Cable manufacturer NKT is celebrating a bumper year with a record-high operational EBITDA of €252m in the Solutions division.
This was up from €182m in 2023, a previous record for the company.
Solutions revenue was €1.6bn, an increase of €447m from the previous year, corresponding to organic growth of 39%.
This was driven by previous investments to increase capacity and capabilities, as well as satisfactory execution of orders awarded in recent years, the company said.
NKT chief executive Claes Westerlind said: “In 2024, we again delivered more than 30% organic growth in Solutions as we continued to execute on our record high order backlog.
“We are well-positioned to meet the growing demand for high-voltage power cable systems as the energy transition depends on an integrated power cable grid ensuring efficient and reliable energy transmission.”
NKT progressed several offshore wind projects in 2024 including Baltic Power, Hornsea 3, East Anglia 3, Borwin 5, and Dogger Bank C.
It completed a number of high-voltage projects, including the finalisation of the HVDC link connecting the Shetland Islands to the main grid in Scotland.
The 320kV HVDC interconnector is now a key contributor to the integration of renewable energy in Britain.
NKT also finalised the onshore power cable system for the Viking Link connection between Great Britain and Denmark.
NKT Victoria, the company’s cable-laying vessel, was well utilised in 2024, the company said.
It was deployed across a variety of assignments relating to project installation work, mainly in the UK, Germany, and Norway.
New orders secured in 2024 included two high-voltage projects under an existing frame agreement with TenneT.
The two projects are Lan Win7 and a part of NordOstLink in Germany. The contracts will have a combined value of approximately €1bn, which includes cable design, engineering, production, as well as onshore and offshore installation.