Wrist Ship Supply has increased net sales to more than DKK 3 billion and managed to increase net profit with 25 percent. These are some of the results in the Annual Report, which has just been published. The positive results are due to more efficiency and solid growth in the shipping and offshore market. In 2013, Wrist became a stand-alone company and new long term committed financing was secured – enabling both current operations and acquisitions in the years to come.
In 2013, Wrist further consolidated its position as the world’s largest supplier to ships and offshore
locations and increased sales above market growth.
Sales increased with 8 percent in local currencies – 6 percent in DKK – reaching DKK 3, 032 million, which
equals USD 540 million.
Since 2009, sales have more than doubled. In the same period, operating profit (EBITDA) has gone from
DKK 40 million to DKK 180 million, and Wrist nearly doubled the operating margin – from 3 percent to 5.9
over the past years.
Net profit for the year amounted to DKK 76 million compared to DKK 61 million in 2012, which is an
increase of 25 percent.
These are a few of the noteworthy results in the Annual Report, which was submitted to and adopted by the
annual general meeting.
Focus on customer service
“We experienced solid and organic growth in 2013. In a challenging market, the results are very satisfying
and a sign of better efficiency as the number of employees was increased only 3 percent against the growth
in sales of 8 percent in local currencies. Once again, our constant focus on customer service, responsiveness
to change in customer demands and competitive sourcing has proved its worth, ” says Robert Kledal, CEO,
Wrist Ship Supply.
Except for the Far East, net sales for all regions developed positively. North America continued strong
growth with an increase of 10 percent in local currencies. Furthermore, Wrist faced growth in the offshore
supply in both the North American area and in the North Sea.
Prepared for expansion
In 2013, Wrist became a stand-alone company after a split of Wrist Group into Wrist Ship Supply and OW
Bunker. Practically, the two companies have been separated for a couple of years, but the split was formally
concluded in November 2013.
By extension, Wrist has adopted an ambitious growth strategy, emphasising both the shipping and off shore
industry. In addition, new long term committed financing was secured – giving Wrist opportunity to make
expansive investments and acquisitions in the years to come.
“Wrist has the financial strength, operating platform and strategic roadmap to further consolidate its
position as the leading global supplier of provisions and stores for ships and offshore locations, ” says
Last year, Wrist initiated large investments that include new premises in Singapore, a new business system
as well as quality management systems, achieving, for example, a high-level quality accreditation of the US
operations based in Houston. In total, investments amounted to DKK 102 million in 2013.
The new business system is based on a new IT infrastructure, and the aim is to get even higher customer
service and operational efficiency and to mainstream the solutions globally. Furthermore, the system
provides a more simple integration, which eases possible acquisitions in the future.