In 2019, the Blue Water Group presented a record profit of 25.7M EUR. The Danish transport group continues its strong development and has recently introduced its annual accounts for 2020 showing a record profit of 25.8M EUR.
New solutions and possibilities
"We are very satisfied to deliver a record result in 2020 which has been an extremely unusual and challenging year for many companies including Blue Water. During the spring, we saw the first impact of COVID-19 resulting in a decrease in some activities and great uncertainty in many markets."
"Our employees have made a considerable effort to create new solutions and possibilities for our clients in a challenging year. Thus we have managed to adapt and adjust our business during 2020. Together with a positive development in the market in the second half-year, this has generated a magnificent result," says Søren Nørgaard Thomsen, CEO of Blue Water.
Optimisation and streamlining are the way to go
In 2020, the group's turnover was 775.8M EUR, a decrease of 85M EUR
COVID-19 has affected the turnover of Blue Water Holding comprising the group's total activities.
In 2020, the group's turnover was 775.8M EUR, a decrease of 85M EUR. Blue Water Holding still succeeded in making a record bottom line due to a combination of optimisation and a fine profit performance in many business segments.
Strong performance
"Through a dedicated effort, we have in recent years been able to enhance the operation by optimising and streamlining our business while maintaining our high quality and customer service."
"Also, we have focused on a more dynamic adjustment and utilisation of the transport capacity. Furthermore, we have a solid core business, and extraordinarily strong performance in several of our business segments has contributed to the high earnings," says Søren Nørgaard Thomsen.
Positive development
The core activities within Energy & Projects, Wind Logistics, Sea & Air as well as Reefer Sea have performed exceptionally well and thereby contributed immensely to the annual result.
The strong results within these areas are expected to continue in 2021.
Rebuilding IT system
A dedicated and intensive effort from all employees across the entire organisation has ensured service
In addition to COVID-19, a cyberattack has hit Blue Water, and several IT systems have been shut down to stop and limit the attack. A very dedicated and intensive effort from all employees across the entire Blue Water organisation has ensured the operation, service, and execution of the clients' transports.
But the rebuild of the IT systems has influenced the bottom line due to lower efficiency and higher costs among other factors.
Steady start of the year
The steady development continues in 2021 as Blue Water has seen a good start in the first months. Operationally, COVID-19 still presents uncertainty concerning the overall financial result for 2021.
Also, investments are made to upgrade and rebuild the company's IT systems to the highest standards.
Strong development
"We expect a reasonable result for 2021. It will, however, not live up to recent years' record results which in particular were influenced by our big transport contracts in Kazakhstan."
"These projects have now been completed. On the other hand, we expect a continued strong development within our core activities and estimate a profit half as big as last year," says Søren Nørgaard Thomsen.
Strong foundation
Kurt Skov expresses great satisfaction with recent years' development
Kurt Skov, Blue Water's Founder and Chairman of the Board, expresses great satisfaction with recent years' development.
"Blue Water's foundation has been strengthened significantly during the past few years by the two very strong and outstanding results presented in 2019 and 2020."
High level of customer service
"I am very proud that our employees in a difficult time with COVID-19 and a cyberattack have shown the will and enthusiasm to make an extra effort in their daily work to solve the clients' transport needs."
"It is a pleasure to see that we still have a strong focus on maintaining our high level of service and that we can adapt to the development in the market and the industry," says Kurt Skov.