Svitzer gears up for listing
Svitzer, a global towage and marine services provider, posted a 6% growth in revenue in 2023 to DKK 5,786 million (USD 0.84 million), driven by a record number of harbour towage tug jobs. Adjusted for foreign exchange impact, revenue increased by 9.5%.
Ebitda rose 4% to DKK 1,690 million (USD 0.24 million), with an ebitda margin of 29.2%. Svitzer expects stable growth in 2024, targeting a revenue uptick of 3.5-5.0% and ebitda of DKK 1,700-1,800 million (approx. USD 0.25 million).
The company aims for carbon-neutral operations by 2040 and has made significant progress, achieving a 24% reduction in CO2 intensity compared to 2020. Svitzer, which has been part of AP Møller-Mærsk for nearly 45 years, will undergo a demerger and list as Svitzer Group on Nasdaq Copenhagen on 30 April 2024, to strengthen its market position and brand. (pb)