Dyrup Annual Report 2010
With a DKK 62 million increase in operating profit, 2010 marked a major turning point for Dyrup.
The year began with the acquisition of the Polish paint manufacturer Malfarb, strengthening Dyrup’s position in the Polish PRO market. In 2010, Dyrup worked on the integration of the two companies. By the end of 2011, the manufacturing facilities are thus expected to be concentrated at Malfarb’s Ostrów Wielkopolski site, where a major warehouse expansion has just been taken into use. The expansion of the manufacturing facilities is scheduled for completion in April.
The French warehouse facilities were also completed, and inventory insourcing with associated logistics is well underway, although with some initial teething problems. Furthermore, the varnish production in Poland is being relocated to France. This project is scheduled for completion at the end of the first quarter of 2011.
The upgrading of the manufacturing facilities in Denmark has been completed, and the new facility for water-based products was inaugurated in May
The focus is now on optimising production.
The roll-out of the new ERP platform is satisfactorily, although with a slight delay, as this is a highly resource-intensive exercise, and account needs to be taken of the fact that Dyrup is a company with major seasonal fluctuations. Portugal is expected to go live in April 2011, while the Spanish launch has been postponed until just after the peak season. The ambition is that the platform will be fully operational in Poland at the end of 2011 and in France by the end of the first quarter of 2012 at the latest.
The office facilities in Spain will be expanded in the first half of 2011. After this, no major new investments are expected in the coming years.
In November, the company’s CEO Erik Holm announced that he would be leaving Dyrup by the end of March 2011.The search has commenced for a new CEO who can continue Dyrup’s positive development in the wake of the successful turnaround.
The operating result was a profit of DKK 42 million, significantly exceeding expectations at the start of the year. The result is very clear testimony to the fact that Dyrup is again a profitable company.
The company delivered a positive financial performance throughout the year. The outlook at the start of the year was revenue growth of 5% with operating profit of around DKK 25 million and a break-even result before tax. Halfway through the year, the outlook was changed to growth of around 8%, which corresponds to the growth actually recorded, and operating profit of at least DKK 25 million.
With the achievement of operating profit of DKK 42 million, an important sub-target of Dyrup’s FRESH START strategy has been met. The objective is still for Dyrup to achieve a profitability within a few years that matches that of the other manufacturers in the European market.
Below please find Dyrup A/S annual report 2010 and our new Profile Brochure,
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Annual Report 2010 Download English Version
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Profile Brochure 2010 Download English Version
Profile Brochure 2010 Download Danish Version