The global economic situation continues to be characterized by uncertainty. However, the markets no longer react as strongly to sudden changes in US trade policy as they did before. Rapid changes in direction have become the new normal, and we have learned to live with them. Despite the positive news, the European economy is not gaining momentum but lagging behind developments in the rest of the world. Recently, Finland’s shipbuilding sector has received very positive news: icebreaker orders from the US and a contract to build a new luxury cruise ship will ensure full employment in the sector for years to come. On the other hand, the forest industry is not doing well, with factories standing idle because the market is sluggish. This has a widespread impact on the entire supply chain and other services.
Raw material prices have remained at roughly the same level. In the spring, we mentioned the reduced availability of steel as a threat. However, the situation has improved and the availability of raw materials has been good this fall. If demand starts to rise rapidly, however, difficulties may arise, as stocks remain low, factory capacity is limited, and entire production lines and steel mills have been shut down. In this situation, placing orders of sufficient size and in good time is the only way we can ensure uninterrupted operations.
Jame-Shaft’s situation has changed a lot in a year. A year ago, the work situation was poor and we had to lay off staff and keep the factory closed for several days in December. The situation is good at the moment; we have already hired more employees and will probably need a few more during the rest of the year. Revenue and profit for the last financial year (July 1, 2024–June 30, 2025) fell short of the budget. Thanks to a strong finish, revenue reached €27.5 million. For the current financial year, we are aiming for revenue of over €30 million, which would represent growth of over 10 %. After the first quarter, we are slightly ahead of budget, and based on forecasts, the outlook for the rest of the year also looks good. Capacity utilization is currently good and in balance with orders. As time is flying by, we would like to remind you that Christmas and New Year’s Eve are coming up again this year. Our factory operates every weekday, so we do not have any extended Christmas breaks. Nevertheless, there are fewer working days in weeks 52/2025 and 1/2026. For this reason, the manufacture of products to be delivered in weeks 1–3/2026 should be started well in advance of the turn of the year.
The investment program created during the spring strategy days is progressing. The first step has already been taken with the renovation of approximately 1,000 m2 of hall space in the same building. After the expansion, our entire factory will cover an area of approximately 10,000 m2. Once the necessary construction and painting work has been completed, we will move our warehouse to these premises. Negotiations for the purchase of machine tools for the premises vacated by the warehouse are already well underway for two machines. As the purchase agreements have not yet been signed, we will be able to provide more details in our next press release.
As we have announced, work is also underway to replace the ERP system. The Monitor ERP project has continued with testing in a test environment. As regards the actual order-production process, all sections have been tested and are functioning properly. However, a little more work and testing is still needed in other areas. The goal is still to make the switch before the end of this year.
There will be personnel changes in sales and marketing. Jyrki Pynninen, who has held this position for over 13 years, will retire on December 1 this year. Jyrki’s responsibilities will mainly be divided between Jari Sistonen (email jari.sistonen@jameshaft.fi and phone +358 44 4918477), who will take over responsibility for customers in Finland, the Baltic countries, and Poland. Ismo Moilanen (email ismo.moilanen@jameshaft.fi and phone +358 40 8496710) handles customers in Scandinavia, Germany, the Netherlands, and other parts of Western Europe. However, if you have production or subcontractors in several countries, the same person will handle all of them. Both have extensive experience and a good understanding of our customers and our own production, so they are able to help our customers with all kinds of questions. They also act as each other’s substitutes during vacations and business trips, if necessary. We wish Jyrki a peaceful retirement and hope that cooperation with the new managers will increase and deepen. We would also like to remind you that purchase orders should be sent to tilaukset.orders@jameshaft.fi, delivery-related inquiries to customers@jameshaft.fi, and quality-related questions and complaints to quality@jameshaft.fi. This will ensure that they are processed immediately without delay.
Let us hope that the promising economic growth continues and that all parties involved in the global economy understand the importance of cooperation. Thanks to substantial investments and a new investment program, Jame-Shaft is ready for economic growth and to reach a new milestone in turnover: €30 million. We continue to ask our customers to provide us with as much advance notice as possible so that we can ensure sufficient capacity and procure raw materials in a timely manner.
We wish all our customers a successful end to 2025.
Best regards,
Mika Tuunainen
Managing Director
Jameshaft Oy