Bladt Industries has noted a loss of DKK 42 million (approximately EUR 5.6 million) in its full-year 2019 results, but at the same time the company also reported a record-high order book and workforce increase.
Namely, the company registered an extraordinary write-down of DKK 85 million (approx. EUR 11.4 million) related to a pending arbitration case, which led to the loss in Bladt’s financial books.
Still, the offshore wind foundation manufacturer said its revenue in 2019 rose by 49%, with more and larger projects, combined with deliveries of steel and components.
Furthermore, 220 people joined Bladt’s workforce in 2019, bringing the company’s total to 495 permanent full-time employees at the end of the year.
“An extraordinary write-down of DKK 85m involving a pending arbitration case led to a loss of DKK 42m after tax for Bladt Industries. However, the Management is satisfied with progress due to its healthy core business, record-high order book and absence of accidents at work” , the company states.
“A range of well-implemented projects, additional employees, a historically strong order book, zero accidents at work and strengthened competitiveness ensured that 2019 was a good year for Bladt Industries. And although the profit after tax ended at minus DKK 42m, one accounting write-down regarding a single project was the only obstacle to a positive bottom line”.
The company also added that, as a consequence of the reduced book equity caused by the write-down in 2019, the owners chose to invest and inject DKK 150 million of additional equity to bolster the company and support its continued growth plans.
Meanwhile, Bladt Industries’ CEO, Klaus Steen Mortensen, has decided to step down from his current position due to health reasons, and join the company’s board.
The new CEO will be Anders Søe-Jensen, a former head of offshore activities at Vestas.