2023 IN BRIEF
Maintaining our stride and sustained financial solidity
Throughout 2023, we maintained our commitment to organic growth and including new companies (M&A), a testament to our continuing success and business model. Adding new companies remained a cornerstone of our strategy, with at least one new company on average joining the HG family every two weeks.
Despite a challenging market in 2023, HG stood its ground and delivered a resilient financial performance. Our reported revenues increased by 55% compared with the previous year, which is a testament to our adaptability and sound strategy. At the same time, our reported EBITDA and EBITA showed a noticeable increase of 29% and 16%, respectively.
Since our inception in July 2020, HG has grown exponentially, a testament to our strategic vision and unwavering determination. Our expansion efforts have extended beyond our traditional markets, with a strong focus on establishing a presence in new countries, including Denmark and now also Germany.
The year 2023 marked a significant milestone in HG's journey as we expanded our footprint into Germany.
Welcoming new champions and breaking new ground in Germany
In 2023, HG was delighted to welcome 33 new local champions into our fold, each enriching our collective efforts with their unique value and energy. In Sweden in particular, we brought 29 companies on board, significantly expanding our geographic footprint. The integration of 14 companies1 in June, formerly recognised as Dextry, has particularly enhanced our portfolio within the painting and refurbishment sector, further diversifying and strengthening the resilience of our Swedish operations. Our lean, decentralised approach, coupled with a light-touch integration model, has consistently enhanced our attractiveness to potential partners and strengthened our financial performance.
The year 2023 marked a significant milestone in HG's journey as we expanded our footprint into Germany. In May 2023, we celebrated the addition of the first German company, a landmark achievement that underscored our commitment to geographic expansion. In November 2023, our presence in Germany was further strengthened with the addition of our second company, cementing our prospects of becoming a formidable partner to businesses in the German market.
LTM Proforma revenues
(illustrative)
Empowering our people
At HG, our people are the heart and soul of our organization. In 2023, we continued to invest in their growth and development, with an employee satisfaction of 32, significantly exceeding the industry average of 11. We also saw a healthy increase in the number of apprentices from 229 at the end 2022 to 351 at the end 2023, reaffirming our commitment to developing talent within our ranks.
In 2023, the HG Academy continued to play a vital role in equipping our people with the skills and knowledge they need to succeed. This year saw in the introduction of several new courses, including a dedicated talent program preparing the next generation of General Managers. With 427 individuals trained — an increase of approximately 100 graduates compared to the previous period — this growth demonstrates the effectiveness of our training programmes in preparing people for continued growth and success with HG.
Happy employees delivering quality
Employer Net Promoter Score
Our unique business model continues to garner praise and recognition, serving as a beacon of inspiration and excellence for existing and future partners.
Strength in unity and aligned incentives
At HG we embody a sense of unity and camaraderie, exemplified by our growing cohort of employee-owners. As our family grows with each new company joining HG, so too does our collective strength and resilience.
In an era of uncertainty, HG remains steadfast in its commitment to strategic foresight and contingency planning. Our proactive approach to risk management and portfolio monitoring ensure that we meet challenges with poise and agility, safeguarding our long-term success.
As we break new ground and expand our geographical footprint, HG remains committed to the values that have defined us since our inception. Our unique business model continues to garner praise and recognition, serving as a beacon of inspiration and excellence for existing and future partners.
Continuing the next phase of our journey, HG stands ready for sustained growth. With continued dedication and determination, we are ready to navigate challenges and embrace opportunities with optimism. Together, we will continue to redefine quality and shape the future of surface treatment services across Europe.
1 Includes operating companies only
Our companies* – The local winners
* Inkluderar endast rörelsedrivande bolag
We provide all types of surfacing services
HAPPENINGS 2023
2023 was an eventful year
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February
Håndverksgruppen Sweden received ISO certification, confirming our commitment to ESG. Meanwhile, the Danish HG companies demonstrated their transition from competitors to partners by working together on a major refurbishment project to revitalise 150 gyms across Denmark, demonstrating HG's expanded service capabilities throughout the region.
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March
A historic first! All Danish General Managers gathered for an inspiring meeting in Hirtshals, hosted by the warm Jeppesen duo. March also shone as HG was named FSN Capital's ESG winner for 2023.
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April
HG's revenues increased fivefold since inception, a milestone! We also launched a comprehensive Health & Safety and Quality & Assurance library to equip our Norwegian operations with best-in-class knowledge.
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May
Welcomed our first German family member, the highly respected Hans Übelacker, with open arms and celebrated this landmark expansion with a board meeting on German soil to further mutual understanding of German culture and market dynamics.
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June
Strengthened our presence in Sweden by welcoming 14 dynamic companies*, formerly part of Dextry, into the fold. This move not only broadened our footprint but also deepened our expertise in painting and refurbishment.
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July
Refurbishment of 11 Bolia stores across Norway, a decade long tradition of excellence.
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August
Signed a national agreement with Storebrand Forsikring, one of the Nordic insurance titans, driven by our unwavering commitment to sustainability.
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September
All General Managers gathered in Gothenburg for a dynamic two-day summit, aligning strategic vision and values to further deepen our collaboration. Launched the Swedish recruitment website to facilitate the recruitment process for local companies.
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October
Malco, a local company in Kristiansand, Norway, made headlines with its eco-forward approach by signing a significant 7,000 square metre project limiting waste to only 18kg per sqm in Construction City with AF Gruppen, setting new sustainability benchmarks.
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November
Stuttgart-based Beck GmbH became the second German company to join the HG family. Meanwhile, the HG Academy in Sweden launches its training for craftspeople and HG Denmark achieves ISO certification, proudly reaffirming our commitment to ESG.
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December
AB Golvinteriör joins Håndverksgruppen as the 29th company* in Sweden. A national framework agreement is signed with Norwegian shopping centre operator Alti, which owns 45 centres in Norway. By the end of the year, 26 Swedish companies were ISO certified, which means that 70% of all HG companies are certified.* Includes operating companies only