solution including lighting and a sound system. With offering saunas that reach beyond the traditional ‘heater in a dimly lighted room’ type of setup, we seek to inspire our customers and encourage them to rethink their sauna experience.
In 2019, we launched the Cilindro Plus SPOT sauna heater with a wireless control unit, the Solide Compact design sauna, and the Shelly mobile application for controlling the heating of sauna remotely. The Harvia PRO wood heaters also received a facelift.
We aim to grow our market share in all our main markets in Finland, Scandinavia, Central Europe, Russia and North America.
We focus on constantly developing our retail network and that way improving the scope, availability and visibility of the product range tailored for the market.
A concrete example of our geographical expansion is the acquisition of the business operations of the US-based Almost Heaven Saunas LLC, carried out in the end of 2018. The acquisition will yield us significant opportunities to expand our product range and services in North America.
We constantly seek to improve our productivity. To be able to work smarter we:
