1. February 2024

Sweco grows for the sixth year in a row and increases earnings

Sweco continues to expand business in Denmark, delivering growth in both turnover and earnings for the sixth consecutive year. The development is driven by a diversified business, a persistent strategic focus and the addition of more projects that support Denmark’s green transition.

Today, the architectural and engineering consultancy, Sweco, presents key figures for the year 2023 that adds up to six years of continuous growth and progress.

In September of 2023, Sweco made its largest acquisition to date with the addition of OJ Rådgivende Ingeniører, which nearly doubles Sweco’s construction business and adds new local offices and growth areas with their 325 employees. Overall, Sweco has now grown to nearly 2,000 employees spread across 19 offices at 17 locations in Denmark.

Revenue in the 2023 financial year increases by 18% to more than DKK 1.8 billion compared to 2022 – of which 13% is organic growth. Earnings (EBITA) increase to DKK 227 million, corresponding to an earnings capacity of 12.4% compared to 11.9% in 2022, which is the highest ever. All of Sweco’s business areas contribute to the progress.

“It has been a very satisfying year where we deliver on our strategy of combining organic growth with strategic acquisitions that expand our expertise and market position. At the same time, our broad, decentralised business and persistent focus on customer understanding, integrated consultancy and sustainability show their strength in times of uncertainty. I’m proud that our clients are recognising our approach by entrusting us with more and more projects across the entire business,” says Dariush Rezai, CEO in Sweco Danmark.

A growing order book with green momentum

Sweco has maintained momentum and entered 2024 with the highest order backlog ever.

The order book has increased by 47% compared to the same time last year and is particularly driven by projects focused on green solutions. These include sustainable construction and biodiversity, the transition to renewable energy through district heating projects, new technologies such as PtX and hydrogen, offshore wind, analyses of the charging infrastructure and overhead power lines for heavy traffic in Denmark. In addition, Sweco assists large industrial and manufacturing companies reduce their dependence on fossil fuels while optimising energy use to withstand fluctuations in security of supply better.

At the same time, Sweco is experiencing significant growth in projects related to renovation, transformation, and optimised operation of the existing building stock, which plays a crucial role in reducing CO2 emissions and energy consumption in society. Currently, life extension of existing buildings accounts for 30% of the order book at Sweco, with an expectation that this share will increase significantly in the coming years.

“The green transition is the central driving force in all our business areas. This year, we will continue to invest in expertise and expand our integrated approach to sustainability, setting the direction for sustainable building and construction with our clients and driving the necessary transition,” says Dariush Rezai.

Facts about the result for Sweco Danmark in 2023 (DKKm)

Last year’s figures in ()

Sales: 1,831 (1,553)
Turnover growth (%): 18 (11.1)
EBITA: 227 (184)
EBITA margin (%): 12.4 (11.9)
Workforce year-end 2023: 1,928 (1,514)
Average number of full-time employees in 2023: 1,591 (1,396)
CEO, Sweco Danmark: Dariush Rezai
CFO, Sweco Danmark: Jeppe Allert Madsen