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Terma Plans to Double Revenue in Three Years, Several Acquisitions on the Cards

Our Bureau - : May 28, 2024 - : 9:56 pm

Revenue at Denmark’s largest defense company, Terma, has grown by 17% compared to last year. Profit before tax has increased by 33%.

The company, headquartered in Lystrup, Denmark, announces a new growth strategy that will include several acquisitions of “significant size” to double revenue in three years.

The company’s revenue reached DKK 2.6 billion, a growth of 17% compared to last year, while profit before tax ends at DKK 228 million – an increase of DKK 57 million compared to last year. Terma’s revenue has increased by 45% in 5 years, and profit before tax has more than doubled in the same period.

“Terma has gone from being a supplier of partial solutions and components to a unique platform that can take a leading role and deliver complete solutions – both to the Danish defense and other allied customers. Thus, Terma is now also much stronger and ready to take on the important task of strengthening Denmark and Europe’s security,” said Jes Munk Hansen, CEO of Terma.

“The security situation in Europe requires a strong Danish defense industry. Terma is at the forefront of this, and there is a need for us to expand our capabilities. We have concrete plans for significant organic growth in the coming years, but Terma’s growth will be primarily through acquisitions of relevant companies in the defense industry. The goal is to strengthen Terma and Denmark’s ability to develop and produce relevant capabilities ourselves,” Hansen added. “We are already in close dialog with a number of exciting companies of significant size. Therefore, the first acquisitions may already fall into place this calendar year.”

Terma has also invested heavily in research and development, especially in artificial intelligence (AI) and cybersecurity: “Digital warfare will only grow, and we at Terma have been aware of this early on. In recent years, we have therefore invested in and developed AI solutions that can significantly increase surveillance and security. At the same time, cybersecurity must be implemented in all solutions and products today, and here we are also well along,” said Hansen.

The first of Denmark’s new F-35 fighter jets arrived at Skrydstrup Air Base last year, and as a supplier to the program, which is the world’s largest industrial project, it’s not surprising that F-35 production is still a major focus for the company.

“Our factories in Grenå and Lystrup produce more than 80 different parts for the F-35 aircraft, which today is the first choice of fighter aircraft for the vast majority of Denmark’s allies. There is great professional pride in sending our contribution to Lockheed Martin’s factory in Fort Worth, Texas, where the aircraft are assembled,” Hansen said.


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