A Danish timber packaging firm has seen its annual profit fall by 50% amid a turbulent financial year marked by leadership changes, legal challenges, and shifting global trade conditions. Despite this, the company reported satisfaction with its 2024 performance, citing strategic progress and sustained profitability in a volatile market.
Granby Pack, based in Nykøbing Falster and employing around 70 staff, posted a post-tax profit of DKK 2.7 million, down from the previous year's results. Gross profit also declined, reaching DKK 38 million. However, the firm pointed to internal restructuring and investment in new initiatives as key achievements.
The company appointed a new CEO, CFO and chairman in 2024, stating the changes were part of efforts to "professionalise" and continue the firm's development. CEO Povl-André Bendz noted that 'we have implemented a comprehensive change... and proven we can ensure black figures in a market characterised by uncertainty.'
Challenges mounted when the Danish Environmental Protection Agency issued an injunction against Granby Pack over missing documentation related to imported birch plywood. The agency, which had sought proof of wood origin for nine months, considered filing a police report. Importing Russian wood has become illegal, and firms must now verify their sources. The company later submitted the required materials but acknowledged deficiencies in its compliance procedures.
'We are of course incredibly disappointed about this,' the CEO said, calling the situation an opportunity to review and improve internal processes.
Despite a demanding year shaped by global trade shifts and stricter import regulations, Granby Pack has expressed cautious optimism, signalling its intent to build on current reforms and ensure future growth with improved transparency and resilience.
Source: www.wood-supply.dk