Annual Report: Another year of growth and investment for Eltronic Group

2023 proved to be yet another year focused on investment and development for the technology company Eltronic Group. With solid product platforms and a strengthened organization in all eight subsidiaries, the group looks forward to 2024.

This week, Eltronic Group presents its annual financial statements for 2023. During the fiscal year, the group increased its total revenue to DKK 1.98 billion, compared to DKK 1.66 billion the previous year, marking a growth of approximately 19 percent. At the same time, Eltronic Group achieved a profit of DKK 44 million.

The progress is attributed to organic growth stemming from increasing demand for Eltronic Group’s core competencies. To support this growth and scaling, a responsive organization is essential. Therefore, in 2023, Eltronic Group invested significantly in systems and platforms supporting its business.

Digitalization and integration of artificial intelligence (AI) in all aspects

In 2023, Eltronic Group continued its comprehensive digitalization within the organization to ensure the journey continues.

According to founder and CEO Lars Jensen, a strong foundation is the key to future success:

It is necessary to have a solid foundation; therefore, we continue to improve our business systems. We focus on digitalization and implement artificial intelligence in many aspects of our activities to significantly strengthen our performance culture across the entire group. This contributes to creating the greatest possible value for customers in the future,” explains Lars Jensen.

Expansion and extension – locally and globally

By the end of the fiscal year, Eltronic Group had over 1500 employees, compared to just over 1300 the previous year.

To support constant development, Eltronic Group has initiated the expansion of its headquarters in Hedensted with a new Development Center of 3000m2, providing space for 170 new engineers. Simultaneously, several of the group’s companies have established themselves in new locations beyond Denmark’s borders, including Hungary, China, and Portugal, to get closer to customers and new employees.

We are on a journey of growth and development, and over the past year, we have focused on areas where we are specialists and expanded them. It is because of our employees that we achieve our goals – and our strong organizational culture is the foundation for now having 1500 employees,” says Lars Jensen.

Focus on sustainable development and future technology

For Eltronic Group, sustainable development is the cornerstone of its business strategy. A significant part of the group’s activities focuses on developing solutions that not only have a positive impact on society but also actively contribute to the green transition by reducing climate impact and resource consumption.

In 2023, Eltronic Group sharply defined the direction of its ESG initiatives and simultaneously invested heavily in an ESG data platform, aiming for a more structured and data-driven approach to the subject.

Another significant milestone in efforts to increase sustainability is the launch of the group’s new company, Eltronic PtX.

Eltronic PtX is established with the overarching goal of modularizing, optimizing, and scaling process technology for PTX plants in the future. Thus, Eltronic Group possesses leading technological competencies in areas such as hydrogen, methanol, and ammonia, as well as expertise in scaling these systems. Over the past 8 years, the group has successfully delivered over 500 X-to-Power fuel systems.

Prepared for the future

According to the Eltronic Group director, the group is ready for the future, where the green transition, with renewable energy, Power-to-X and X-to-Power, medical, infrastructure, and sustainable materials in industrial production, will be ‘drivers’ for the company’s activities.

We have a solid business, ambitious customers, and employees with strong skills. We have once again gone through a significant investment year, and we will continue to use and extend the product platforms we have developed,” concludes Lars Jensen.”

Annual Report

Read Annual Report 2023

Contact for more information

Lars Jensen, CEO of Eltronic Group
Phone: +45 40 14 56 44