Agenavej 11 · DK 2670 Greve

Annual Report 2023

27 May 2024

Annual Report 2023

In this newsletter, we would like to update you on the financial results for 2023. 

Unfortunately, the results were not satisfactory because of both internal and external factors.

The chosen growth strategy, which included massive investments in digital transformation, organizational adjustments, and further investments in recruitment and training of drivers, resulted in higher than expected one-time expenses.

The changing market conditions in 2023 led to increased price pressure from customers, while the price of almost all important cost items increased. This created a double negative effect on the financial result.

In addition, extraordinary short-term investments in fleet capacity led to negative cash flows in 2023. However, these investments are expected to have a positive impact on cash flow in 2024. 

Investments in renewing the fleet and increasing numbers of trained and educated drivers together with digitalization investments during 2023, has given us a strong foundation for reaching our growth ambitions for 2024.

Read our 2023 Annual Report HERE.

Climate and ESG Focus

In 2023 we have made significant updates in our reporting showing our commitment to climate and ESG agenda. This has involved a thorough examination of the company's analysis of suppliers, interviews with key customers, and updated double materiality analysis.

The ESG process has been guided by our core values of teamwork, respect, flexibility, and responsibility. Through this process, 50 critical aspects have been identified and categorized into 19 distinct materiality categories focusing on our impact, risks, and opportunities in all ESG areas. 

We recognize that ESG is not just an obligation but an opportunity to enhance our business performance, strengthen our brand reputation, and contribute to a more sustainable future. We are continuously seeking new ways to improve our sustainability practices and will continue to report transparently on our process and invite our stakeholders to join us on our journey towards a more sustainable future.

You can read our ambitions for 2024 in our ESG report HERE.