Record results for Ramboll

Global environmental, engineering and sustainability consultancy Ramboll has delivered strong growth and record profits in its annual results. 

Despite a challenging market, Ramboll said its highest ever annual revenue and profits were driven by double-digit growth in its energy and environment and health business areas - as well as strong performance in Denmark, UK and the US.

Ramboll’s gross revenue reached an all-time high of EUR 2.3bn, an increase of EUR 132.5bn compared to 2022, while earnings (EBITA) of more than EUR 138.7m marks a record high for the company.

Profit before tax fell to EUR 81.5m compared to EUR 84m in 2022 owing to a positive gain in 2022 from divesting part of the company’s Water business in the US, as well as higher restructuring costs in 2023.

The order book at the end of 2023 stood at 7.1 months of secured revenue corresponding to EUR 1.1bn, which is slightly lower compared to 7.6 months of secured revenue at the end of 2022.  

Ramboll’s UK business, which has almost doubled in size in the last eight years, was a strong performer despite external challenges including high inflation and the scaling back of capital infrastructure projects. 

The UK team secured a number of standout project wins, including 3 Sheldon Square - a 10-storey office redevelopment which saw circular principles applied to improve operational efficiency by more than 66% compared to a new development in the construction phase.

Philippa Spence, UK managing director, Ramboll, said she was “immensely proud” of the UK team’s performance.

“Once again, the UK put on a strong performance achieving 19% organic growth in 2023 and our most profitable year ever,” she said. 

“This continues our growth and profitability trajectory, which has seen the UK business almost double in size since 2016.

“As one of the top performing geographies, we achieved this growth despite difficult market challenges, including inflationary pressures which had a direct impact on planned infrastructure investment, notably HS2. 

“The failed offshore wind auction in September was a further blow to the UK wind sector, however I’m optimistic about more promising outcomes this year.

“The diversity of our business mix has helped us navigate these challenges, with exceptional demand for our green energy transition services; cloud computing and AI; and life sciences and health, all supporting our UK growth. 

“Our ports and marine sector has also grown by over 40% in response to the impact of Brexit and renewable energy opportunities.

“In fact, our Transport UK market as a whole grew organically by 27%. Meanwhile, we saw our Environment and Health market boosted by accelerated growth in the high-tech and renewable energy sectors, with revenues growing by 40% and 30% respectively.”

She added: “I am immensely proud of the UK success story which is above all grounded in our commitment to our people – our voluntary attrition falling below 10% speaks for itself.”

Across the global Ramboll business, strong performance was fuelled by renewable energy projects.

Jens-Peter Saul, group CEO, said: “Guided by our strategy, we continue to diversify our offerings, which includes growth in areas where we are already strong, such as offshore wind. 

“Among others, we have expanded from being a leading consultant on offshore wind foundation design, to now offering a full palette of advisory services, which is today an equally large revenue driver. 

“We also see rapid growth in fields like green hydrogen, Power-to-X, and Carbon Capture Utilisation and Storage, and Ramboll is well placed to lead this trend. As part of our strategic direction, we are committed to be the leader in the green energy transition and on track to achieve this goal.”

He added: “I am satisfied with Ramboll’s performance in 2023, which we delivered in a market with higher inflation and interest rates. 

“Our performance demonstrates the value of our diverse portfolio and strong position across several markets and geographies. 

“Based on our unique competencies and services, especially within the green energy transition, we navigated difficult market conditions to deliver value to clients.

“We are progressing well with our strategy and on track to meet our 2025 goals.”