Throughout 2022, Danish Cotes has set its sights on multiplying both the top and bottom line.

Investments in capacity, a new office in the US and the acquisition of the company Fugtkontrol will lay the foundation for the company’s growth strategy up to 2024.

The ambition for the manufacturer of dehumidifiers, especially for the wind turbine industry, is to increase the top and bottom line by 200% in the period 2022-24, says Cotes CEO Martin Brøchner-Mortensen in connection with the recently published financial report for 2022.

”2022 has been the launch pad for our strategy to ensure that our growth is sustainable. Therefore, we have spent the year creating a solid and secure foundation for growth,” says the CEO.

The many investments also leave their mark on the financial statements. Although revenue, which is in the low three-digit DKK millions, grew by 20%, earnings fell.

Out of a gross profit of DKK 32m (USD 4.7m), Cotes had an operating profit of DKK 1.9m in 2022. A year earlier, the same key figures were DKK 33m and DKK 8m respectively.

”We knew that we would have a smaller result than we have had historically with these investments,” says Brøchner-Mortensen.

Cotes’ dehumidifier removes salt from filters and removes most of the moisture that enters the turbine through small openings. Dry and clean air is then blown into the turbine tower, protecting the installation.