Nordstern delivers record turnover in a challenging year

Nordstern reached a turnover of DKK 6.05 billion in 2022 compared to DKK 5.29 billion in 2021, the previous revenue record. This was an increase of 14 percent. Nordstern made a profit before tax of DKK 174 million.

"2022 has been a challenging year for the entire industry with rising energy and material prices, inflation and interest rate increases, falling property prices and generally a more uncertain market. Despite the headwinds, Nordstern has had a year with a record turnover, delivered more than 254,000 m2 of residential and commercial buildings and made a three-digit million profit", says Torben Modvig, Group CEO of Nordstern.

Market leader with an ambitious sustainability profilel

In 2022, Nordstern had a total of 828,000 m² of new buildings under construction, divided into 474,000 m² of private housing and 354,000 m² of commercial buildings, including public buildings. Residential construction remains Nordstern's largest business area, of which renovation accounts for a growing share. Nordstern had 2,862 homes under renovation in 2022.

One of the most important focus areas for Nordstern is sustainability, where the company has several ambitious goals for both new buildings and renovations. In 2022, Nordstern has introduced several new initiatives to achieve a more sustainable construction, including several test projects with eg. re- and upcycling of materials. The residential and commercial projects under the former CASA have also all been certified (DGNB or similar).

"We generally see a great demand for more sustainable solutions within renovation and new construction from both new and well-known customers and partners. Despite the uncertainty in the market, the sustainable focus has remained solid, and our goal is, therefore, to certify all new residential and office buildings throughout the company by 2023", says Torben Modvig.

A solid foundation for the future

In June 2022, ActivumSG acquired KPC Holding with a view to a merger with CASA. The companies currently operate under the common name Nordstern. The annual accounts for 2022 will be presented separately for the two companies, as the formal merger will not take place until 2023. Going forward, reports will be made for Nordstern as a whole.

Nordstern has entered a new year that continues to present challenges such as inflation and increasing interest rates. Torben Modvig therefore expects revenue to decrease slightly, while the profit margin will increase. He emphasizes that Nordstern has a solid order book of DKK 7.5 billion and is, therefore, well prepared for the new year.

"Nordstern has a solid foundation for the business, which allows us to grow sensibly in a market that calls for long-term decisions. We believe that we can win new orders in the years to come because investors choose partners who are solid – both in terms of the quality of the deliveries, but also financially – and who have strong competitiveness", says Torben Modvig.