Strategic turnaround in progress and a stronger foundation for the future
LEMAN has just released its annual results for 2024. The report shows a loss of DKK 63 million – a result that does not meet our ambitions. However, the company is in the midst of a strategic turnaround, and over the past year, a number of concrete actions have been taken by the new leadership team. These are beginning to yield results and form the basis for long-term improvement.
“We’re not where we want to be yet, but we’re getting there. We’ve set a new course, we’re beginning to see results, and today we stand on a much more solid foundation than just a year ago,” says Christian Pape, Group CFO at LEMAN.
Despite the bottom-line loss, LEMAN maintains a solid equity ratio of over 44% and a strong cash position that allows for continued investments. The company also continued its conservative goodwill depreciation policy in 2024, which has resulted in virtually no remaining goodwill on the balance sheet. This accounting principle has had a clear, negative effect on the reported results in both 2023 and 2024.
Top-line growth and future-proof investments
2024 was marked by a continued global freight slowdown, low rates and fierce competition. Even so, LEMAN increased its revenue by 15% to DKK 3.28 billion, reflecting strong customer relationships and a commercial organisation capable of identifying opportunities in a challenging market.
At the same time, the company made significant forward-looking investments:
– The Taulov terminal in Denmark was expanded
– New digital tools were implemented across operations
– Focused efforts were made to build colleague capabilities and optimise workflows
– The acquisition of Swiss logistics provider Nauta strengthened LEMAN’s position in Central Europe
Sustainability takes shape
LEMAN also achieved important sustainability milestones in 2024. CO₂e emissions were reduced by 5%, 4,000 m² of solar panels were installed on the warehouse roof in Greve, and new Eco Solutions were launched across Air, Sea and Road.
“Our customers increasingly demand greener logistics – and we want to be a partner that takes the lead and delivers real, sustainable alternatives,” says Christian Pape.
Priorities for 2025: Profitability and global balance
LEMAN enters 2025 with a clear objective: to return to profitability. This includes improving productivity, boosting warehouse utilisation, and achieving a more balanced performance across the global organisation – with a particular focus on the US, UK and China, where market conditions have been especially challenging.
“We’ve laid the groundwork – and now we’re building on that momentum. We need to be more efficient, more agile and more focused in our market approach. And we must remember that success will only come if we do it together,” concludes Christian Pape.
An ongoing transformation
With a new leadership team in place, a sharpened strategy and clear priorities, LEMAN is well underway with a comprehensive transformation. The ambition is clear: to restore profitability, simplify operations, and build a stronger, more sustainable global logistics company.