Hempel Reports 2022 Financial Results
Courtesy of Hempel.
Hempel has published its 2022 financial results. The company delivered organic revenue growth of 12.7% in 2022, and revenue of €2,159 million. Compared to 2021, this represents an increase of €415 million, driven by increased sales prices and acquisitions. The company reports its 2023 outlook is mid to high single-digit organic revenue growth and an increasing EBITDA margin, leading to an EBITDA in the range of €260-290 million.
In 2022, Hempel emphasized its focus on improving earnings by reducing costs to compensate for rising raw material costs and lower volumes. Despite very challenging market conditions, Hempel delivered a total growth of 23.8% for the year. Adjusted EBITDA was €257 million, an increase of €52 million versus 2021, and the adjusted EBITDA margin was 12% in 2022.
“Our results demonstrate that we are very high performing and work together to do our utmost for customers, colleagues, our owner and the societies we are a part of,” said Michael Hansen, group president and CEO of Hempel. “In a challenging year, we reached some noteworthy strategic milestones across our portfolio of business areas.”
Hempel’s marine business closed the year with revenue of €626 million, an increase of €159 million, corresponding to an organic revenue growth of 33.1%. In addition, Hempel expanded its own store network and range for decorative customers, launched a ground-breaking new sustainable solution for wind turbine blades, and opened a large new factory in Yantai, China.
“Our growth path is very ambitious and, since we launched our Double Impact strategy in 2020, we have been very focused on sales growth,” continued Hansen. “Moving forward and in line with our strategy, we want to more cost-effectively scale our business and significantly increase our EBITDA margin. This will help us to invest even more in new sustainable solutions for our customers.”
For more information, visit: https://www.hempel.com/.
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