Wrist Posts Strong Results Despite Macroeconomically “Uncertain Waters”

Denmark´s Wrist, a ship and offshore supplier of marine provisions and stores, came out of 2022 with a significant increase in business volume, higher revenues and an operating profit to record levels, despite the highly volatile market conditions.

During this period the company continued the high level of investments in digitalization and the expansion into new markets, as formulated in the new Group strategy, which is expected to lead to continued expansion and growth over the coming years, as the top management of Wrist predicts.

Despite the macroeconomically uncertain waters, the top management believes that the company has a strong market position and therefore expects total sales to grow with an increase in the operating profit.

Jens Holger Nielsen, Group CEO of Wrist reported on Tuesday generated revenue of DKK 5.4bn, up 21% from 2021, and gross profit to DKK 1,510m from DKK 1,198m in 2021, resulting in a gross profit increase of 26%.

The increase was mainly driven by improved sales volume, inflationary impact on commodity prices, exchange rate fluctuations, sourcing benefits, and several efficiency initiatives.

Furthermore the business volume arrived at DKK 5.4bn, up 21% from 2021, and the operating profit (Ebita) landed at DKK 241m, compared to DKK 156m in 2021.

The company continued the high level of investments in digitalization and the expansion into new markets. Last year Wrist acquired Centralam Panama at the Panama Canal, which is considered a strategic move, in order to expand its global reach and to secure a foothold at one of the world’s most important maritime crossroads.

“During 2022, we pursued the innovation of new digital and integrated solutions to meet our customers’ need for efficient and resilient supply chains, and we acquired Centralam Panama at the Panama Canal,” says Jens Holger Nielsen, Group CEO of Wrist.

Looking into 2023, Anders Skipper, Group´s CFO, says “we are moving into macroeconomically uncertain waters, but we have a strong market position and therefore expect total sales to grow organically to around DKK 5.7bn and an increase in operating profit (Ebita) to DKK 300m-320m.”