The president of the Nordic building ware giant DT Group, Ole Mikael Jensen, will be leaving his position on 30 September.
”Markets are now finally improving after seven tough years,” he says.
“Having defined our future strategy and now finished delivery of phase one, it is a good time for a change at the top. Markets are now finally improving after seven tough years, and in combination with implemented new tools and concepts we are outperforming the market. The last six months we have thus delivered significant profitable growth. The path is now ready for a new CEO to execute the remaining parts of our plans. I will miss the business and our great people, but will also be looking forward to new challenges”, Ole Mikael Jensen comments.
45-year-old Ole Mikael Jensen has been 15 years in the DT Group, including nine years with English listed Wolseley as owner. He has had five different jobs in three years each. He was appointed President and CEO of DT Group and Central Europe on 1 August 2012.
To Børsen Jensen says that ”…after nine great years in an English system penetrates I personally look for new impulses, so I do not become a sour old man”.
Ian Meakins, owner Wolseley Chief Executive, says that Jensen has been instrumental in developing the longer term strategy for the Nordics.
Today DT Group, the largest distributor of building materials in the Nordic Region, also disclosed its financial statements for the year 2014/2015 that ended 31 July 2015.
DT Group’s external revenue for the continuing business grew by 8 percent to 2.469 million EUR. On a like-for-like basis the growth was 5.5 percent. Market conditions improved progressively in the second half of the year in Denmark and not the least in Sweden but remained very challenging in Finland. DT Group says it gained or held market share in all of the Group’s businesses.
Gross profit increased from 607 million EUR last year to 648 million this year. Trading profit improved in all business units except Finland.
“We are not completely satisfied with the full year result due to a difficult start of the year in tough markets”, Ole Mikael Jensen says.
“However, we have been able to show significant over-market topline growth since November 2014. With the last 6 months of profitable growth – sales grew 7 percent and profits grew 14 percent – I am very satisfied with the second half of FY15 across all of Nordics.”
As for the future, Ole Mikael Jensen adds the Group is cautiously optimistic on the aggregated Nordic market now showing some – although limited – growth.
A major initiative of the year was the merger and rebranding of the Finnish businesses following last year’s acquisition of Puukeskus. DT Group launched the combined business under the brand Stark, transferring the experience of developing the Stark brand in Denmark, which included closure of eight branches not needed going forward.