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For the second year in a row, VMS Group A/S presents an annual result, which has, in the 22-years of the existence of the company, never been better. The accounts for 2023 show a net profit of DKK 32 million.
A combination of general growth in the market for maritime services as well as a stable and secure delivery of high-quality services has made new markets accessible and created increased activity for the independent Danish service provider, which is based in Frederikshavn and operates worldwide.

Added to this is the successful execution of a strong growth strategy, which has, among other things, led to the opening of new subsidiaries in both the USA and Saudi Arabia, in addition to the existing ones in Brazil and Namibia.

And finally, perhaps the most important basis for continued success: A competent and highly flexible staff of skilled, dedicated employees who, under a new top management, have managed to achieve a large quantity of great results.

Hard work pays off
VMS Group has just completed its annual report including annual accounts for 2023, which with a net profit of DKK 32 million sets a new record after the previous year’s result of almost DKK 20 million. Likewise, the company is further consolidated with an equity capital which has grown from DKK 61 million to DKK 84 million. The two subsidiaries in Brazil and Namibia have also continued their growth and have contributed positively to the result with a total net profit of DKK 4.4 million.

The market for maintenance of diesel engines in the maritime industry has generally developed positively in recent years, not least within the offshore area and drilling rigs, in which areas VMS Group in recent years has had an increased focus.
“It is no secret that for a long time we have worked hard to become the preferred service supplier for some of the very large drilling companies based in the USA. In that we have succeeded, but in a competitive market nothing is given without putting strong effort into it. This means that we must continuously perform for each task we solve”, says Kim Bengtsen, CEO of VMS Group.

New top management with significant results
Along with Kristian Kaasing Larsen as Executive Vice President, Kim Bengtsen as CEO was appointed as the new top management in September 2022, both with a record of several years of employment in the VMS Group.

The new management has successfully optimized the growth strategy, which in 2024 is also expected to be reflected in a further increase in the level of activity and a profit on par with the result for 2023.

Another milestone was reached in 2023, when VMS Group moved into a new domicile suitable for both administration and workshops on Nordhavnsvej in Frederikshavn. The workshops at Havnepladsen have been kept, and in both locations massive investment in new equipment has been made, which has significantly increased the workshop capacity.

High employee satisfaction
None of this could be done without the proper amount of the right employees. In Frederikshavn alone, the number of employees has increased from 193 to 220 over the past year, while overall 335 people are employed, the international subsidiaries included.

“We fully recognize that VMS Group is deeply dependent on the knowledge and skills of our employees if we are to continue to live up to the high demands made by our customers, as well as our own goal of delivering high-quality services. It has been a key point ever since the start of the company, and we will continue to invest in the well-being and skills of our employees. We are doing that by offering relevant courses and further training, as well as by being aware of contributing to the continuing food chain and taking part in the responsibility to take apprentices and train new workers”, Kim Bengtsen emphasizes.

A survey on the well-being of the staff, carried out in 2023, showed high satisfaction and indicates that the employees are generally very happy to work at VMS Group.

Sustainability and social responsibility
The maritime industry, like many others, is generally experiencing an increased focus on sustainability and social responsibility. For VMS Group, in 2023 this has resulted in, among other things, the publication of a sustainability report, increased focus on the recycling of residual products in the workshops, the establishment of a whistleblower system and the introduction of a climate compass with the aim of reducing CO2 emissions. In addition, in 2024, it is planned to expand on several of the existing ISO certifications within working environment and working environment management.

Facts about VMS Group A/S:

 VMS Group A/S was established in 2001 as Vestergaard Marine Service and today the company covers a broad spectrum of competences, sales and services within the maritime world and the offshore industry.
 Among VMS Group’s core services are:
 Repair and maintenance of gears, propellers, and diesel engines.
 Repair, maintenance and balancing of turbochargers for marine engines.
 Sale of spare parts as well as new engines and gears.
 Engineering, design and project management.
 VMS Group is headquartered in Frederikshavn, Denmark, and has subsidiaries in Brazil, Namibia, the USA and from 2024 also in Saudi Arabia. The company employs 220 employees in Frederikshavn and 335, subsidiaries included.