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Milestone Systems annual report shows record-high revenues

Milestone Systems annual report shows record-high revenues

Milestone Systems annual report shows record high revenues

COPENHAGEN, Denmark – The annual report delivered by Milestone Systems has indicated double-digit growth in 2022, according to the video software firm.

Milestone reportedly reached an all-time high annual net revenue of 1.5 billion Danish kroner (DKK), a 30 percent increase over the previous year. The company also reported a pre-tax profit of 11 million DKK in 2022. The company said it aims to more than double its 2021 revenue by 2026 as part of an ambitious growth strategy.

“It took 21 years to reach the first billion kroner in net revenue, but over just the last three years, we added half a billion kroner to our net turnover. That is a testament to the hard work, engagement, and innovation of our people,” said Milestone Systems CEO Thomas Jensen. “2022 was a challenging year during which both Milestone and its customers had to learn to live with COVID-19 and maneuver the supply-chain challenges and component shortages brought on by the aftermath of the pandemic. The outbreak of war on European soil continued to have tragic consequences for the people involved. Along with other companies, we exited Russia as a result of the invasion of Ukraine. Despite inflation and energy price hikes last year, we grew our business by 30 percent. Through the strength of our network of technology partners, distributors, and resellers, we navigated a year which was almost a perfect storm.”

Milestone Systems celebrated its 25th anniversary in February this year. Speaking with Security Systems News at ISC West he mentioned that they still consider themselves a startup. “As we enter our 25th anniversary year, we are in a strong position to follow our strategic direction to transform our industry by setting the standard for video technology in and beyond security, such as video-enabled solutions for hospitals. We also see many opportunities with the growth of artificial intelligence, which we believe will greatly expand the possibilities of data-driven video technology,” the CEO said.

In 2022 Milestone added 200 people to its global team bringing them to a total of 1,281 employees across the globe with 25 subsidiaries and 100 million DKK invested in development projects as they look to the future.

“We continue to invest, grow, and hire for the future,” CFO Lars Larsen wrote. “Our investments in 2022 have put us in a strong position to continue our growth journey together with our partners in 2023.”

The company also highlighted a number of other successes from 2022, including its Milestone Kite cloud solution powered by Arcules, and said it would be exploring additional opportunities for its XProtect VMS both in and beyond the traditional security market.

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