CS WIND Offshore A/S has turned several years of losses into a significant profit. This is evident from the company's annual report for 2024, where the year's profit is 508 million. DKK. This is a significant improvement compared to 2023, where the company lost 375 million. DKK. Revenue increased to 5.8 billion. DKK, while the operating profit was 629 million. DKK.
The company, which was acquired by South Korean CS WIND in 2023, attributes the profit to the fact that since the acquisition it has been particularly successful in improving efficiency and implementing a strategic focus on the core business.
"The result is significantly better than expected at the beginning of the year," the management report states.
In the period 2020 to 2023 alone, the company has lost 739 million. DKK. It is also the first time since 2018 that the company, which before the acquisition was known as Bladt Industries, can present a positive annual result.
However, there is still great uncertainty about the value of capital investments of DKK 1.2 billion in the production in Lindø, which requires new contracts after 2025 to ensure future operations. This has led to the company announcing two months ago that 220 employees at Lindø would be laid off due to a lack of new orders for monopiles.
If no new contracts are signed, production at the facility will be reduced further. According to the annual report, CS WIND Offshore had an average of 811 employees in 2024, which is approximately 200 more than the year before. That number is now expected to be lower as a result of the announced layoffs.
Dropper production of transformer stations
In 2024, the company has decided to phase out the production of offshore transformer stations and instead focus on transition pieces and monopiles. According to the annual report, there is a prospect of continued high activity in 2025 with expected earnings of between 50 and 200 million. DKK.
"The production of offshore transformer stations differs significantly from the production of monopiles and transition pieces, and the winding up of this business area therefore constitutes a natural next step in terms of streamlining the business and, not least, focusing on the CS WIND group's core competencies," the management report states.
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