Verdo ended 2024 with a deficit of 163 million DKK, which is the worst result for the group from the Danish state of Jutland in ordinary operations to date and over 100 million DKK higher than last year. The result was realised on the basis of a turnover of 3.2 billion DKK, which is also a decrease from the previous year, when it was almost four billion DKK. The operating result (EBITDA) shows a small plus of one million DKK compared to approximately 130 million DKK last year, according to Verdo Energi og Forsyning.
It is especially the commercial companies in the group that are pulling down the result. Verdo Energy Systems alone, which produces and services energy plants, accounts for a deficit of 131 million DKK, among other things due to delays in deliveries to Norway. Verdo Teknik, which works with road lighting and signaling systems, also has another year with red numbers.
- It is a very unsatisfactory result. It has been a while since we could start to see where things were going, and that is also the explanation for why we are currently making some of the biggest changes in Verdo in recent times, says Torben Høeg Bonde, chairman of the board of directors of Verdo.
During the year, there have been changes in the management of several subsidiaries, and the group is in the process of changing its organizational structure. From January 2025, Verdo has begun to transform itself from a classic group to a conglomerate with five more independent business areas. Each unit will now be responsible for its own staff functions and expenses.
The new CEO, Jesper Vinter Barslund, took office on April 1 and is working with the group management to improve the profitability of commercial activities.
- Things do not change overnight, but we have encapsulated the areas that are not profitable and have full focus on reducing risks and increasing profitability across the Verdo group. That is why I am also confident that we can turn the tide, even though the challenges are still significant and must be handled, says Jesper Vinter Barslund.
Despite the deficit, Verdo emphasizes that utility customers in Randers and Herning should not fear price increases. The utility is subject to the principle of self-sufficiency and may not transfer commercial deficits to customers' bills.
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