Dedicated Analytical Solutions
Annual report

24-03-2011

FOSS achieved the best results ever and is setting an ambitious strategy for growth

FOSS came out of 2010 with revenue of 201 mill. euro, which is equivalent to a 17 percent growth rate. The majority of the revenue, 98 percent, was generated outside Denmark. The result of operations primarily (EBIT) was equivalent to 17 percent of revenue and profit before tax was 49 mio. euro, while net profit for the year was 37 mill. euro.

- Following the global financial crisis in 2009 the global food industry started last year to invest again. FOSS has had a significant increase in turnover across the board, and with a number of LEAN and offshoring activities it all adds up to a very satisfying result, says Peter Foss.

Change of guards
With this very healthy foundation Torben Ladegaard, current COO, takes on the position as CEO on March 24th 2011. Peter Foss, who has been at FOSS for 26 years, of which 21 years have been as CEO, will take on the position as Chairman of the Board. Senior Vice President of Innovation Kim Vejlby Hansen, who has been with FOSS for eight years, will be new COO; and Peter Kürstein, CEO of Radiometer, will step down as Chairman of the Board and will take on the Vice-Chairman position.

- I’m very pleased to hand over the reins to Torben. He has been with FOSS for more than 25 years and he knows the company really well. Torben’s force is, amongst others, a good insight to what our customers’ needs and the trends within the industry, in addition he has played a key role in the results that we have achieved so far, says Peter Foss.

Strategy of growth
Growth has a central position on the FOSS agenda. The strategy for the coming years is to have a growth rate that is twice the rate of market growth. In order to get there FOSS is focusing on three key elements:

  • Continuous investment in innovation resulting in new ground breaking analytical solutions for the agricultural- and food industries; and investing in a new Innovation Centre in Denmark which will be completed at the end of 2012.

  • Considerable focus and investment in activities in BRIC+ countries

  • Increase the sales force significantly


- I look forward to the increased responsibility to ensure that FOSS will grow the revenue considerably and expand profitably. We are ready to invest in growth, both organic growth, where our aim is a growth rate twice the rate of market growth, but certainly also through acquisitions. The forecast for 2011 is looking very promising and we are expecting continuous improvements in revenue and operations, states Torben Ladegaard.

Financial highlights
Selected highlights from Annual Report (mill. euro)

 

2009  

2010

Revenue

172

201

Profit before financial income and expenses

17

35

Profit before financial income and expenses vs. revenue   

10%

17%

Profit before tax

29

49

Net profit for the year

22

37

Export

98%

98%

 

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