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Element Logic Delivers Record Results in 2020

Element Logic achieved its best results ever in 2020. Online shopping growth, increased focus on retail efficiency, and expansion to new markets contribute to a 40 per cent growth compared to 2019.

“After 30 years in the industry, 2020 has been our best year to date. Automated and efficient warehouses is an evident trend in all markets and industries, resulting in great opportunities for our industry which we have actively worked towards”, Dag-Adler Blakseth, CEO at Element Logic, says.

The company achieved several records in the previous year. The operating result (EBITDA) is at 16 million EUR and represents a 100 per cent growth compared to 2019. The order backlog also had a record number with a 60 per cent growth at 64 million EUR. The revenue surpassed 100 million EUR in 2020.

“In several markets, we have achieved growth beyond our plans and budgets. The incredible growth in online shopping has been essential for our success, and we are pleased to see Element Logic grow at a fast pace while increasing our market shares. Our growth is a result of our DNA, expertise and focus”, Blakseth says.

Prepared for future growth

In February 2020, Element Logic won full distribution rights for AutoStore in Europe, enabling Element Logic to expand and establish new country divisions. As a result of the agreement, Element Logic has opened full-scale operations in Poland and Benelux, and further expansions into new markets is planned for 2021.

“We continue to take new market shares in both established and “new” markets. Our primary focus for 2021 will be to develop our expertise and capacity further to prepare us for future growth”, Blakseth explains.

Consumer expectations shape the market

Online shopping as a trend will keep growing in 2021. The expectations from consumers regarding availability and fast deliveries will shape and change the retail industry for years to come, Blakseth believes.

“We predict that fewer industries will be seen as only a physical arena. We believe consumers’ willingness to pay for faster deliveries will increase, creating new demands for efficient logistics. A shift towards smaller warehouses located closer to customers to achieve faster deliveries is already evident in several markets”, Blakseth says.

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