Preface

In 2023, the European economy has clearly slowed down. There are fewer new, larger construction projects, compared to 2 years ago. This is mainly caused by the European Central Bank, which has increased the European interest rates massively. At the same time, building materials have become much more expensive. These two factors have made it much more expensive to realize new buildings.  

Within IPCOM, the impact varies between countries. In total, our turnover until August is still slightly higher in 2023 than it was in 2022. We continue to benefit from serving many different end markets (not just construction) and being active in 16 different countries. The outlook for 2024 is unclear. However, as a group, we are determined to continue with our growth strategy and adapt where needed. Some of the key points are: 

• Diversification and expansion:  
  Despite the challenges, we see this as a time of opportunity. We are looking for new paths such as attracting new customers and expanding our product range. Our ability to adapt and innovate is the best proof of our resilience as a group. 
• New acquisitions:  
  Our acquisition efforts are on track. We are taking strategic steps to strengthen our position within multiple countries and end markets. Multiple “letters of intent” have been signed with strong companies, so stay tuned for more detailed updates in the upcoming newsletters. 
• Cyber security awareness:  
  In an increasingly digital world, cyber security remains a key concern. It is not a question of if, but when we may face cyber threats. To protect our group, it is essential that we follow the cyber security rules and best practices. To ensure that everyone is well informed, we have summarised these rules in a link. Please take the time to read through these guidelines and follow them carefully to protect our operations and data. 

As a group, we are stronger, and our collective efforts will enable us to get through this “slow economy” successfully. Thank you for your dedication, hard work and continued support. 

Let's continue to move forward together. 

Remco Boerefijn