Wrist chandlers profit rises 45pc to US$6.39 million, sales up 20pc
DENMARK's Wrist Ship Supply, one of the world's leading ship chandlers, has posted a 2011 operating profit increase of 45 per cent to DKK21.7 million (US$6.39 million) year on year, drawn on revenues of DKK2.44 billion, up 20 per cent. Friday, 22.Jun.2012, 00:16 (GMT+3)
DENMARK's Wrist Ship Supply, one of the world's leading ship chandlers, has posted a 2011 operating profit increase of 45 per cent to DKK21.7 million (US$6.39 million) year on year, drawn on revenues of DKK2.44 billion, up 20 per cent.
"The company saw positive development across regional operational areas, particularly Asia-Pacific and Germany. Wrist's operation in Germany gained market share in 2011 since its launch in 2009 and Wrist has signed a record number of global contracts within Germany over the last two years," said the Wrist statement.
Growth was attributed to the growing offshore market. In May 2011, Wrist Ship Supply acquired Strachans Ltd, a market-leading independent food distributor to the UK offshore industry, completing a period of significant growth totalling six acquisitions in Europe, America and Canada between 2009 and 2011, the company said.
"Over the last 12 months, Wrist has focused on consolidating these acquisitions into its global network and investing in advanced procurement systems and operations on a worldwide basis," said the statement.
Said Wrist managing director Robert Steen Kledal: "Our financial year has been affected by global economic turmoil, which has impacted the whole shipping industry. However, we remain satisfied that we have performed well in relation to the rest of the ship supply sector."
Wrist is one of the world's top three global providers of ship supply services with a market share of seven per cent. The company utilises its global network, scale, advanced technology and purchasing strength to provide its customers with all types of ship chandlery products and services wherever and whenever needed. Wrist Ship Supply has a presence in Denmark, The Netherlands, Norway, Greece, Germany, France, Spain, Dubai, Singapore, the UK, the US and Canada. The Wrist Group owns wrist Ship Supply.