Wrist Posts Increased Growth and Continues its Major Digital Investments

PRESS RELEASE
Noerresundby - Denmark 

Wrist, a global leader in maritime supplies, services and logistics, demonstrated robust financial results and strategic advancements in 2023. Despite market uncertainties, Wrist continued its line of growth and investments in digitalization and supply chain simplicity – with a commitment to further expansion and innovation.

From the left: Anders Skipper, CFO, Jens Holger Nielsen, Group CEO and Peder Winther, CEO Ship Supply

Subdued demands for maritime supplies in certain regions impacted Wrist’s financial performance due to its comparatively high market shares in these geographical areas.

Jens Holger Nielsen, Group CEO, adds: “We are committed to our strategic vision, making significant investments in our infrastructure and digital capabilities to position ourselves for future growth.”

In 2023, Wrist generated revenue of DKK 5.5bn, up 3% from 2022. Gross profit increased to DKK 1,578m from DKK 1,510m in 2022. The 4% increase in gross profit was mainly caused by higher demand, increased margins in selected markets and changes in the business mix.

Operating profit (EBITA) was DKK 230.9m compared to DKK 240.9m in the previous year. A like-for-like comparison of EBITA for 2022 and 2023 uncovered a decrease of 4.2% or DKK 10m as the result of modest revenue growth and significant investments in new distribution centers, digitalization, as well as people capabilities.

The Group’s equity stood at DKK 1,128m at the end of 2023, up DKK 62m compared to 2022.

Building upon a strong performance in 2022, Wrist remained steadfast in the pursuit of innovative solutions and sustainable practices to meet evolving customer demands and to navigate changing market dynamics.  

Wrist’s ambitious Group strategy, CONNECT 2027, aims at redesigning and digitalizing the business to deliver enhanced solutions to customers. With this strategy, Wrist accelerates the digital transformation of maritime supplies, including the continuous development of the digital marketplace, Source2Sea. Moreover, the foundation for an accelerated M&A course is created to fuel growth.

Jens Holger Nielsen comments: “With our strategic focus, we already reported significant milestones throughout the Group. We onboarded the first key customer with 680 vessels on the Source2Sea marine supply platform and added yet another 600 vessels on Gateway, our digital end-to-end catering platform. The future maritime supply industry is set on digitalization, sustainability and supply chain simplicity, and in 2024, we will continue feeding data and technology into our solutions, while transforming our supply chain according to our sustainability aspirations.”

Key Figures

Access complete Annual Report 2023 here

About Wrist
Wrist is the world’s leading ship and offshore supplier of marine provisions and stores with a market share of approximately 12%. With our Source2Sea digital marketplace, Wrist is leading the digital transformation of the marine supply industry. All year round, we offer 24/7 global online sourcing and logistics providing data transparency, automation and convenience to customers.

We continuously work on reducing our own climate impact while at the same time proactively addressing our customers’ growing demand and need for responsible solutions and services. From more than 30 locations worldwide, Wrist employees take pride in making it easy for our customers to order and receive marine supplies and services.

 

Contacts
Jens Holger Nielsen, Group CEO, Wrist Ship Supply
Phone: +45 9931 9649

Anders Skipper, Group CFO, Wrist Ship Supply
Phone: +45 2134 1099

Photos, press materials, etc.:

Tine Lind, Director Group Marketing and Communication, Wrist Ship Supply
Email: tili@wrist.com, phone: +45 4174 8947

Wrist Ship Supply A/S
Stigsborgvej 60, 9400 Noerresundby, Denmark
wrist.com

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