In the face of an expected market downturn for ballast water management systems, DESMI has not only sustained its robust growth direction but can also announce a record-breaking revenue for 2023, nearing 2 billion DKK.
DESMI is pleased to report a landmark year in 2023. Despite experiencing an expected market contraction in the ballast water management system business, which in the recent years has accounted for a significant portion of our revenue, we have outperformed our expectations. The upcoming regulatory deadline for retrofit of ballast water management systems on certain marine vessels by September 2024 had prepared us for a market decline; however, a remarkable 25% growth in our core pump business across all other business segments has propelled us to our highest ever revenue.
“We are very pleased that we have achieved substantial growth in our core Marine, Industry, and Defence segments, alongside a strong growth in our global Service and Aftermarket business. The development is a testament to our competitiveness, strong partnerships with customers around the world, and the dedicated work of the more than 1,000 DESMI employees globally”, says Group CEO, Humphrey Lau.
Key financials for 2023 for the DESMI A/S Group:
- Revenue: 1,954 million DKK, an increase of 4% over 2022.
- Earnings before interest and tax: 243 million DKK an increase of 12% over 2022.
DESMI will celebrate its 190th anniversary in 2024 but is not resting on its laurels. An ambitious growth strategy both organically and via strategic acquisitions has been unveiled, with a commitment to innovation within Flow Technology. The target for 2028 is to double revenue, alongside strategic investments in product development, organisational structure and processes to deliver increased value to our customers, stakeholders, and to societies at large.