Strong VIKING on track towards new goals

(Posted on 18/03/25)

As a new strategy period commences, VIKING Life-Saving Equipment A/S has achieved strong financial results in 2024. With total revenue of DKK 4 billion (DKK 3.5 billion in 2023) and pre-tax profit of DKK 452 million (DKK 436 million in 2023), the company has managed to continue its growth journey in 2024.

“With good growth across all segments in the company, we can certainly be satisfied with VIKING’s results for 2024,” says Henrik Helsinghof, CEO of VIKING.

2024 has thus seen growth in all customer segments. This also lies at the core of VIKING’s new BP28 business strategy for 2025-2028.

The segments are commercial shipping, offshore, cruise and ferries and defence & professional.

“We have increased our sales of products and services across the board and have good reason to be pleased with VIKING’s growth. The financial results give us a good foundation for further development and achieving the goals we have set for VIKING in the years ahead,” says Henrik Helsinghof.

The extremely strong figures in recent years mean that VIKING already reached its strategic goals for 2025 last year. The company has now entered a new strategy period and the growth is expected to continue, but at a more normal pace.

“In the offshore segment, in particular, we have seen exceptional growth during the past three years, which we cannot expect to be maintained at this level in the coming years. I’m therefore pleased that VIKING – even after adjusting for an exceptionally high level of activity – is in a very strong position. We will build on this with a focus on greater innovation and scalability for our products and services,” says Henrik Helsinghof.

VIKING’s research and development efforts will primarily focus on developing new evacuation systems, new boats – including electric propulsion boats. After years of rising costs for raw materials, there will also be a focus on optimising and simplifying the business through several strategic initiatives.

“We made investments and expanded several locations in 2024 and have been busy across all segments. We have also seen a general increase in raw materials prices, leading to a lower profit margin. With the prospect of lower growth rates, it is therefore crucial that we develop in ways that ensure we maintain a healthy and profitable business,” says Henrik Helsinghof.

The Group’s main activities remain the production and servicing of liferafts, lifeboats, rescue systems, rescue and protective suits, firefighting suits and other maritime and offshore rescue equipment.

Much of its production takes place and is sold outside Denmark. Potential uncertainty in global market trends could therefore impact the results for 2025 and beyond, notes Henrik Helsinghof. He sees global political and supply chain insecurity as well as rising commodity prices and wage inflation as factors that could impact the business in the coming year.

The annual report reflects that a tax case concerning previous years has just been decided by the High Court, in which the Group lost. Tax and interest for the period amounted to an expense for the year of DKK 89 million.