In 2023, the Danish manufacturer Kvist Industries experienced significant financial challenges, ending the year with a loss of DKK 35.8 million. This downturn followed a record high in 2022, with a 27% decrease in revenue and the largest recent deficit.
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Despite these setbacks, Kvist Industries has maintained its customer base and strategically adjusted inventory levels across its value chain. The company reduced its workforce from 935 to 687 employees, cutting personnel costs by nearly DKK 50 million. The ownership circle injected DKK 24 million into the company to stabilize liquidity, supplemented by extended operational financing from Sydbank.
Although 2024 sales are expected to mirror 2023 levels at DKK 390-410 million, recent setbacks, such as a fire at their Latvian factory in May, have tempered profit expectations, forecasting a net loss between DKK 10-15 million.
Overall, Kvist Industries remains focused on executing its approved strategies and business plans with secured financial resilience, aiming to navigate through ongoing economic uncertainties and position for future growth in the B2B market.
Source: www.wood-supply.dk