I would like to begin by expressing my gratitude for the continuing trust and support of our shareholders, customers, partners and employees. Together we are transforming the way food is processed.
Marel is a global leader in a dynamic growth industry with over EUR 1 billion in revenues and an EBIT margin of 15%. Our team of 5,400 dedicated members, located in more than 30 countries, serves poultry, meat and fish processors that have operations in more than 100 countries. Our core values are Unity, Innovation and Excellence. Our vision is of a world where quality food is produced sustainably and affordably.
In transforming the way food is processed we have also been growing and advancing Marel as a company. We are proud of our 2017 results with revenues of EUR 1,038 million and operational profits of 15.2%. Revenues are up by 6% year-on-year and we have now been operating at EBIT level of around 15% for eight consecutive quarters. With an innovative portfolio and continued good partnerships with our customers we had a record order intake of EUR 1,144 million in 2017, up 13% over last year.
The strong cash flow from our operations enables us to invest in a stronger infrastructure to prepare for the future.
In our everyday work we are guided by our clear vision and set of values. Our playing field has been gradually expanding and our business operations continuously improved, reflecting our core value of Excellence.
Our playing field has expanded from its original focus solely on yield and throughput in the Icelandic fish sector to become the global leader of today, serving poultry, meat and fish processors from post-farm gate to dispatch of final products. The emphasis is on increased value, quality, safety and sustainability of production, in addition to high yield and throughput. Innovative solutions that have recently been introduced also focus on taking animal welfare to new standards.
Our customers range from small food processors to global leaders in the field. Our customer base is well diversified with no single customer accounting for more than 4% of annual revenues. Our revenues are well balanced geographically, consisting of a healthy mix of greenfield projects, modernization and extension projects with steady recurring revenues coming from our maintenance business.
Marel is a global leader in providing advanced solutions and services for the poultry, meat and fish industries. It is energizing to work with all of Marel’s talented and dedicated employees and on behalf of the team I would like to thank our customers for their partnership contribution that is a cornerstone of our success. Together, we are advancing food processing.
We are firmly committed to delivering increased value to our society, customers and shareholders by enhancing safe and sustainable food processing. That is our passion.
Arni Oddur Thordarson,
Chief Executive Officer