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Excluding revenue from AWS Electronics Group, a holding acquired in January 2020, revenue grew organically by 10.7%.

In light of better efficiency in the full-year, Incap has revised its outlook for 2020. It estimates that revenue in 2020 might be considerably larger than in 2019 and operating profit (EBIT) in 2020 might be larger than in 2019. According to the estimate, full-year revenue in 2020 may reach 105-107 mln euros and operating profit roughly 10.5-11.5 mln euros.

"Following a troublesome second quarter that was affected by the adverse impacts of the COVID-19 pandemic, the company recovered in the course of the third quarter," Otto Pukk, president and CEO of Incap Group, said.

He said that Incap's revenue grew organically by over 10% as its cleared the backlog at its Indian manufacturing unit.

"The COVID-19 pandemic delayed our growth plans for 2020; however, we are completely satisfied that at the moment we are again on track and have been in a position to announce an improved outlook on our operating profit, which we estimate might be larger than in 2019," the CEO said.

As a consequence of sound demand from present and new clients, Incap is about to further expand its manufacturing unit in India.

"We expect the enlargement of the manufacturing unit to be finalized in early 2021, while the subsequent enlargement is due to be completed by the end of 2021," the CEO added.

Incap is a manufacturer of electronics equipment that is active in Finland, Estonia, India, Slovakia, the UK and Hong Kong. Finance and administration, sourcing, sales, IT and communications are coordinated by the corporate office with headquarters in Finland. Shares of Incap have been listed on Nasdaq Helsinki stock exchange since 1997.