Growth in all customer segments, including the cruise and ferry sectors, has put VIKING Life-Saving Equipment in a strong position as a new strategy period commences.
Revenue reached DKK4 bill for the first time, and with a pre-tax profit of DKK452 mill, VIKING has consolidated its position as one of the market leaders in the liferaft and safety equipment sector, the Danish company claimed.
As a new strategy period commences, VIKING achieved strong financial results in 2024. Its total revenue of DKK4 bill was higher than the DKK3.5 bill recorded in 2023 and the pre-tax profit of DKK452 mill was higher than the DKK436 mill achieved the year before.
“With good growth across all segments in the company, we can certainly be satisfied with VIKING’s results for 2024,” said Henrik Helsinghof, VIKING CEO (pictured).
Last year saw growth in all customer segments, which lies at the core of VIKING’s new BP28 business strategy for 2025/2028.
“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,” Helsinghof added.
The strong figures in recent years have resulted in VIKING already reaching 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,” Helsinghof said.
VIKING’s R&D will primarily focus on developing new evacuation systems, new boats – including electric propulsion boats. After years of rising raw materials’ costs, 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,” Helsinghof explained.
The Group’s prime 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 is undertaken and sold outside Denmark. Potential uncertainty in global market trends could therefore impact the results for 2025 and beyond, Helsinghof warned.
He also saw 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.
Seeing a high level of employee satisfaction (surveyed at 87% in 2024) pleased Helsinghof, who took over as CEO in June, 2024 following the sudden death of former CEO, Henrik Uhd Christensen.
“There have never been more people working at VIKING, so it is very pleasing to see a high level of job satisfaction among our employees. I have returned to VIKING after years away from the Group and have found that our values of being a responsible and dedicated company in the global market are well-aligned with our work.
”Each day, VIKING’s services protect millions of people globally, and the company’s products and services have helped save more than 6,000 lives at sea over the years. This is only possible when you have dedicated and skilled employees,” he said.
