ISSA Member Wrist, a world-wide leader in maritime supplies, services and logistics, has demonstrated robust financial results and strategic advancement in 2023. Reporting on the past year and despite market uncertainties, the firm has continued to grow and invest in digitalization and supply chain simplicity. Expansion and innovation are declared aims going forward.

Subdued demand for maritime supplies in certain regions did have an impact on Wrist’s financial performance. This was due, the firm says, to its comparatively high market shares in the affected geographical areas. Jens Holger Nielsen, Wrist’s Group CEO added: “We are committed to our strategic vision, making significant investments in our infrastructure and digital capabilities to position ourselves for future growth.”

Last year Wrist generated revenue of DKK5.5bn up 3% from 2022. Gross profit increased to DKK1,578m from DKK 1,510m in 2022. The 4% gross profit was mainly due to 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 centres, digitalization, as well as people capabilities announced the Company.

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

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"Last year Wrist generated revenue of DKK5.5bn up 3% from 2022."

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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, continued the Company’s statement.

Wrist’s ambitious group strategy, dubbed CONNECT 2027, aims at re-designing and digitalizing the business to deliver enhanced solutions to customers. With this strategy the firm accelerates the digital transformation of maritime supplies, including the continuous development of the digital marketplace, Source2|Sea. In addition, this paves the way for an accelerated M&A Programme, created to fuel growth.

Mr Nielsen commented: “With our strategic focus, we already reported significant milestones throughout the Group. “We have taken on board 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 this year we will continue feeding data and technology into our solutions, whilst transforming our supply chain according to our sustainability aspirations.” www.wrist.com

By JULIAN BERRY 13th JULY 2024