HMF Group Releases Fiscal Year 2023 Financial Report: Steady Progress Amidst Market Challenges

The annual financial report showcases steady progress amidst a challenging economic environment. Despite facing headwinds such as declining order intake and market uncertainties, HMF has demonstrated resilience and adaptability, achieving satisfactory results.

27/03/2024 12:00:00

Key highlights from the financial report include a notable improvement in operating profit (EBIT), which has seen an increase of approximately 24% compared to the previous year - concluded at DKK 63 million. This growth reflects HMF's concerted efforts to enhance operational efficiencies and optimize resources amid market fluctuations.

While the company experienced a decline of approximately 12% in revenue, strategic measures to stabilize prices on components and energy have helped mitigate the impact, ensuring a balanced approach to cost management and sales performance. Revenue for the fiscal year stands at
DKK 1.1 billion, emphasizing the company's ability to maintain a healthy market position despite challenges.

CEO Mikkel Winther Andersen, commented on the financial performance, stating:

"We've had a challenging yet rewarding year. Despite navigating through market challenges, we have remained focused on our core objectives and have made significant progress in improving operational efficiency. We have demonstrated our ability to adapt to market trends and have achieved a level of scalability previously unparalleled for our company."

While there is an overall satisfaction with the progress, the importance of continuous growth and development is acknowledged;

"We have prioritized and concentrated on expanding our service business, achieving notable success despite experiencing a reduction in overall revenue. Looking ahead, we anticipate continued advancements in this sector as we persist in investing in its development, both domestically and internationally, with a focus on enhancing digital initiatives." Mikkel Winther Andersen continues.

In 2023 HMF has also been recognized for its commitment to innovation, being nominated for the DIRA Automation Award for its efforts in enhancing production processes. The company has also embarked on expansion initiatives, with ongoing construction projects in Galten and plans for further development in Aalborg.

Looking ahead, HMF acknowledges the volatility in the cautious markets and thus the uncertainties surrounding the economic landscape for 2024. Therefore, the company maintains a reserved outlook on its prospects, projecting a turnover of approximately DKK 1.1 billion.

In addition to its financial achievements, HMF reaffirms its commitment to social responsibility, continuing its contributions to charitable causes and leveraging its trust-owned status to support the local community with not readily available hospital equipment.

For further information:

Press contact Mia B. Sølvsten - pr@hmf.dk or +45 51 54 62 22.