Fima posts record-high revenue of EUR 47 million

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Intelligent engineering solutions company Fima has reported EUR 47 million in revenue in 2011, an increase of 59% year-on-year. The revenue of the company’s subsidiaries in foreign markets went up nearly five-fold during the respective period to EUR 4 million. The reported financial results are the highest in the company’s history, which spans two decades. Currently, the company and its subsidiaries are implementing contracts worth around EUR 113 million.

“Last year, in Lithuania we implemented engineering projects of different capacities and complexities, in Latvia we continued the EUR 17 million worth of railway modernisation works, and in Belarus, despite the extremely complicated economic conditions, we managed to improve our financial results. This allowed us to boost revenue and create over 60 new jobs, gain ground in the neighbouring markets, become the first in the Baltic states to apply new engineering solutions, and win awards,” says Fima General Director Gintaras Juknevičius.

The head of Fima notes that among the projects implemented by the company, the most significant ones have been the complex engineering system solution at the Embassy of the Republic of Lithuania in London, the installation of the electronic surveillance and security system at the 25-km section of the European Union’s external border with Russia, and the development of a traffic information system. Meanwhile, the National Public Healthcare Laboratory of Biological Safety Level III, implemented by Fima last year, brought the company the Lithuanian Product of the Year 2011 gold medal in a competition organised by the Lithuanian Confederation of Industrialists.

In 2011, the company announced the establishment of Fima Polska as its subsidiary in Poland and is already looking forward to being awarded the first infrastructure upgrading projects this year. “Poland constitutes an extensive market which currently presents especially lucrative opportunities for participation in large-scale engineering infrastructure tenders and successful competition with local businesses. We are hopeful about making revenue in this region as early as this year,” says Mr Juknevičius.

This year, Fima expects to witness growth of service sales across all markets and is determined to actively participate in transport and energy infrastructure upgrading projects in Lithuania. The head of the company underscores the fact that Lithuania is making remarkable progress in drawing on the experience from other European countries in the modernisation and development of transport and energy sectors; therefore, the number of respective projects is expected to continue to grow at a fast pace. In light of these circumstances, the company joined two associations last year, namely ITS Lietuva (Intelligent Transport Systems) and ITA (Association of Smart Technologies).