COWI continues significant growth

Despite geopolitical unrest and volatile markets, not least within the energy sector, COWI delivered an organic growth of 9%. The bulging order book reached a new record of DKK 6.3 billion. 
In 2023, COWI achieved continued high organic growth, especially within the infrastructure, industrial facilities and sustainable energy sectors. Primarily the Danish, Norwegian and North American businesses saw growth, aided in part by various public stimulus packages. The order book grew by 25% to DKK 6.3 billion, and revenue grew by 7% to DKK 7.9 billion. 

Our focus on joining forces with our customers to transition to a more sustainable future is paying off. Especially in our core markets and within our strategic prioritised sectors: sustainable energy, climate adaptation and water, large buildings and infrastructure. I'm delighted to see that our strategy is working. It is a solid result. COWI is robust and ready for the next step in our development and growth," says Group CEO Jens Højgaard Christoffersen.

Profitability (EBIT margin) grew to 4.4%, up from 4.2% in 2022, and the profit for the year increased by 48% to DKK 236 million.
According to Jens Højgaard Christoffersen, that is testament to the positive development of the underlying business. "But we have bigger ambitions. Together with our customers, we want to make a considerable difference in the green transition, while severing all ties between our society and totalitarian regimes. To do that, we need to invest significantly more in new knowledge and technology."
Backing this statement, Group CFO Natalie Shaverdian Riise-Knudsen is pleased to also see solid improvement in the financial results. “To realise our ambitions, it is crucial that we improve our profitability significantly, in line with our strategy. Therefore, we have launched a wide range of initiatives to further boost our ability to make money in the future," she says.
She is also excited that COWI's own sustainability efforts have yielded results.
”Despite our significant growth, we managed to shave 5% off our total CO₂ emissions, for instance, by reducing air travel. Moreover, we also signed a power purchase agreement to secure green electricity for our Danish offices. We have to reassess our behaviour and get out of our old habits if we are to reach net zero. Even when it makes daily life a bit more difficult," says Natalie Shaverdian Riise-Knudsen.
> View annual report 2023
Key figures for COWI: 2023 DKKm 2022 DKKm
Revenue 7.858 7.326
Operating profit before interest, tax, depreciation and
amortisation (EBITDA)
542 502
EBITDA-margin 6,90% 6,90%
EBITA* 465 455
EBITA margin* 5,9 % 6,2 %
Operating profit before interest and tax (EBIT) 343 306
Operating margin (EBIT margin) 4,4 % 4,2 %
Profit before tax 374 247
Profit for the period 236 160
Total assets 4.032 3.706
Equity 1.653 1.513
Equity ratio 41% 41%
Operating cash flow 336 382
Number of employees at 31 December 7.997 7.501

EBITA* corresponds to operating profit before interest, tax and amortisation of goodwill and other acquisition-related intangible assets, i.e., after deduction of amortisation of software, licences and development projects. Furthermore, EBITA* excludes the impact of special items.

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 Søren Kragh Pedersen

Søren Kragh Pedersen
Head of Group PA & PR
Communication, Denmark

Tel: +45 20257018