Finland-based Glaston, a developer of glass processing technology, saw its net sales rise approximately 2 percent in 2014, totaling $137.9 (EUR 124.5) million. According to the company’s 2014 annual review, its net sales growth was slowed by the Ukrainian crisis and a lower-than-expected order intake in Asia. Still, its “profitability increased considerably.”

“Profitability was improved by the successful reduction of product costs at all factories, the disciplined implementation of financial efficiency measures, a stronger statement of financial position and an offering that was splendidly able to meet refreshed demand,” the report reads.

Operating profit before extraordinary items was $5.43 (EUR 4.9) million and $4.76 (EUR 4.3) million after extraordinary items.

“A change in the competitive situation and the successful implementation of profitability measures had the greatest impact on the operating profit,” reads the report. “A significant event of the review period was the extremely strong cash flow seen at the end of the year, which led to negative net debt. By the end of 2014, gearing had reduced by 19.7 percentage points.”

According to the company, after a slow first quarter, its order book developed steadily throughout the year, ending up 48 percent higher than at the end of the previous year. Glaston’s research and development expenses amounted to $4.32 million (EUR 3.9 million) in 2014.

“The acquisition of industrial property rights and patents for Glassrobots products boosted product development,” according to Glaston, which also saw an increase in personnel compared to previous years. Glaston’s continuing operations employed a total of 592 people at the end of 2014. Market capitalization at the end of 2014 amounted to $81.2 (EUR 73.3) million.

Note: All figures were converted from EUR to USD at press time.