Denmark-based frozen food company Sirena Group reported lower revenue and profits in fiscal year 2023 amid what it called a challenging year.
The company posted net revenue of DKK 3.59 billion (USD 525 million, EUR 481 million) in FY2023, down from the DKK 3.74 billion (USD 547 million, EUR 501 million) it posted in FY2022.
The company also saw a lower profit before tax, in part thanks to higher financial costs. The company reported profits before tax of DKK 14.4 million (USD 2.1 million, EUR 1.9 million), down from DKK 49.9 million (USD 7.3 million, EUR 6.7 million) in FY2022 as financial costs increased from DKK 29.8 million (USD 4.3 million, EUR 4.9 million) in FY2022 to DKK 54.3 million (USD 7.9 million, EUR 7.2 million) in FY2023.
Sirena Group said that the result was in line with its expectations going into the year.
“The board considers the result satisfactory – not least also when it is taken into account that it was achieved in a time of geopolitical uncertainties and a year when the headlines in the world were still about Ukraine and inflation,” the company said.
Overall, the company posted a profit of DKK 10.2 million (USD 1.5 million, EUR 1.3 million), down from DKK 38.8 million (USD 5.6 million, EUR 5.2 million).
“2023 was at once a busy and good but also challenging year,” Sirena Group said in its income report. “The year has once again been spent consolidating our business model and thus securing the basis for the coming years. We have strengthened our supplier base and can also see after a strong start to 2024 that we have historically strong cooperation agreements with our partners.”
The company said that it spent 2023 focusing on its core products and its revenue and that it has optimized its balance sheet, creating “a comprehensive preparedness which gives us new opportunities to act quickly in this changing world.”
Looking forward to 2024, the company said it is well-prepared for its activities but that the ongoing war between Russia and Ukraine is continuing to make things difficult to predict.
“We continuously monitor developments and adjust our global supply chain accordingly,” Sirena Group said. “We expect to further consolidate our core business on the global seafood market and also expect that our activity for 2024 will realize a result before tax in the range of DKK 10 million to 20 million [USD 1.4 million to USD 2.9 million, EUR 1.3 million to EUR 2.6 million].”
