VEJLE, DENMARK – GPV reported 2019 revenues of DKK 2.86 billion (US$438.4 million), up 134.4% year-over-year.

EBITDA was DKK 196 million, an increase of 71.9% compared to 2018.

The acquisition of CCS more than doubled the size of the firm.

“In late 2017, we adopted a new growth strategy that would see us doubling our revenue within five years from DKK 1.15 billion at the time,” said CEO Bo Lybæk. “The acquisition of CCS and the performance we’re reporting for 2019 today show we’ve reached that goal ahead of time. This is not least due to the successful integration of GPV and CCS, which began on Jan. 7, 2019, when all units were renamed GPV globally.

“With the integration competed, GPV has a very special position in what we call HMLM (high-mix/low-medium) volume production. It means we are as flexible as some of the smaller manufacturers but also as capable in terms of high-volume orders and cost-efficiency as some of our largest peers. We’ve consolidated this position and made the new GPV even stronger, in part thanks to the highly successful integration in 2019.”

GPV recently invested in a 2,300 sq. m. factory in Thailand and plans to upgrade its Sri Lanka site, with plans for completion in 2021.

Ed.: DKK 1 = US$0.15