The year 2021 was historic for Loihde in various ways. We implemented a major brand renewal, made acquisitions that were important for the implementation of our strategy, and listed on First North. In addition to all this, our business developed as planned. We grew across all our business operations and the results were in line with our expectations.
The revenue of Loihde’s continuing operations increased by 6 per cent to EUR 107.2 million. As expected, the adjusted EBITDA did not reach the level of the previous year due to investments in business development and amounted to EUR 4.3 million, or 3.9% of revenue.
Our strategy is to provide companies and organisations with comprehensive services related to digital development and security. We seek improving profitability and growth in these areas both organically and through acquisitions. We are building Loihde into a better service company as a whole, developing our business units and integration capabilities, combining their service areas.
Loihde Advisory (formerly Talent Base Oy), which joined the Group in the early summer, strengthens our digital development business, especially with its expertise in data-driven management consulting and solution design.
Focusing on our core businesses has also meant giving up any aspects that are not included in them. These included Hibox Systems, which provides TV services, and the emergency response centre business, the sale of which allowed our business model to focus on digital development, cyber security and security technology services.
There is still strong demand for digitalisation and data management solutions, to which our diverse solution portfolio responds perfectly. Our extensive expertise, covering the entire digital development value chain, meets our customers’ needs from digital strategy and solution design to data analytics, application development and change management. The banking and insurance sector, which has long been a forerunner in the use of data and digital solutions and actively develops them, is our largest customer sector of our digital development business.
Loihde is a trusted security partner for many critical operators in society, such as the social sector, other public administration and energy companies. We have concluded frame agreements worth almost EUR 13 million with the Finnish Defence Forces. Our cooperation has lasted for years and will continue and intensify in the future.
Our One Security concept, i.e. our solutions combining physical and cyber security, has been well received on the market, and the growing number of total security customers is proof of the benefits of centralisation in terms of both security and cost management.
We are now Loihde. Our transformation to Loihde began in the spring with the change of the name of the Group and the parent company. The subsidiaries adopted the Loihde brand in early September. Under a common brand, our business is easier to grasp by our stakeholders, and the versatility of our expertise is better highlighted.
We have taken several steps in the development of cross-selling, joint customer solutions and operating models, and we will continue to work on these development projects this year. Successes in selling our joint offering and deepening customer relationships have shown that we are on the right track. We offer a unique combination of security and digital development expertise, enabling integrated solutions that stand out on the market. In December, we signed an EUR 2.9 million agreement with the Customs Service for a video analytics solution that combines the expertise of our two businesses.
Since October 7 2021, Loihde’s shares have been traded on the First North marketplace. Due to the company’s extensive ownership, listing has been the company’s goal for several years now. Since the company had already developed its processes with a view to listing, the actual listing project proceeded smoothly.
For our part, we want to promote sustainable development and well-being, and we have updated and expanded Loihde’s responsibility programme. Our business in itself, security and digital solutions, benefit stability in society and help to save resources. Our responsibility goals place particular emphasis on building a better and more equal working life.
Our skilled personnel is the key to Loihde’s success, and I am proud of our team of top professionals, who respect each other and show strong commitment to the objectives of the company. During the past year, increased personnel turnover has posed a challenge for all companies in the industry, including Loihde, but we have been quite successful in recruiting new employees and increasing our number of employees. We believe that our network model works well on the employee market, as we can offer digital solution professionals different working environments and pay schemes. I would like to thank our personnel for their excellent work this year.
Our best thanks also to our customers, shareholders and partners. We promise to be worthy of your trust.