Viking Prospers Despite Tough Conditions

Friday, March 19, 2010

Viking Life-Saving Equipment A/S achieved all-time-high sales of $208m, up just over six percent on 2008. The group's profit also improved slightly compared with 2008. The company’s management attributes the record performance to increased focus on cost reduction and working capital. Despite pressure on margins and the establishment of new subsidiaries and servicing stations, the tightened cost controls enabled Viking to maintain its momentum. At the same time, a decrease in capital tied up in inventory and debtors resulted in a significant reduction in the group's interest bill.

The most significant effect of the increased control over working capital can be seen in the company's liquidity, which improved by approximately $26.9m for 2009. A decrease in balance sheet totals combined with an increase in equity thus resulted in the group's equity ratio increasing from 36.9 to 45.8 percent in 2009.

Viking has boosted its international position in several aspects and, with the recent opening of a sales office in India, secured its presence in all parts of the BRIC (Brazil, Russia, India and China) countries.

“We foresee a great future in the BRIC countries,” says Henrik Uhd Christensen. “At the same time, with the acquisition of Colorado-based fire suit producer Quest Enterprises, Inc., we’re well on the way to building a strong bastion in the US market.”

(www.VIKING-life.com)

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

WSC CEO Koch to Retire in 2015

Chris Koch, current president and CEO of the World Shipping Council (WSC), will retire from his position on July 31, 2015, and WSC Senior Vice-President and General Counsel,

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

HII Board of Directors Elects Two VPs

Huntington Ingalls Industries’ (HII) board of directors has elected Kellye Walker to serve as corporate vice president and general counsel and Charles R. “Chuck” Monroe Jr.

Finance

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1111 sec (9 req/sec)