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Hoyer Group came out of 2021 with a record high order book, but rising prices of raw materials and freight had an impact on the earnings, and the profit figure was lower than expected.
Like many other companies, Hoyer Group was adversely affected by the global economy. Turnover increased, but the profit did not match this.
“The profit for 2021 was strongly affected by the extreme price increases in raw materials and freight. Consequently, it did not live up to the expectations we had when the year started,” says Søren Ø. Sørensen, Chairman of the Board of Hoyer Group, continuing:
“Having that said, Hoyer Group’s management team implemented tactical and strong commercial measures during the year to ensure high delivery performance and better earnings. This means that Hoyer has emerged even stronger from 2021 with an order book at record levels. I therefore expect a significantly improved profit figure in 2022,” says Søren Ø. Sørensen.
Despite a 2021 with challenges, Hoyer Group faces 2022 with optimism.
“The record level achieved in the order book is a result of an intensified effort. We have focused on strategically selected market segments, and with a high delivery performance and a deep understanding of our customers’ applications, we have managed to increase the order book,” says Henrik Sørensen, CEO of Hoyer Group.
The global shortage of materials and goods has also affected Hoyer Group, and as part of its strategy the company has therefore invested a significant sum in upgrading its stocks.
“Availability was a keyword in 2021. Our ability to deliver is crucial, so at the end of the year we upgraded our stock so that we can provide our customers with the best possible service. It is precisely the availability of goods that is one of the factors behind the growth in our order book,” says Henrik Sørensen.
2021 was also characterised by several major internal projects that aim to help ensure future growth.
“Throughout the year, we’ve been working on a comprehensive digital upgrade. We’ve developed and implemented new ERP and CRM systems. The ERP system is going live right now. This will help to ensure that we have a platform that can facilitate the high ambition for strategic growth that will see us becoming a billion-kroner business,” says Henrik Sørensen, continuing:
“Furthermore, in Ningbo, China, we have initiated a major relocation of the company to new, updated facilities. We must acknowledge that these major projects have put pressure on the organisation, but it will soon all be finished, and this will help us to secure future growth,” says Henrik Sørensen.
In combination with the annual report, Hoyer Group has worked systematically on ESG, Environmental, Social and Corporate Governance. The ESG report is attached to the annual report and it can also be found here. Among other things, it describes how Hoyer Group works with its climate footprint, safety and energy-efficient products. The ever-increasing demand for green, energy-efficient initiatives is part of Hoyer Group’s 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.
Turnover: DKK 526.4 million
EBITDA: DKK 15.8 million
Equity ratio: 50.9%