15.02.2024

Transformational year for Alimak

Hoist, mastclimber, suspended platform and façade access group Alimak has published its full year and fourth quarter results, showing a strong sales and profit growth, thanks to its Tractel acquisition.

Full Year
Total revenues for the 12 months to the end of December came in at SK7.01 billion ($671.5 million) an increase of just over 57 percent, thanks to acquisitions- in particular the Tractel deal which completed at the end of 2022, although around five percent came from organic growth.

Pre-tax profit for the year was SK681 million ($64.1 million), a 41 percent improvement on 2022.

Net debt SK3.1 billion ($296 million) almost half last year’s levels thanks to a rights issue in the first quarter which allowed the bridging loan for the Tractel acquisition to be paid off.

Breakdown by division

Construction Revenues - SK1.75 billion ($167 million) +30% with an operating profit of SK315 million ($30.1 million) +30%

Height Safety & Productivity Solutions revenues - SK1.41 billion ($135.2 million) with an operating profit of SK269 million ($25.7 million) this is a new division that came into being with the Tractel acquisition, so comparisons are really meaningless.

Wind Revenues - SK674 million ($64.4 million) +27% with an operating profit of SK120 million ($11.5 million) +74%.

Façade Revenues - SK1.99 billion ($190.5 million) +45% with operating profits of SK125 million ($11.9 million) - more than double last year’s level.

Industrial SK1.38 billion ($132 million) +21% with an operating profit of SK322 million ($30.8 million) +48%

Fourth Quarter
Group revenues for the fourth quarter increased 31 percent to SK1.84 billion ($175.8 million), Pre-tax profit came in at SK148 million (14.1 million) down 12.5 percent on the same period last year.

Chief executive Ole Kristian Jødahl said: “2023 has been a very important, successful and transformative year and we ended the year with another overall solid quarter. Looking into our divisions, I am very pleased to see that Industrial, Height Safety and Productivity Solutions and Wind delivered another robust quarter, showing the strength of our strategy and our customer centric way of working.”

“In the Facade Access division, we continue to execute on our transformation programme with the ambition to improve profitability significantly. The quarter does not reflect yet where we want to be, but we are confident that we are taking the right steps, such as the plan to close the assembly facility for Manntech in Germany.”

Fatal hoist incident
“Our mission is to move people, material and businesses safely to new heights. Still, working at height, unfortunately, carries a certain amount of risk. In December, a very tragic workplace accident involving one of our hoists occurred. My thoughts are first and foremost with those affected and their families. From our observations made by a team of experts, we can conclude that two of the mast sections holding the hoist in place had not been bolted together, which may be the reason why the hoist car fell to the ground. This is a major deviation from the installation instructions. Even though the installation was not carried out by us, we will further intensify and work with all relevant parties to ensure safe workplaces.”

Vertikal Comment

This was a transformational year for Alimak with the Tractel acquisition. Given the challenges of such acquisitions it has performed well. Signs are that the improvements will continue to filter thorough as the two companies continue to integrate.

2024 will be an interesting year to watch.