XANO's annual report 2024

XANO's Annual Report for 2024 is now available. It provides an overview of the Group's financial performance, strategic initiatives, and sustainability efforts throughout the year.

Changing conditions in established segments have required comprehensive restructuring measures in several of our operations. At the same time, we have explored new niches and acquired complementary units to counterbalance declining trends in our traditional markets.

We have secured many new business opportunities, but our proactive investments and implemented adjustments have had a short-term impact on profitability. However, we have strengthened our market position and laid a foundation for long-term growth.

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Development During the Year

Several of our traditionally strong sectors experienced continued low activity levels and limited willingness to invest. In the packaging sector, the trend of postponing ongoing projects and delaying decisions on new ones persisted. The impact was particularly evident in the can industry, where the demand from our customers in this niche declined significantly, having a strong negative effect on our margins. Business within new operational areas contributed to volumes but did not generate sufficient profitability to offset the weaker performance resulting from the downturn in established niches.

One area where we have seen a strong growth trend in recent years is the defence sector, where business increased during the year involving more of our companies. Demand from customers in the food and pet food industries remained stable. Conditions within pharmaceuticals and medical technology have stabilised, although decision-making processes are often prolonged. Volumes in automotive related production decreased slightly, partly due to strategic decisions. Given the specific challenges of the industry, customer collaborations have been evaluated, and in some cases, discontinued.

Towards the end of the year, we perceived market conditions in general as relatively more favourable. The impact of the implemented adaptive measures also became increasingly evident. Although this was not sufficient to meet our profitability targets for the full year, it provides us with a positive outlook for 2025.

Our operations continue to implement adjustments in line with their plans. At the same time, we are driving our proactive transformation forward through investments in new business niches and markets, as well as through acquisitions. In 2024, we had the privilege of welcoming two additional companies to the Group: Graniten Engineering and Dansk Rotations Plastic (DRP).

THE YEAR IN BRIEF

Reduced order intake from the can industry and generally low activity levels in the packaging and med-tech sectors. New business contributed to volumes but had a limited impact on profit levels. Strong growth in defence-related business. Acquisition of Graniten Engineering.
A generally cool market climate persisted for the Group’s main customer segments, but growth was propelled by the defence sector. Evaluation of customer agreements in the automotive industry following prolonged challenges. Acquisition of Dansk Rotations Plastic.
The challenges from the first half of the year persisted and, to some extent, intensified. Operations were significantly impacted by disruptions and lost business among customers in the sustainable energy sector. Strategic investments and business transitions led to margin reduction.
A slightly more favourable market development, alongside progressively larger effects from the implemented adaptive measures. At the same time, restructuring activities and provisions for anticipated customer losses had a significant impact on results.

XANO's annual report 2024

XANO's Annual Report for 2024 is now available. It provides an overview of the Group's financial performance, strategic initiatives, and sustainability efforts throughout the year.

Development During the Year

THE YEAR IN BRIEF