Baltic Export, Financial Services, Industry, Latvia, Markets and Companies, Technology

SAF Tehnika's turnover last fiscal year came to EUR 12.136 mln, declining 1% from a year before, and the company's profit fell 27.3% to EUR 888,973.

"In the reporting year, the group continued to work at the research and identification of customer-specific needs by developing and improving the offer of niche products. Additional revenue was drawn from the development of specific customer required functionality of SAF Tehnika products. Throughout the world there remains an increased demand for radio systems that provide enhanced data transmission rate and can be enhanced and updated in order to improve data usage. This tendency increasingly determines the direction of new product development both for SAF Tehnika and across the markets," the group's management said in the report to the stock exchange.

Exports made up 99.14% of the turnover and amounted to EUR 13.6 mln. During the reporting year, the group exported its products to 76 countries worldwide.

During the reporting year, the SAF Tehnika Group invested EUR 456,000 into IT infrastructure, production and research equipment, purchase of software and licenses, as well as product certification.

In the previous fiscal year, SAF Tehnika generated EUR 12.853 mln in turnover and earned a profit of EUR 1.278 mln. In the fourth quarter of the previous fiscal year, the parent company's turnover was EUR 3.255 mln and profit EUR 346,600.

SAF Tehnika Group comprises Latvia's SAF Tehnika and the US-registered companies SAF North America LLC and SAF Services LLC.

SAF Tehnika is quoted on the Main List of the Nasdaq Riga stock exchange.