Helmes’ sales revenue increased to €101.3 million in 2023, marking a 9.6% rise from €92.4 million in 2022. The company’s primary sales markets were Estonia, Latvia, the United Kingdom, Germany, the United States, Lithuania, Sweden, France, and Finland.
Andres Kaljo, a partner and board member of Helmes, said the company can be satisfied with its consistently strong financial performance in changing economic conditions.
“For more than a decade, we have been growing steadily through different phases of the economic cycle,” Kaljo said. “The last few years have seen a series of crises with increased uncertainty and a broad-based recession, and 2023 was no exception.
“We can see from our clients that the uncertainty has diminished, and the economy is recovering, but it will take time. The economy is cyclical, and we are particularly pleased that our clients see significant business value in our services, even in difficult times of crisis,” he said.
The company’s EBITDA in 2023 was €13.0 million, with a net profit of €9.9 million. Profitability was impacted by an increased cost base, which was affected by high inflation and continued wage pressure.
Helmes increased its stake in its Lithuanian subsidiary Telesoftas this year, from 70 to 92 percent, and acquired a 75 percent stake in the Estonian company Trinidad Wiseman OÜ.
“We will continue to work steadily on our international expansion strategy to create more value for our customers,” Kaljo said.
Caring and green thinking
As an environmentally conscious company, Helmes made several significant changes to its processes in previous years. In 2022, the company moved to strategic environmental management and, in 2023, made changes to its day-to-day operations to increase its positive environmental impact and mitigate negative effects. The company is ISO 14001 certified for strategically managing its environmental impacts.
“We are working to make ICT a greener way of thinking internationally,” Kaljo said. “Last year, we represented Estonia at various conferences in the global discussion on reducing the footprint of the ICT sector.”
In addition to spearheading the ICT Green Software Mindset initiative, Helmes is involved in several charity projects focusing on health and environmental welfare. Last year, the most significant charity project was the development of the management system platform for beneficiary applications to the “Gift of Life” cancer fund.
Helmes is a partner in digital innovation and software development. Established in Estonia, Helmes has grown into a global company that creates business-critical solutions for international organizations such as Airbus, Telia, Kühne+Nagel, CERN, the European Space Agency, the OECD, and others.
