PRESS RELEASE: For the second consecutive year, revenue and earnings remained stagnant for 2017 at VIKING Life-Saving Equipment A/S. Two of the largest customer segments, the cargo ship market and offshore industry, remain in turmoil and continue to impact the top and bottom lines. Signs of a slight improvement in the economy are encouraging, as well as VIKING’s gain in market share.
“We find ourselves in a market with extremely complex demands that vary significantly between segments – a market driven by a multitude of factors, including technology, growth in the global economy, trade policy, geopolitical stabilty, among others. Overall, however, I believe we will benefit in the coming period from growth in the global economy. The backlog of deferred investments in many sectors will also be to Viking’s advantage over the next few years,” says CEO Henrik Uhd Christensen.
VIKING achieved revenue of DKK 1.834 billion in 2017, compared to DKK 1.858 billion in the previous year. Profit before tax amounted to DKK 174.3 million, compared to DKK 183.5 million in 2016.
Service revenue surpasses milestone
Underlying developments reveal shifts between the individual areas of business, with declining sales to the newbuild and offshore markets, while the agreement market – multi-year service agreements with shipowners and owners of offshore installations – continues to meet the high expectations, surpassing revenue of DKK 1 billion for the first time in 2017. Meanwhile, the important market for passenger ships also continues to show strong growth.
