Damstahl release annual accounts
22 June 2020
Damstahl Group has released its annual accounts for 2019, which show the objectives of the company’s aggressive strategy have been met. Throughout the entire year, the stainless steel stockholder won market share. “There is no doubt that we will maintain our expansive strategy, despite COVID 19”, stated the Damstahl Group CFO, Claus Bang Christiansen.
It has not all been plain sailing for the company; for example a pending customs case has left a distinctive footprint in the accounts. The customs case has affected the stainless steel industry across the EU, and due to a significant volume within seamless tubes, Damstahl is among the hardest hit.
Taking the extraordinary non-recurring costs into consideration, the gross profit margin of the group equals the level of the previous year.
In January 2020 Damstahl carried out the successful implementation of a new ERP system in its Finnish subsidiary. Implementation in the remaining parts of the group will follow during 2020. This new system will constitute a further strengthening of the group’s efficiency on all markets. In addition, the further development of Damstahl’s e-commerce platform will be continued. The first months of 2020 lived up to the budget, and throughout the year the group will continue its aggressive growth strategy to the benefit of both customers and suppliers.
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