DSV 2023 profit drops 30%, Jens H. Lund is Group CEO

DSV reported a 30 percent decline in 2023 profit at DKK 12.4 billion ($1.7 billion) compared to DKK 17.7 billion ($2.5 billion) in 2022 "in a market characterised by reduced volumes and a gradual normalisation of both freight rates and gross profit yields."

Revenue was down 36 percent at DKK 150.8 billion ($21 billion) while EBIT came in at DKK 17.7 billion ($2.5 billion), says an official release.

"The general decline in global trade had an adverse impact on the air & sea division, which experienced a 33.1 percent drop in EBIT compared to 2022. The EBIT for Solutions decreased by 10.7 percent, and the road division delivered EBIT figures in line with its 2022 results."

The Air and Sea division reported a 35 percent decline in EBIT at DKK 13.4 billion ($1.9 billion).

Jens Bjørn Andersen, Group CEO, DSV says: "DSV delivered solid financial results for 2023, in line with our expectations. In a market characterised by declining demand for transport services across most markets, we demonstrated our ability to adapt to changing market conditions, and our dedicated employees continued to deliver excellent customer service. During 2023, we were happy to announce an exclusive logistics joint venture with NEOM Company and we have continued the work to strengthen our network services and industry expertise. We also made important progress on the sustainability agenda, developing roadmaps for our decarbonisation efforts.

"Today, the previously announced changes to our executive management team will take effect, and this is my last day as Group CEO. I would like to take this opportunity to thank customers, suppliers and partners - and not least my fantastic DSV colleagues across the globe - for the support and confidence in DSV and me over the years. Jens Lund and a strong team around him are now ready to take over and continue DSV's journey, and I wish everybody all the best."

New team in place
Effective February 1, 2024, current Group COO and Vice CEO Jens H. Lund will assume the position of Group CEO, and Jens Bjørn Andersen steps down after more than 15 years in charge of the DSV Group.

Brian Ejsing is appointed new Group COO and will join the Executive Board. "Brian has been CEO, DSV Solutions, and part of the Group Executive Committee since 2012. Over the years, Brian has been instrumental in developing and growing the Solutions division and has played an important role in the integration of acquired companies."

The DSV Executive Board consists of Group CEO Jens H. Lund, Group COO Brian Ejsing and Group CFO Michael Ebbe.

Effective May 1, 2024, Carsten Trolle, CEO, DSV Air & Sea, has decided to step down after more than 39 years with DSV and nine years in charge of the air & Sea division.

Frank Sobotka is appointed new CEO, DSV Air & Sea. Frank joined DSV 14 years ago, and currently holds the position of Managing Director, Air & Sea Germany, and Executive Vice President for Central Eastern and Southern Europe.

"In addition to these changes, the divisional management teams will be expanded with a COO position," says Lund. "Each division will have a CEO, COO and CCO to further strengthen our change capacity and commercial approach. This is in line with our long-term succession planning and a product of the strong talent pool we have across the DSV organisation."

2024 outlook
EBIT before special items is expected to be in the range of DKK 15-17 billion. "The outlook assumes global GDP growth around three percent in 2024, and that the markets for air & sea will grow three-four percent in 2024. We target profitable, above market growth, but our strategic growth initiatives may only have a gradual impact in 2024."