In 2016, international consulting company COWI delivered growth in turnover, operating profit and cash flow. A number of large projects in the order book, further strengthening of its presence in core markets and the prospect of continued infrastructure investments result in positive expectations for 2017.
Contributing to the company's international tunnelling industry is incorporation of acquisition subsidiaries Jenny Engineering in the US and Donaldson Associates in the UK.
Its new growth strategy, One Step Ahead, launched at the beginning of last year, has yielded results on both the top and bottom line. In 2016, the company generated a turnover of DKK 5,939 million, an increase of 6% compared to 2015, and an operating profit of DKK 231 million, an increase of 27% on the 2015 figure. The cash flow of the company more than doubled, reaching DKK 228 million.
"For the 12th year running, we achieved growth in turnover. It proves we have set the right strategy and have made the right choices regarding markets and sectors," said Lars-Peter Søbye, President and CEO of COWI.
"Projects continue to increase in size and complexity and large-scale urban development projects call for a holistic approach and competencies within a wide range of disciplines. We have succeeded in establishing the framework and culture needed for us to act as One COWI in the market.”
Søbye attributed the winning of prestigious projects in 2016 to this approach. These design and engineering engagements include on projects to transformation of the former post terminal site "Posten" in Copenhagen, Denmark; the West Link Project (Västlänken) in Gothenburg, Sweden; the European Spallation Source in Lund, Sweden; and the Lower Thames Crossing highway tunnel project in the UK. The rebranding of COWI UK subsidiaries, Flint & Neill and Donaldson Associates, to COWI from 1st January 2017 further cements this One COWI message.
Despite important political events in the UK and US which will continue to spur uncertainties on the global stage, COWI predicts that 2017 will be yet another year of growth.
"In 2016, we strengthened our presence further in our geographical core markets – Scandinavia, United Kingdom and North America. Combined with massive investments in infrastructure – current as well as planned – we expect to continue to grow in 2017," said Søbye. COWI had 6,586 employees at 31 Dec 2016.