VIKING Life-Saving Equipment continued to increase its global expansion
Last year, VIKING Life-Saving Equipment continued to increase its global expansion, lifting turnover and profits and creating more than 200 new jobs.
Despite difficult market conditions, VIKING managed to achieve a record turnover of DKK1.442 bill, representing an increase of some 14% in comparison with 2010.
Operating profit was DKK120.6 mill, up 23% on 2010. The average number of employees rose from 1,397 in 2010 to 1,557 for the 2011 fiscal year, with year-end staff numbers at 1,646.
Last year, the market was influenced by increasing competition, accompanied by several consolidations. Markets were also affected by the European debt crisis. Pressure was particularly high in the Southern European market, traditionally a stronghold of the maritime industry.
Reductions were felt, too, in the number of newbuilds, although this was countered by growth in the overall number of vessels in service and firm demand for replacement and servicing – both of which are key VIKING components.
Henrik Uhd Christensen, VIKING’s CEO, said; “VIKING’s controlled diversification within the safety industry has allowed us to adjust appropriately to changing market conditions. It is our combination of a high quality product portfolio, a unique network and customised solutions that is difficult for our competitors to match.”
With the focus on being close to customers, the company is pursuing increased globalisation via network expansion in all aspects of its operations.
During 2011, for example, new locations and stock points were established at Port Klang (Malaysia); Kaohsiung (Taiwan); Cairo, Port Suez and Alexandria (Egypt); Mersin (Turkey); Split (Croatia); Brest (France); Santos (Brazil) and Colon (Panama).
In addition to network expansion, VIKING has developed several products and services that raise safety standards, particularly for the offshore market, the company claimed.
In recent years, much of the growth in the company’s service revenues has been provided by VIKING’s Shipowner Agreements: “Given today’s volatile markets, our customers are extremely keen on servicing contracts that help them to predict the costs of servicing their safety equipment without jeopardising any important parameters.
Development in these agreements during 2012 will bolster the phenomenal success we’ve had with our Shipowner Agreements to date. VIKING’s safety competence and 50 years of experience combined with the unique safety network and customised solutions simply make us a stronger global partner,” said Christensen.
Source: VIKING