Hoyer Group 2020 results with promising growth in niche markets

In 2019 Hoyer Group achieved the best result in the company history. A flourishing scrubber market together with a number of strategic initiatives indicated the development to continue.

“As for many other companies, the 2020 challenges came unexpected for Hoyer Group and the result does as such not meet the high expectations generated by the 2019 record year. That being said I am pleased that Hoyer Group entered 2021 with a strengthened strategic position in both existing and new market segments. The enhanced strategic focus is further supported by the successful divestment of Hoyer Transmissions” says Søren Ø. Sørensen, Chairman of the board, Hoyer Group and adds:

“The management and employees have constructively faced the COVID-19 challenge and strengthened the company through innovative and creative initiatives”.

Despite a year with challenges and restrictions Hoyer Group managed to increase the level of satisfaction at customers as well as employees.

“From day one we have had a continuous focus on communication and information to customers as we are an integrated part of their supply chains. Combined with our employees who have shown dedication and impressing abilities to adapt to change, it has without doubt influenced the significant increase in customer satisfaction. We are very positive about the 2021 outlook and expect growth in sales as well as revenue,” says Henrik Sørensen, CEO, Hoyer Group.

Environmental development and digitalisation

Despite a turnover setback in 2020 net profits increased with 18% caused by the divestment of Hoyer Transmissions. The strong financial position has enabled the investment in new initiatives that will further support the growth strategy.

“In 2020 we have seen a positive development in niche segments such as the wind industry, gas carriers and deck machinery. The wind market is a great example of our strategic focus on the green transformation where we have just invested in a US setup to support the growing American wind market. Furthermore, we have expanded the range of energy efficient products as part of our green solutions. The early results shows a promising potential both environmentally and financially”, says Henrik Sørensen, CEO, Hoyer Group.
Based on the 2020 result and future ambitions Hoyer Group has chosen to embark on a new and significant digital journey.

“Hoyer Group has a massive potential within the selected market segments. Therefore, our successful strategy plan is further accelerated to strengthen the global market position by adding significant value to customers through high quality, reliable delivery performance and competitiveness. To support this journey a double-digit million amount is invested in new ERP and CRM systems”, finishes Søren Ø. Sørensen, Chairman of the board, Hoyer Group.

Hoyer Group key figures 2020

• Turnover: DKK 462 million
• Net profit: DKK 57.3 million
• Solvency ratio: 61.2%