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Svanehøj is headquartered in Svenstrup in North Jutland.
Svanehøj

Svanehøj presents record financial results

Increasing demand for marine pumps for liquefied gas and a rapidly growing service business ensured that Svanehøj achieved revenue growth of almost 60 percent in 2022 and a doubling of its profit compared to the previous year.
19. JUN 2023 11.04
Gas
Økonomi

The pump manufacturer Svanehøj is doing well - in fact, record-breakingly well if you look at the company's recently presented financial statements.

The turnover has grown from 439 to 697 million. DKK, while the result (EBITDA before one-off costs) has doubled from 67 to 134 million. DKK. For both turnover and earnings, this is the best result in Svanehøj's almost 100-year history. In the Svanehøj Group, which also includes Hamworthy Pumps in Singapore, the progress is even greater, as the turnover here has grown from 611 to 967 million. DKK and the result (EBITDA before one-off costs) improved from 58 to 161 million. DKK.

- The development in 2022 is very satisfactory and an expression of the fact that we have come a long way in our strategy to make Svanehøj a globally leading specialist in liquefied gas and the new forms of energy of the future. We have managed to maintain a record high level of our order intake of more than 740 million kroner, and this gives us a strong starting point for the coming years, says Chairman of the Board Søren Ø. Sørensen in a press release.

Among the highlights of 2022, Svanehøj's CEO Søren Kringelholt Nielsen particularly notes that we have won strategically important orders for pump systems for both ammonia- and methanol-powered ships and for the transport of CO2. At the same time, the company has established itself in the growing market for LNG terminals through the acquisition of Wärtsilä Tank Control Systems, a specialist in high-end measurement systems for gas tank facilities.

- The development in 2022 has clearly emphasized that the future for Svanehøj lies within the green transition. I am proud that we have succeeded in handling such a large increase in activity levels while modernizing and restructuring production, says Søren Kringelholt Nielsen.

Will continue to execute on new strategy

Although things are going well for the Danish company, the ambitions are even higher. At the beginning of 2022, Svanehøj launched a new strategy "Powering a better future", which, among other things, set goals to reach a billion-dollar turnover within five years.

In addition, with the new strategy, Svanehøj has put the UN's Sustainable Development Goals at the top of the agenda. Therefore, together with the financial statements for 2022, it has presented its first ESG report, which explains the company's approach to environmental and social responsibility and sets the goals until the end of 2025.

Svanehøj will, among other things, reduce its emissions of greenhouse gases in scope 1 and scope 2 by 50 percent compared to 2021 levels. In addition, at least 95 percent of a greatly increased R&D budget must go to developing solutions for green transition.

In April this year, Svanehøj continued its expansion within the service of gas tankers and terminals with the acquisition of LNG specialist Complete Cryogenic Services in the USA. This is Svanehøj's third acquisition in just over two years, and the company is ready to expand further as part of its growth plan. If all goes as expected, Svanehøj can therefore present one or two more acquisitions during 2023.

- As part of our growth strategy, we are constantly looking for companies that can strengthen us in our mission to support the green transition in the sectors where it is most difficult to reduce greenhouse gas emissions. This applies to heavy transport – ships, trucks and aircraft – and resource-intensive industries. Over the past four years, we have almost quadrupled our turnover in Svanehøj and created very solid earnings. This gives us room to act when the right opportunities arise, says Chairman of the Board Søren Ø. Sørensen.

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