Denmark based air, sea and land forwarders Nordic Transport Group (NTG) made five strategic acquisitions in 2024, leading to a 12.2% y-o-y improvement in revenues. While revenues grew to DKK 9,352m, EBITDA fell 38.6% to DKK 524m.
Q4 – 13.4% organic revenue growth
The company had strong organic revenue growth in Q4, in which the Air & Ocean division saw 55.4% y-o-y organic growth and the Road & Logistics division reported 0.3%. According to NTG, this was “mainly driven by higher freight rates in Air & Ocean and market share gains in Road & Logistics.”
Gross margin however fell by 0.8 basis points due to higher freight rates in Air & Ocean, leading to a higher pass-through element.
Five acquisitions in 2024 aid revenue growth
Inorganic growth contributed 16.9% to Road & Logistics y-o-y revenue growth in Q4 and 13.4% to Air & Ocean. NTG CEO Mathias Jensen-Vinstrup said, “We made significant progress with the signing of five strategic acquisitions, reinforcing our commitment to industry consolidation.”
These five acquisitions were:
– November 2024 – Thortrans – a furniture handling, storage and transport company working into Denmark, Sweden and Norway
– September 2024 – Germany based ITL Logistic GmbH – bespoke road and logistics solutions provider with five strategic locations in Western Germany
– August 2024 – Schmalz Schön Holdings GmbH, a Stuttgart based road and logistics provider with 27 sites across Germany
– July 2024 – Schenker Italia’s furniture transport operations – based in Como, Italy, storing, transporting and handling high end furniture
– July 2024 – Freightzen – Thailand based air and sea forwarder with offices in Vietnam and Malaysia
Forecasts for 2025
The company stated that “macroeconomic and geopolitical uncertainty remains elevated” with the Red Sea situation and trade with the USA both figuring highly in these calculations.
In 2025 NTG expects its Road & Logistics division to see growth in line with GDP. For Air & Ocean, the company expects moderate growth in transport volumes offset by declining freight rates due to oversupply of freight capacity.
Jensen-Vinstrup said, “Looking ahead, we remain committed to sustainable growth and value creation for our stakeholders. We are grateful for their continued support and excited to build on this year’s achievements.”
Author – Richard Shrubb
Source: Ti Insight
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