A focused performance by the Milestone organisation, new product launches and customers looking to install or upgrade their security infrastructure generated revenue growth.
In addition, key industries increased leaning on video technology beyond security to do e.g. forensic searches with smart analytics, optimize business processes and improve operational efficiencies.
The company closed in 2021 with record revenue of 1.1 billion DKK.
The increase in revenue is driven by strong partner relations, product launches, and a focused effort across the organisation.
“2021 was a successful year for Milestone Systems. Our industry-leading video management platform is in high demand, and our team delivered a world-class effort.
This generated substantial revenue growth in spite of continued Covid-restrictions and supply-chain shortages in several markets.
Sales were also fueled by the continued expansion of our customer base, strong progress in the hospitality market as well as new industry developments in smart cities.
We look forward to continuing to develop our offerings in collaboration with our clients and partners,” says Thomas Jensen, CEO of Milestone Systems.
Milestone Systems expects a continued positive outlook in 2022, but the current global developments may challenge precise predictions.
Investments in people and assets build a solid foundation for future growth
In 2021, Milestone Systems expanded its executive leadership team with two key new hires in order to amplify marketing and human resources.
In addition, the company signed on more than 100 new employees, surpassing 1,000 for the first time. The new employees working across the global organization will e.g.
develop and grow partner sales and contribute to new technology advancements.
Approximately 500 employees are located at the company’s headquarters in Brøndby, Denmark.
Thomas Jensen adds: “We believe in People First. Our team, clients, and partners are our most valued assets.
We have invested in skilled individuals to take us to the next level. We are in a good place, and our platform is raising the bar for video technology solutions.
Now is the time to build the foundation for future growth supported by our new colleagues, as we continue to pursue our ambitious growth strategy”.
In addition to the new hires, Milestone has invested in research and development and launched new, strategic initiatives. CFO in Milestone, Lars Larsen, elaborates on the 2021 financial performance in relation to these investments: “To further grow our strong position in the marketplace, we have prioritized to ramp up our organization for new opportunities.
Following this strategy, our operating income is 17 percent lower than in 2020. But Milestone still achieved a satisfactory profit in 2020 of 122 million Danish kroner before taxes, up 83 percent from the year before, primarily due to beneficial exchange rates,” Lars Larsen says.
The 2021 revenue represents the third consecutive year of Milestone revenue exceeding 1 billion Danish Kroner.