Greatly improved results in a challenging year
The world is experiencing an increasing need for energy, while also having to adapt to a more climate-friendly and sustainable society. Climate change is perhaps the biggest challenge the world has ever faced. Together with an ageing population, this calls for rapid restructuring, with the development of new knowledge, technology and innovation. Abrupt societal changes are a serious threat to the economy, to our wellbeing and to society as a whole. Covid-19 has shown us how vulnerable we are when sudden changes occur, and how important it is to have research institutions that can react quickly and come up with new knowledge and fresh solutions.
Last year saw extensive organisational changes for NORCE, as well as challenges related to the ongoing pandemic. In many areas, however, it was a better year than we feared. Professionally, the year saw an upturn, including very good results on the proposals to become a centre for research-based innovation (SFI) and contracts for several important EU projects.
The financial results were also greatly improved from 2019, when operating profit was minus 55 million kroner. In 2020, operating profit is minus one million for the parent company, while the consolidated accounts show a positive result of 6 million kroner. NORCE’s employees and management have worked hard to improve the financial position, and project activity picked up sharply during the autumn of 2020. Combined with the effect of cost reductions and the Government’s package of measures in response to Covid-19, this has led to an expected improvement in profits.