VIKING is a market leader in maritime safety, providing and servicing essential safety equipment for ships, fishing vessels, yachts, and defence

VIKING Achieves Record Revenue, Sets New Strategic Goals

VIKING Life-Saving Equipment A/S has reported strong financial results for 2024, achieving record revenue and consolidating its position as a global leader in the liferaft and safety equipment sector.

With revenue reaching approximately DKK 4 billion (USD 580 million), up from approximately DKK 3.5 billion (USD 507.5 million) in 2023, and a pre-tax profit of approximately DKK 452 (USD 65.5 million), up from approximately DKK 436 (USD 63.2 million) in 2023, the company has demonstrated robust growth across all customer segments.

"We are highly satisfied with VIKING's performance in 2024, driven by growth across all segments," stated CEO Henrik Helsinghof.

This growth across commercial shipping, offshore, cruise and ferries, and defense & professional sectors underpins VIKING's new BP28 business strategy for 2025-2028.

"The financial results provide a strong foundation for continued development and the achievement of our strategic goals," Helsinghof added.

Strategic Goals Exceeded, New Targets Set

VIKING surpassed its 2025 strategic goals in 2023, prompting the company to embark on a new strategy period. While anticipating continued growth, the company expects a more moderate pace.

"The exceptional growth in the offshore segment over the past three years is unlikely to be sustained. However, VIKING remains in a strong position, even after accounting for this extraordinary activity. We will focus on enhanced innovation and scalability for our products and services," Helsinghof explained.

Research and development efforts will prioritize new evacuation systems and electric propulsion boats. Strategic initiatives will also focus on optimizing and simplifying operations in response to previous raw material cost increases.

"Investments and expansions across several locations in 2024, coupled with rising raw material prices, impacted our profit margin. With anticipated lower growth rates, operational efficiency is paramount," Helsinghof noted.

VIKING's core business remains the production and servicing of liferafts, lifeboats, rescue systems, protective suits, and firefighting equipment. The company acknowledges potential risks from global market volatility, supply chain disruptions, and rising commodity and wage inflation.

The annual report also disclosed an DKK 89 million (USD 12.9 million) expense related to an unfavorable High Court ruling in a tax case concerning prior years.

Key figures 2024

Employee Satisfaction and Contribution Highlighted

VIKING’s global workforce reached 3,700 employees in early 2025. An 87% employee satisfaction rate in 2024 was particularly gratifying for Helsinghof, who assumed the CEO role in June 2024.

"Our employees are integral to VIKING's success," Helsinghof emphasized. "The high level of job satisfaction reflects our commitment to being a responsible and dedicated company."

He underscored the critical role of VIKING employees in ensuring customer safety and global shipping safety.

"VIKING’s global team is dedicated to protecting millions of lives daily. Our products and services have saved over 6,000 lives at sea, a testament to our skilled and committed workforce," Helsinghof concluded.

[email protected]
www.seafood.media

Address:	Saedding Ringvej 13
City:	Esbjerg V
State/ZIP:	(DK-6710 )
Country:	Denmark
Phone:	+45 76 11 81 00
Fax:	+45 76 11 81 01
E-Mail:	[email protected]
Skype:	https://www.instagram.com/vikinglifesavingequ
More about:

Print