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Market News

Wrist reports new record year

despite tough markets

For the sixth year in a row, Wrist where we have had great progress – At the same time, the company

Ship Supply has seen increases in even greater than the market growth, strengthened its executive board in
both revenue and proits – and hasmeaning that we have captured market August 2015 with the hiring of a new

revealed another record inancial report. shares,” said CEO Robert Kledal.Executive Vice President, Martin Gaard
In May 2015, Wrist acquired the Christiansen, who is based in Singapore
The result is especially noteworthy in
the light of the lower offshore activities Aberdeen-based North Sea Stores and and has the executive responsibility for

and the tough market conditions.Dutch Den Helder in October – both of the development of the Asian market.
The result is not just better than which have contributed to the revenue “Asia is without a doubt the market

expected but also better than the result and proits in 2015, but to a limited with the highest growth rate and where
for 2014, which was previously the extent. The growth and improvement is we have, so far, been weakest in our

company’s best year.primarily organic.position. We are very well developed
Revenue has increased from DKK According to the CEO, the positive in Europe and North America – and we

3,347 million in 2014 to DKK 3,675 results are primarily due to massive now want a similarly strong position
million – corresponding to an increase of investments in the organisationin Asia,” emphasised Mr Kledal, who

10%. The operating proit (EBITDA) has and physical infrastructure – asalso has his eye on China: “In 2015,
grown from DKK 209 million in 2014 to well as focused efforts towards we intensiied our activities within

an impressive DKK 228 million in 2015 – professionalising the procurement deliveries to the newbuilding market in

corresponding to an increase of 9%.work and, as such, fostering even more China, and we expect to penetrate the
The overall proits ended up at DKK competitive prices.market further in 2016 when we will

105 million against DKK 130 million in “In 2015, we have invested also establish a proper sales ofice in
2014. In 2014, a DKK 33 million income additionally in our infrastructure andChina targeting the newbuilding market

from the sale of a facility in Singapore in improved logistics facilities in Spain, in particular.”
was included. The development of the Scotland and the US Gulf. At the same Despite continuing challenges in the

USD and GBP has strengthened the time, we have continued our investments offshore business, Wrist expects a good
result, but there is also growth measured in both systems and operating year for 2016: “There is no doubt that

in local currencies.equipment – and there will be further our customers will be facing another
“We have had a very good yearinvestments in 2016,” said Mr Kledal.tough year, but we still expect overall

– despite challenges in the offshore In 2015, Wrist also transitioned toimprovements for Wrist in 2016. This

market where we have been hit by the a new ERP platform in both Singapore is not least due to our acquisition of
dwindling level of activity. Our sales to and Dubai – a rollout that will continue Garrets on January 28th of this year,

offshore has reduced by 12%, but we in both 2016 and 2017, ensuring that all which has strengthened our business
have – on the other hand – grown by branches will be operating on the same when it comes to provision management

5% in the larger ship supply segment,platform in 2017.services,” said Mr Kledal. u

50 | The Ship Supplier | Issue 68 2016