Milestone Systems delivers record-high net revenue in 25th Anniversary year

The Copenhagen-headquartered business celebrated 25 years of operations in February last year. During its anniversary year, Milestone realised significant strides in delivering on its growth strategy, particularly so in key industries such as healthcare and hospitality.

Thomas Jensen (pictured above, left), CEO at Milestone Systems, said: “As we reflect on Milestone's remarkable journey of 25 years, we not only celebrate our past achievements, but also look forward to what lies ahead. The advancement of Artificial Intelligence and video analytics opens up endless possibilities for data-driven video technology. We already see how our strategic focus on key sectors can make meaningful contributions to people, businesses and societies around the world. We are rightly proud of Milestone's achievements to date, but we’re even more excited about the future.”

Financial Year 2023 highlights are as follows:

*Net revenue: 1.69 billion DKK (€226 million)

*Pre-tax profit: 109.9 million DKK (€15 million)

*Investment in development projects: 101 million DKK (€14 million)

Responsible technology

Milestone has long advocated that technology should be developed, sold and used responsibly. In 2023, the company established a formal programme on Responsible Technology. These principles will guide the development of Milestone’s products, services and interactions throughout the value chain.

Thomas Jensen continued: “I truly believe that technology should serve humanity, not the other way around. Responsible Technology is not just a buzz phrase at Milestone. Rather, it’s a crucial aspect of our commitment to serving our customers and societies at large. We are wholly dedicated to ensuring that our software is not only innovative, but also ethical.”

Growth plans

Reflecting on Milestone’s growth ambitions, Lars Larsen (pictured above, right), CFO of the business, explained: “Looking ahead, we anticipate an eventful and promising 2024. We will continue our growth journey in terms of revenue, investments and profitability. We expect the coming financial year will bring many opportunities, particularly so within the cloud and video analytics spaces.”

Highlights from the year included the launch of XProtect Hospital Assist, a video solution that allows medical staff to remotely observe multiple patients at once and respond to incidents quickly.

The company also introduced an updated approach for the casinos industry, itself one of the most strictly regulated in the world, in order to ensure gaming compliance and help businesses deliver exceptional guest experiences.

By year-end, Milestone added ‘camera to cloud’ capabilities to the cloud-based Milestone Kite offer. This is a simple, secure and scalable Video Surveillance-as-a-Service solution. In essence, the addition of ‘camera to cloud’ means that computing, recording and video storage can take place on cameras.

*Read the Milestone Systems 2023 Annual Report in full online