Higher revenues and a continued focus on profitability saw offshore wind cable manufacturer NKT’s operational EBITDA increase to a new high of €182m in 2023 from €106m in 2022.
The company’s solutions division also posted organic growth of 59% in 2023.
NKT achieved a record-high annual order intake of €7bn in 2023 driven by project awards across Europe, primarily based on DC technology, its directors reported.
In May 2023, NKT launched the largest investment programme in company history, which will see investments of approx. €1bn to increase capacity and capabilities when assets gradually become operational from 2027.
Exiting 2023 with a high-voltage order backlog of €10.8bn, the division will continue to focus on execution, and is well positioned to meet demand for high-voltage power cable systems, NKT said.
NKT chief executive Claes Westerlind, said: “2023 was a successful year for NKT with organic revenue growth of 36% and the highest annual operational EBITDA in company history.
“Demand for high-voltage power cable systems was unprecedented during the year.
“This led to a record order intake bringing our high-voltage order backlog to €10.8bn and the launch of an approximately €1bn investment programme.
“We enter 2024 with a robust financial position that forms the foundation for further improvement of financial performance.”