Priess A/S achieved a turnover of DKK 363 million in 2024 compared to DKK 372 million in 2023. The two years are therefore on par, taking into account the separation of the digital infrastructure business area into an independent company. This slowdown follows very high growth in the previous two years and, since 2021, revenue has more than doubled. Between 90-95% of revenue comes from customers involved in the green transition. Profit for the year (EBT) was DKK 41 million, compared to DKK 48 million in 2023.
The company’s 2022 GET IT DONE strategy is still being implemented. In 2024, DKK 35 million was invested in the major expansion of the production facilities in Vinderup. Additionally, investments in a new R&D department and several initiatives to professionalise the organisation have resulted in a noticeable boost in productivity.
“This is a solid result, particularly given that the green transition market slowed down and flattened in 2024. At the same time, we made significant investments in production facilities, the organisation and a major strengthening of our R&D facilities,” says Thomas Rohde, CEO of Priess A/S.
At the factory in Vinderup, Priess produces technical housings delivered as plug-and-play solutions, including substations, e-houses and component cabinets for electrical infrastructure, charging stations, solar farms, water and wastewater pipelines and similar applications. Denmark and Germany are the primary markets, but Norway and Sweden are also important.
Productivity boosted by significant investments
In 2024, the 2,700 m2 expansion in Vinderup was put into operation. This marked the final establishment of the flow factory and led to a 10% increase in productivity over the year. The factory is designed based on LEAN principles and serves as the hub for the production of electrical panels, as well as plug-and-play substations and solutions for solar farms.
“The new factory is best-in-class and has significantly increased our production flexibility. We’ve seen a major boost in productivity, and we are consistently met with approval when our customers visit our facilities,” says Thomas Rohde.
Over the course of the year, a strategic step was taken to significantly strengthen the organisation. A supply chain department has been established to better respond to market fluctuations and meet customer demand. Priess has hired a CTO (Chief Technology Officer) and expanded the R&D function with improved expertise.
“The strengthening of our R&D department, along with new technological expertise, means we can develop new solutions in close collaboration with our customers’ technical teams. For instance, we’re witnessing a technological shift in substations that is posing challenges for utility companies,” says Thomas Rohde.
A rock-solid business with freedom to act
Priess is a stable, debt-free company. The DKK 35 million invested in 2024 in both expansions and the organisation marks a significant increase compared to previous years. It’s important to note that this level of investment is expected to continue in the years ahead.
“We’re a debt-free company, which gives us significant freedom, allowing us to reinvest all profits and strengthen our position in the market,” says Thomas Rohde.
Further expansion abroad
A significant portion of the technical housings is delivered as plug-and-play solutions through partners for solar farms in Germany and other Scandinavian countries. Looking ahead, the company aims to further strengthen its presence in key markets, particularly Germany and Scandinavia, by establishing a dedicated organisation or acquiring local manufacturers.
The relocation of the sales office from Flensburg to Stuttgart, along with the appointment of a new country manager, clearly demonstrates the company’s commitment to expanding its footprint in southern Germany and beyond.
Conservative outlook for 2025
It is important to note that the digital infrastructure activities were separated into a distinct company with its own organisation at the end of 2023, allowing for a more focused approach to this highly project-driven sector.
For Priess A/S, the expectation for 2025 is a relatively flat performance or a modest decline in revenue. The green transition is progressing slower than expected and several major utility companies have not met their anticipated purchase volumes from the previous year.
However, earnings are expected to remain strong, as the company is in a solid position following its investments and organisational restructuring. “We continue on our path of improvement! We are a trusted partner, offering exceptional flexibility and delivery reliability. Today, our setup and production capacity enable us to take on large projects in green energy and grid upgrades, so we are fully prepared to deliver, even in a more cautious market,” says Thomas Rohde, CEO of Priess A/S, in reference to the company’s published annual report.
