Semco Maritime has hailed a stronger than expected financial performance for 2024.
Revenue increased by 12% to a record level of DKK 5.6 billion (€750.4 million) and earnings (EBITDA) before special items reached DKK 318m (€42.6m), up on the DKK 304.6m (€40.8m) recorded in the previous year.
The company attributed its performance to high-capacity utilisation, efficient project execution and prudent cost management.
Chief executive Steen Brødbæk said: “We continued to pursue our Sustainable Growth strategy in 2024, taking significant strides to grow the Renewables business’ share of group revenue to 65% by 2027.
“Through continued efforts since the launch of the strategy during 2022, we have successfully grown the share of group revenue from Renewables, which exceeded half and reached 58% in 2024.
“More notably, we have done so while still growing the Conventional energy business by 27% in the same period.
“I am thankful and proud that our dedicated employees are delivering on the strategic goals with such perseverance in years marked by great uncertainty.”
The order intake was solid in 2024, albeit below the exceptionally high level in 2023 as anticipated and due to less attractive investment conditions and protracted decision-making in the offshore wind space.
Against that backdrop, Semco Maritime entered 2025 with an order book of DKK 5.9bn (790.6m) with Renewables accounting for 88% and Conventional energy for 12%.
“We reaffirmed our strategic direction, which enables us to navigate the challenging waters of political and macroeconomic uncertainty, increasing costs and a lack of investment in energy infrastructure,” Brødbæk said.
“While our Renewables business is gaining ground and accommodating the tectonic changes in global energy markets, we are recalibrating and evolving our conventional offering to support the energy transition.”
Semco Maritime expects to deliver solid profitability in 2025 and reach a profit margin (EBITDA) of 5-7% before special items.