DNV GL’s 2014 revenue climbs

Classification society DNV GL said its revenue grew 10 percent in 2014, the first full financial year of the Group following the merger between DNV and GL in September 2013.

The Group achieved operating revenues of NOK 21,623 million in 2014, an increase of NOK 1,919 million from 2013.

“Of the 10% revenue growth, 4% is organic growth in DNV GL. Less than 1% is non-organic growth, including acquisitions of Danish Standard Certification and Marine Cybernetics, and 5% is the result of currency effects. The currency effects accelerated in the last quarter of the year due to the NOK weakening against most major currencies,” Thomas Vogth-Eriksen, DNV GL Group Chief Financial Officer said.

DNV GL’s net profit for 2014 was NOK 1,007 million, compared to NOK 825 million for 2013.

“There is no doubt that some of our main markets are facing tough times ahead. DNV GL will not remain unaffected, but I have strong confidence in our ability to constantly improve and adapt,” Henrik O. Madsen, DNV GL Group President & CEO said.

Madsen added that the group will continue to invest around 5% of its annual revenues in research, innovation and collaboration activities.

Image: DNV GL