Fatman reports revenue of EUR 3.2 million and operating profit of EUR 230 000 for FY2021

Fatman’s revenue increased 4 percent to 3.2 million euros in the fiscal year ending 30 November 2021. Operating profit was 230 000 euros. Due to the prolongation of the exceptional circumstances, the company’s number of employees dropped to 26 employees, but new recruitments have already been made at the beginning of 2022.

Despite the exceptional years, Fatman has continued the continuous development of high-quality SaaS services. Customer projects that were postponed due to the COVID-19 pandemic have finally started, and from the beginning of 2022, the company has obtained several new customers. The company has also focused heavily on the international sales and marketing of the IFRS 16 Lease Accounting add-on. In previous years Fatman has launched significant R&D projects for the development of IoT applications and the development of these projects continued in 2021.

The market situation and the company’s business are gradually starting to normalize after challenges caused by the COVID-19 pandemic. Since the company revenue decreased due to the pandemic in 2020, the number of employees was also reduced. From the beginning of 2022, the company started to invest in employee recruitment and more skilled labor has been hired in several different units. The normalization of the situation and the return of employees from remote work back to the office has been a big boost to the company’s everyday life.

The company has large significant new customers, international business plans, and continuous development of SaaS services, but the development of products made in cooperation with customers and effective customer service is still visibly among the company’s most important values. In 2021 the average customer satisfaction of satisfaction meter was a tremendous 4,5/5 and for this Fatman is especially grateful to its customers.

Fatman releases FY2020 results and reveals major R&D projects on IoT applications

Fatman’s revenue increased 4 percent to 3.2 million euros in the fiscal year ending 30 November 2021. Operating profit was 230 000 euros. Due to the prolongation of the exceptional circumstances, the company’s number of employees dropped to 26 employees, but new recruitments have already been made at the beginning of 2022.

According to the company management, several major customer projects that were originally planned for 2020 were postponed due to financial uncertainty and unusual working environment caused by the COVID-19 pandemic. Market environment and Fatman’s business are slowly expected to return to normal during 2021, but there is still a lot of uncertainty due to the prolonged pandemic. The estimated impact of COVID-19 to Fatman’s annual revenue was approx. 25% in 2020.

Despite of an extremely challenging business environment, the continuous business has remained stable and Fatman has been producing high quality SaaS services with most of the team working remotely since April 2020. Last year, the company also started major R&D projects in the field of IoT applications with an aim to push the market towards a direction where data from different devices is systematically collected and analyzed to define WHO should do WHAT, WHERE and WHEN.

Under this concept, Fatman has introduced the first solutions where large data sets are collected and structured, forecasting algorithms are used to define probable future events, and task optimization is done to ensure efficient use of available resources. This work continues in 2021 with an increasing pace.