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Good result for Brunvoll in 2023 - in a strong growth phase

Persistent geopolitical tension combined with a macroeconomic development characterized by high interest rates and inflation has made 2023 a challenging year for many, both in the business community and not least in private households. Despite this, the year has been very positive for Brunvoll, which has been very successful in the market, delivered operationally well, and recruited nearly 90 new employees.

Kåre Øyvind Vassdal, Group CEO at Brunvoll

In the second half of 2022, we presented an offensive growth strategy towards 2025. Therefore, it is gratifying to see that in 2023 we have started the growth journey with a sales growth of as much as 26% compared to 2022. The growth seems to continue in the years to come, and this gives us opportunities to continue to invest significantly in our factories and employees to be competitive going forward as well.
As a family-owned group with owners who think and act long-term, and who demonstrate social responsibility, we are in a good position to help solve the challenges that the maritime industry will face in the decades to come. Reaching the climate goals that are necessary to create a sustainable planet for future generations is the most important task for society going forward. We are very committed to putting action behind the words. We are very proud of the work we do, which is presented in more detail in our 2023 sustainability report to be published later in April.

Kåre Øyvind Vassdal, CEO for Brunvoll
100 MNOK investment in two new machining centers for both the Molde and Volda factories.
We are satisfied with the financial results for 2023. The figures are a consequence of the efforts that our employees make every single day for our customers and each other. We are very pleased to be able to deliver profitable growth in a time of high inflation. In recent years, the group has invested significantly in innovation and is now seeing the results in the form of growth in a new sales market where the market outlook is better than it has been for a very long time. Our long-term owners, together with the employees, have developed a group with high solidity and muscles to take advantage of the market opportunities that arise in a cyclical industry.
The products and services we deliver in the Aftermarket are very important to our customers. Our global service network and our unique philosophy around the production and storage of spare parts in Norway are becoming increasingly important. This is sustainability in practice, through safer vessel operations, higher uptime, fewer accidents, and longer product life.
I would like to take this opportunity to express my sincere gratitude to my colleagues, our global agent network, our skilled partners, and not least, our old and new customers for the cooperation in 2023, says Kåre Øyvind Vassdal, CEO of Brunvoll.

2024 Outlook

The market for contracting new vessels has been very good in 2023 and continued into 2024. There will likely be further growth in both order intake and turnover in 2024, compared to a good 2023. Market position is perceived as strong within our selected vessel segments, and there is great interest and recognition for Brunvoll's system solutions for propulsion and manoeuvring of advanced vessels.

"Geopolitical uncertainty and challenging macroeconomic conditions continue to characterize the world and the global economy in 2024 as well. We expect this to persist for some time and will lead to the cost picture remaining challenging. This means that we must ensure volume growth and further productivity improvements to maintain our profitability in the years to come. Therefore, it is especially gratifying to see that we are taking new positions in the market and developing the collaborations we have with our loyal customers. Brunvoll looks positively to the future also at the start of 2024. We will use the energy to continue to develop in a positive direction," says Vassdal.

Vessels for the offshore wind market has been one of the stronger markets for Brunvoll in 2023 and so far in 2023. This was a order for a comprehensiv package from Brunvoll for 4 CSOV's at VARD. Illustration: VARD Design AS

Key financial figures 2023

  • Operating revenues were MNOK 1,438 in 2023 compared to 1,139 MNOK in 2022
  • Profit before tax was MNOK 157 in 2023 compared to MNOK 90 in 2022
  • The group has a very solid financial position with equity of MNOK 705 (49%)
  • The number of employees in the group is now 543, including 37 apprentices

  • Export share of 76% in 2023, compared to 74% in 2022
  • Spent 75,000 hours on product and service development in 2023, the most ever
  • Distributed 7 MNOK  in bonuses to its employees towards the end of last year related to the performance in 2023

Contact persons

For more information, please do not hesitate to contact us.

See all contacts
Asmund Sætre

Asmund Sætre

EVP Business Development & Marketing, Brunvoll Group

+47 924 10 378

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