Hoyer Group Delivers Record Revenue and Earnings in 2024
Henrik Sørensen and Søren Sørensen Hoyer (Image source: Svend Hoyer A/S)
Hoyer Group reported all-time high results on both top- and bottom-line performance for the financial year 2024. Group revenue reached DKK 733 million (approx. EUR 98.3 million), while adjusted EBITDA increased to DKK 110 million (approx. EUR 14.8 million), up from DKK 100 million in 2023.
The improvement reflects strong performance in the Group’s core electric motor business, targeted investments in supply chain transparency and new business areas, and accelerating global demand for energy-efficient motors and automated motor control solutions.
“Our performance in 2024 marks a new high point for Hoyer,” said Søren Ø. Sørensen, Chairman of the Board. “Driven by a renewed strategy and our strong value proposition ‘Together we outsmart the ordinary’, we have not only increased sales and earnings, but also laid the groundwork for long-term growth through strategic investments, acquisitions, and a clear commitment to the green transition.”
Strategic Highlights of 2024
- Record-high order book at year-end, supported by a strengthened market position and growing demand across Hoyer’s core segments: marine, premium HVAC, energy, and industry.
- IE4 motor volume increased by 161%, underscoring Hoyer’s position as a trusted partner in the green transition.
- Acquisition of NowiTek ApS, expanding expertise in automation and sustainable engineering, particularly for marine and biogas applications.
- Launch of a new group strategy, value proposition, and brand identity: “Together – we outsmart the ordinary” - integrating sustainability and customer-centric service.
- Full compliance with the NIS2 directive, embedding cybersecurity into governance and organisational culture.
Outlook for 2025
Looking ahead, Hoyer expects continued growth across all segments. Management forecasts Group revenue to exceed DKK 800 million (approx. EUR 106 million) and an increased EBITDA following the revenue growth for 2025. based on the expectation that market conditions will remain generally favorable and free from significant unforeseen disruptions.
“Our strategic direction and the trust placed in us by our customers position us well to continue our growth,” said Henrik Sørensen, CEO of Hoyer Group. “As our core motor business advances, we are simultaneously building new capabilities in energy-efficient automation solutions that enhance motor control and performance—on land and at sea.”
Source: Hoyer VMS Group
