Hoyer Group with record sales

2022 was a good year for Hoyer Group. The company ended the year with record sales and significantly improved earnings.


“After a challenging 2021, it’s clear that the market and customers are back, and this can be seen directly in the figures, which present a satisfactory result,” says Søren Ø. Sørensen, Chairman of the Board of Directors, Hoyer Group.

“The result is a consequence of a targeted execution of Hoyer Group’s strategy, which focuses on issues including the development of specific niche markets, where Hoyer Group’s deep understanding of customers’ requirements and their products’ functions make Hoyer Group a competent partner,” says Søren Ø. Sørensen.

2022 was a year of momentum at Hoyer Group. The really big themes were the relocation of the head office in Asia and the implementation of a new ERP system.

A growing Asian market

Hoyer Group has been present in the Asian marine market for 16 years, and in recent years the company has also made the strategic decision to focus on industrial niche markets in Asia. This has led to the creation of more opportunities. In 2022, the company marked its presence in Asia with developments including a relocation of the Asian head office in Ningbo, China.

“During 2022, we moved our entire Asian head office to a new, more streamlined location. The new location sees an updating of office facilities, warehousing and workshop facilities. Together with a totally new, state-of-the-art test centre, the new Asian head office creates both operational and commercial opportunities for the future,” says Henrik Sørensen, CEO, Hoyer Group.

Implementation of new ERP system

2022 also saw the implementation of a new ERP system.

“In May 2022, we went live with a new ERP system. It certainly wasn’t without its problems, but we’re now starting to see the benefits of it. The implementation of the new ERP system is a significant upgrade for the company, and it means that we’re ready for expected future scaling and growth,” says Henrik Sørensen.

Future growth

Hoyer Group’s strategy is aimed at a comprehensive focus on the green transition.

“Hoyer Group has chosen to constantly challenge the market’s and customers’ choice of solution towards more energy-efficient motor and drive solutions, and with a short payback time. Together with the major operational initiatives, this provides a good starting point for the future,” says Søren Ø. Sørensen.

“We had a strong end to 2022, with both high earnings and a big order intake. This means we have a strong order book at the start of 2023, so I have high expectations for the future.”


Together with the annual report, Hoyer has published its annual ESG report. The ESG report maps out how the company works with its climate footprint, safety and energy-efficient solutions. There is an ever-increasing demand for energy-efficient solutions in particular, and this is part of Hoyer’s overall growth strategy.

“At Hoyer Group, we view ESG as a natural element of our strategy. Hoyer Group offers its customers energy-efficient, climate-friendly solutions, making us a strong strategic partner,” says Søren Ø. Sørensen.

2022 results

Net sales

DKK 711.3 million

Normalised EBITDA

DKK 67.5 million

Equity ratio


Normalised EBITDA 2020

DKK 44.2 million

Normalised EBITDA 2021

DKK 20.2 million

Expected normalised EBITDA 2023

DKK 90-100 million