Annual Report 2023

Administer wants to be the best player in our field of business with the customer experience and innovative mindset as well as with our comprehensive service offering and technological solutions. Our goal is to transform the financial management services market by developing new technologies and solutions.

Annual Report 2023 PDF

Key figures in 2023

Net sales EUR million

EBITDA EUR million


CEO’s review

Towards profitable growth

Administer’s year 2023 was eventful but twofold. Early in the year, we focused on growth and began to integrate Econia into the Group. We also carried out three acquisitions, which strengthened our accounting firm business. In May, we went through a CEO change as I took the helm of the Group. Econia continued to execute its growth strategy by carrying out a corporate acquisition that supports the growth of its international and Compliance services. Towards the end of the year, we switched our focus from growth to improving profitability and started preparing our strategy for 2024−2026.

The progress of our financial performance was unsatisfactory, which is why we began the determined implementation of a profitability programme that aims to achieve an annual profitability improvement of approximately EUR 7 million. We estimate that the target will be reached in its entirety during 2024. Relative to our Group size, the programme is significant, even ambitious, and it is progressing as planned.

We have found the right areas for both focus and development, and our development work is well underway, as we have more actively identified synergies and competitive edges between different business operations. Our main focus will now be on improving profitability and maintaining growth. We will continue to seek growth through acquisitions and organic growth in Finland and the Baltic Sea region. I have a firm belief that with our profitability programme and the new strategy we are able to improve our competitiveness and achieve the set targets.

Kimmo Herranen

Key events in 2023

A significant new customer for Silta in payroll management outsourcing

Silta Oy, part of Administer Group, gained a significant new customer in the energy sector in January 2023. Through a multi-year agreement of over EUR 2 million, Silta offers its customer comprehensive outsourced payroll and working time management services

Administer expanded its Compliance service offering through an acquisition

Econia, part of Administer Group, continued to execute its growth strategy by carrying out a corporate acquisition in June that supports the growth of its Compliance services. With the acquisition of its own service platform, Econia can provide signifi- cantly better and more comprehensive services for preventing grey economy and ensuring regulatory compliance.

Administer’s accounting firm business acquired three accounting firms

Ruukintili Oy in the Kouvola region

Varkauden Educa Oy in Varkaus

Tilitoimisto Kirsi Lehtinen Oy in Jämsä

Kimmo Herranen started as the CEO of the Group

Kimmo Herranen started as the new CEO of Administer Group on 1 May 2023. He has served in different roles in Administer Group since 2005, transferring to his new role from the position of CEO of Silta Oy.

Profitability programme

Administer began the imple- mentation of a Group-wide profitability programme, which targets an annual profitability improvement of approximately EUR 7 million.

Strategy work

In August, Administer initiated strategy work, which will result in setting new long-term targets, among other things.

Management Team

The company streamlined and optimised the Group’s Management Team.