In the CEO's review, Heikki Hiltunen says, "It would be impossible to look back at 2020 without discussing the effects of the Covid-19 pandemic on our business and our everyday lives. Under such exceptional circumstances we have been able to perform well. Our active efforts in embracing the rapid digitalisation of sales and marketing operations early on put us in the position to succeed regardless of the obstacles presented by the “new normal”.

"We saw some of the effects early, well before we were calling Covid-19 a global pandemic. While we were following the spread of the virus in Asia, we were already able to effectively react to the challenges it presented in terms of our supply chain and logistics, minimizing the long-term effects it otherwise might have had on our ability to fulfill orders throughout 2020."

In 2020 Iloq was able continue its growth and expansion into new markets, and the company had a record year despite the gloomy outlook 2020 presented. The company was able to continue its growth and expansion into new markets, and turnover increased 21% whilst operating profit went up by 46% from the previous year. The company not only maintained stable operations throughout 2020 without the need for any layoffs or furloughs, but it was also able to bring new people on board for key positions in sales and finance as well as entering new geographical markets with a local sales presence. "The opening of our sales office in Canada marked Iloq's first entry into the North American market, with the Iloq S50 mobile access management solution opening doors to the critical infrastructure markets like telecom and energy in the region." states Hiltunen.

As a born digital company with a fully digital solution portfolio, embracing digital marketing early was a given, and thus, 2020 saw Iloq launch a new product generation fully online. "During a period where it has not been possible to meet potential customers face to face or interact with them on site or at trade events, we have been able to sell in excess of one thousand new Iloq S5 solutions during the first year of launch. Under the current circumstances, it is a very encouraging result. We expect to see the growing interest in the new 5 Series continue to drive sales in 2021," says Heikki Hiltunen.

The global appeal of the Iloq solution has been demonstrated during the past year by the numerous new major deals in the telecoms and energy industries and the fact that projects have been started in Europe, Asia and North America over the same period. "While our battery-free lock and key solutions for the residential, commercial and public sectors will continue to be our bread and butter, we see the role of mobile access management growing significantly in the near future – not just as a business for us, but as a whole," explains Hiltunen.

Hiltunen also says that the support of the new owners, Nordic Capital, announced in late 2019 has proven to be of great value in accelerating global growth, and it has given us the benefit of their knowhow, financial backing and added credibility as we have continued to execute on our strategy of growth and expansion. 

He believes that the company's success is also down to its people. "In my mind, Iloq has always been a unique company that is all about the people behind the business.  I have been pleased to see that our bond and attitude have proven to be stronger than the global pandemic.”

"Looking ahead to 2021, we will continue to move forward based on our chosen path and strategy. The uncertainty that Covid-19 still brings will continue to make predicting the future difficult. We do see that certain factors such as sustainability, environmental performance, quality assurance and cyber security will continue to be increasingly important parts of the purchase decision for years to come. We will continue to place emphasis on these aspects of our business. I strongly believe that it is still our role and mission to usher in the new era of battery-free digital access management. With the successful launch of the Iloq 5 Series in 2020, this new year shows great promise and potential. I look forward to seeing what we at Iloq can achieve together in 2021," he concludes.