Our 2022 review

2022 has been another extraordinary year for Norican Group. Our customers, suppliers and the global Norican team once again faced new and unprecedented challenges. From the war in Ukraine and an ongoing energy crisis, to continued supply chain difficulties and a very challenging COVID situation in China. All this has strengthened us further - we responded quickly and adapted intelligently.

Norican Group had a strong performance in 2022, with revenues of €518.6m (+32%) and EBITDA of €67.5m (+38%). We rebounded well from COVID-19, and after rationalizing our footprint and headcount, we are now a stronger, more resilient business. Our EBITDA margin grew to 13.0% (+50 basis points), exceeding pre-COVID levels. Operating cash flow was €32.1m, driven by higher revenues and increased inventories. We maintained strong liquidity despite reduced cash flow and the Simpson acquisition, thanks to disciplined management. In February 2023, we successfully refinanced our debt, replacing a €340m bond with €270m of new term loans, positioning Norican for continued stability and growth.

We have integrated sustainability and energy efficiency goals into all new product development, training our teams to drive sustainable production. Our digital technologies help customers reduce energy, waste, resource use, and travel. We promote global recycling and waste reduction, with our Denmark HQ canteen minimizing food waste and selling leftovers to staff. We reuse and recycle equipment and packaging, and transitioned UK payslips to digital in 2022. Our travel guidelines prioritize virtual communication, encouraging cycling, carpooling, public transport, and hybrid working to reduce travel needs.

Excited to hear more? Download our 2022 review below for more information about our past, present and future process.