Nammo released its 2017 annual report today, reporting eight percent revenue growth compared to 2016 with profits of NOK 367 million (approx. USD 47 million.) This is the second consecutive year of growth for the company as it continues to expand in both Europe and the United States.
“I’m really pleased with what we have achieved in 2017,” Mr. Morten Brandtzæg, Nammo President and CEO, said. “We are continuing to develop as one of the world’s leading manufacturers of specialty ammunition and tactical rocket motors, delivering technology and quality that is second to none.”
In 2017 Nammo continued to invest its core capabilities with the acquisition of three in-space propulsion businesses in the UK and Ireland. Additionally, Nammo established a distribution center for commercial ammunition in the United States.
“We have extensive experience in both space propulsion and commercial ammunition, but both of these initiatives mark a step change in how we address these markets,” Brandtzæg said. “We have almost doubled the number of engineers and researchers working on space propulsion, and we have taken a much more direct role in providing our high-end ammunition to competition shooters and others in the United States.”
Going forward, Nammo will continue to focus on profitable growth and on strengthening its presence in its European and North American core markets.
“Nammo is of course already profitable, and that allows us to invest for the future,” Brandtzæg said. “Still, we can, and must do better if we are going to keep the technological edge that we depend on as a niche company. That means that we have to make our already flat and non-bureaucratic structure even more efficient at the same time as we are growing. We also have to concentrate our efforts on our core markets, where we can develop long-term partnerships with customers that require and appreciate the kind of reliable advantage that that we provide.”
This year Nammo will celebrate its twentieth anniversary as a unified company. Since Nammo was founded in 1998 as a conglomeration of Nordic ammunition businesses, the company has defied the expectations of early skeptics by quadrupling its revenues and expanding its operations from four to 14 countries. In the process it has become a truly international company, which despite its Nordic roots now counts US citizens as the second largest nationality among its 2300 employees.
“Nammo’s journey has been a remarkable one,” Mr. Brandtzæg said. “We have shown that a company like ours can utilize international markets and relationships to thrive in a very competitive industry. That background and experience gives us a solid position from which to take on another 20 years.”
Nammo is an international aerospace and defense company headquartered in Norway. With 2300 staff spread across more than 30 sites and offices in 14 countries, Nammo is one of the world's leading providers of ammunition, rocket motors and demilitarization services for both military and civilian customers.