Turnover increases by 20%, profits by 45% and market share to 7% as company consolidates global expansion
Wrist Ship Supply, one of the world’s leading ship supply companies and part of the Wrist Group, has reported growth in market share and turnover following a year of focused consolidation.
Wrist’s turnover reached DKK 2, 447 million in 2011, an increase of 20% since 2010, and earnings before interest and tax (EBIT) increased by 45% to DKK 21.7 million. The company saw positive development across regional operation areas, particularly Asia-Pacific and Germany. Wrist’s operation in Germany gained significant market share in 2011 since its launch in 2009 and Wrist has signed a record number of global contracts within Germany over the last two years.
The rapidly growing offshore market represents another area of expansion for Wrist and in May 2011, Wrist Ship Supply acquired Strachans Ltd, a market-leading independent food distributor to the UK offshore industry, completing a period of significant growth totalling six acquisitions in Europe, America and Canada between 2009 and 2011. Over the last 12 months, Wrist has focused on consolidating these acquisitions into its global network and investing in advanced procurement systems and operations on a worldwide basis.
Robert Steen Kledal, managing director, Wrist Ship Supply, said: “Naturally our financial year has been affected by the current global economic turmoil, which has impacted the whole shipping industry. However we remain satisfied that we have performed well in relation to the rest of the ship supply sector.”
“In 2011 our focus has been on integrating our acquisitions into our global network so that we can continue to deliver for customers whilst ensuring a solid foundation for further growth. While this has been a challenging process, investments in operations and technology have generated efficiencies within the business that we can then pass on to our customers, who are faced with more complex supply chains and ongoing food inflation. They are increasingly turning to Wrist to provide a single, outsourced provider of ship supply with the scale, resource and technology infrastructure to deliver an end-to-end global service.
This in turns generates cost and operational efficiencies for our customers, which is increasingly important given the challenging commercial climate. ”
About Wrist Ship Supply
Wrist Ship Supply is one of the world’s top three global providers of ship supply services with a market share of more than 7%. The company utilises its global network, scale, advanced technology and purchasing strength to provide its customers with all types of ship chandlery products and services wherever and whenever they need them, creating transparency and efficiencies within the procurement process, as well as improving profitability. Wrist Ship Supply has a presence in Denmark, The Netherlands, Norway, Greece, Germany, France, Spain, Dubai, Singapore, The UK, The US and Canada. Wrist Ship Supply is owned by the Wrist Group.
About Wrist Group
Wrist Group is one of the world’s largest ship services companies, providing a one-stop shop and single point of contact for all bunker fuel, ship supply and shipping products and services for vessels. As well as Wrist Ship Supply, the Group owns OW Bunker a top ten physical supplier and trader of marine fuels and provider of risk management services, and Wrist Shipping, a provider of innovative shipping services. Through it’s two divisions, Wrist Group has a presence in over 22 countries worldwide, and operates over 30 tankers as part of its global fleet.
In 2007, Altor, one of Europe’s largest private equity organisations, acquired Wrist Group.
