Record results for Geia Food in 2020 - boosts turnover to DKK 2 billion
Geia Food recorded a Group turnover of close to DKK 2 billion, growing the top line 20% in an exceptional and challenging 2020.
“We have achieved our ambition of boosting our Group turnover to around DKK 2 billion, and we are very satisfied that we have done so in a profitable way,” states Claus Ravnsbo, Group CEO.
Geia Food A/S recorded a profit after tax of DKK 48.9 million for the year 2020, an increase of DKK 19.1 million compared to 2019. Total Group turnover hit DKK 1.979 billion, an increase of 324 million compared to the preceding year.
“2020 was a very special year, in which the Scandinavian retail sector experienced unparalleled growth. Our considerable exposure to this sector had a positive impact on our turnover. However, we have seen a food service sector in deep crisis throughout Scandinavia, which had a negative impact on our business.”
“We are very pleased to see that our Scandinavian activities are growing rapidly and according to plan. Our Danish turnover increased by 12% in 2020, and we have seen a strong growth of 40% on our other Scandinavian markets. The Scandinavian growth was driven both organically and as a result of the acquisition of BM Food in Norway in 2020,” Ravnsbo comments.
Continued investment in Scandinavian platform
Geia Food’s latest acquisition was in Norway, when ØFAS became part of the Geia family.
“ØFAS is our largest acquisition to date, giving us a stronger position on the Norwegian food service market. We are currently working hard to integrate ØFAS into our business which involves preparing the company to be included in Geia Food’s BRC-certification.”
Backed by Triton as a new, strong majority shareholder, Geia Foods’ Group CEO looks forward to being able to accelerate Scandinavian growth over the next years. “We have invested heavily in building a solid Scandinavian platform, and we are determined to double our Group turnover by 2025 in close partnership with Triton,” concludes Ravnsbo.
Contact for enquiries concerning this press release:
Claus Ravnsbo, Group CEO, Geia Food, tel. +45 29 99 18 21
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