COWI sets new growth record
Investments in sustainable solutions in energy, infrastructure and buildings accelerated in 2022, which was also reflected in COWI's record-high organic growth of 10.9 per cent.
Despite the tragic war in Ukraine, a European energy crisis and high inflation rates, the public and private sectors continued to invest in green solutions for the future in 2022. COWI was chosen to assist in many of these projects – not just because of our employees' expertise, but also because we launched a new strategy at the beginning of 2022, FUTURE-NOW, which aims to shape a sustainable and liveable world with our customers.
Turnover grew by 12 per cent to DKK 7.3 billion, compared to DKK 6.6 billion in 2021. Profitability, the EBIT margin, went up by 0.9 per cent from 3.3 per cent in 2021 to 4.2 per cent in 2022. And cash flow improved by DKK 153 million in 2022 to DKK 382 million.
Jens Højgaard Christoffersen, Group CEO, says: "Sustainability has become a competitive edge to everyone. Our commitment to promoting sustainable solutions resonates strongly with our customers' ambitions and challenges. In that light, I'm pleased that we have strengthened our customer relations and joined forces to create value for our customers and societies, the future generations and ourselves."
Number of employees grew by ten per cent in 2022
The strong performance reflects a vast increase in the number of employees. In 2022, the COWI Group welcomed the equivalent of 691 full-time employees, corresponding to a growth of ten per cent, and now has 7,501 employees.
"Indeed, our goal of shaping a greener future acted as a magnet to attract and retain employees. That's highly encouraging when considering that everyone craves the same pool of talent. Thanks to this, we have boosted our competitive strength and are able to accelerate our growth ambitions," adds Jens Højgaard Christoffersen.
All of COWI's business units saw growth, especially the wind and renewable energy business, which delivered a growth of more than 25 per cent last year. Growth was in particular driven by our business in Denmark, Norway, North America and the UK.
Growth to continue in 2023
"Predicting how the market will develop has become far more difficult. And given the lurking recession and a new geopolitical situation, it would probably be prudent to exercise financial caution in certain areas. However, we cannot pause climate change, and from what I'm seeing, the public and private sectors will continue their high investment level in the green transition in the coming year. In that perspective, we expect to continue our growth, albeit on a slightly lower level than in 2022," concludes Jens Højgaard Christoffersen.