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27 May 2024

Announcing CO-RO Group 2023 Annual Report

2023 was a year of recovery for CO-RO. After several years operating in a “Perfect Storm” of Covid aftermath, huge excise taxes in our core Middle East markets and massive raw material price increases, our great employees managed to get CO-RO back to positive profit and cash flow in 2023 while again growing our sales.

Amongst continued challenging market conditions and soaring raw material prices, we saw good business momentum across all our 3 regions resulting in a revenue of 1,875 mDKK – a growth of 4.3% in comparable currencies.

We delivered strong growth in operational profit ending the year with an EBIT of 54.3 mDKK – almost five times higher than in 2022 in line with our expectations. A big contributor to the profit growth was our efficiency agenda which yielded savings of more than 50 mDKK in 2023.

However, we had headwinds on financial items due to devaluation of several of our core currencies (esp. the Kenyan Shilling), which reduced earnings to a Net Profit of 21.5 mDKK (compared to -111 mDKK in 2022).

Our brands

2023 was a good year for our brands. In China – a key Sunquick market – we witnessed significant momentum following the diminishing impacts of Covid. This prompted us to develop new innovations and invest in upcoming channels like e-commerce and tea-houses.

We launched several new Suntop products to drive growth in the MEA region across key markets like Egypt, Lower Golf and Libya.

Finally, expanding beyond our category leadership in Europe, Sun Lolly was successfully introduced to consumers in over 10 new international markets.

For more information, view our full report here:

2023 Annual Report