It looks like you are using Internet Explorer, which unfortunately is not supported. Please use a modern browser like Chrome, Firefox, Safari or Edge.

Nitor's growth continued despite challenges in the ICT service sector: revenue reached the 40 million euro mark

Published in News, Business

Written by


June 10, 2024 · 3 min read time

Nitor continues its steady growth despite the turbulent times in the ICT sector. The company increased its revenue for the 17th consecutive year reaching 40 million euros in 2023. Revenue grew by 8.34% from the previous year. The company earned approximately 4.4 million euros in operating profit.

“We anticipate the competitive situation to remain intense throughout 2024, as some players have entered aggressive price competition. A significant change in the general market conditions is the slowing down of inflation, which we expect to gradually start easing customers' willingness to invest“, says Nitor's CEO Olli Auvinen.

International growth also continued: In its seventh year of operation, Nitor's subsidiary in Sweden saw a 50% increase in revenue. The company also opened a new office in Östermalm at the beginning of 2023.

“Our short-term goal is to move to larger projects and deliver comprehensive solutions. In Sweden, companies are currently investing in digital solutions rather cautiously, and there is even an oversupply of talent. On the other hand, we see potential in services such as data, where demand is clearly growing”, reports Santtu Vuori, appointed in April 2024 as the Managing Director of Nitor's subsidiary in Sweden.

The creative agency Hi Shine, established in early 2024, also opened doors to international markets. Nitor became a minority shareholder in Hi Shine, which operates in Helsinki, Stockholm, and Amsterdam. Hi Shine is a strategic partner for Nitor when driving sustainable digital development to international markets.

Demand increased for artificial intelligence, cloud services, and e-commerce

Nitor experienced the most growth in the retail, banking, and telecom sectors. The company's clients include S Group, Kesko, OP, Elisa, DNA, Supercell, Finnair, Posti and SL (Storstockholms Lokaltrafik). In addition to Nordic companies in telecommunications, finance, retail, and SL, Nitor also serves local clients in Sweden in industries such as manufacturing, healthcare, media, logistics, and the public sector.

“Our service portfolio has expanded, and our delivery capacity has strengthened through our own staff and our partner network. Last year's most significant increase in demand was in artificial intelligence, cloud services, and e-commerce. The group's revenue has grown by over 10 percent from January to April 2024 compared to the previous year, and our operations continue to be strongly profitable,” says Auvinen.

The significance of design services increased in the service portfolio during the fiscal year, and new services were developed in the areas of accessibility, artificial intelligence, technology ethics, and business design. In the area of agile development services, product leadership and team coaching offerings were particularly expanded.

The year 2023 brought in almost 40 new digital engineers 

In total, about 300 digital engineers work at Nitor. In 2023, about 40 new employees were hired. Nitor was selected as the most magnetic employer brand of 2023 in Finland, receiving the Grand Prix award at the Magnet Employer Branding Awards event.

“As the general economic situation has deteriorated, there have been more job seekers on the move compared to previous years, and we consequently recruited a significant number of new Nitoreans last year. However, finding experienced professionals has sometimes been challenging, as many businesses have prioritized developing digital services and are looking for experts,” says Olli Auvinen.

In 2023, Nitor continued its determined efforts towards sustainable digital development. It developed its carbon footprint reporting further and compensated for its climate emissions for the third time. In 2023, the entire staff participated in training on diversity and equality (DEIB) in work life. The company also received the WWF Finland Green Office certificate for its office environmental system.

Written by