DNV publishes 2023 annual report

IIOA member DNV has published its 2023 annual report, including its financial results with revenue increasing by 26.2% to 31,594m NOK.

DNV reports that the growth (17.7% at constant currency) was attributable to, ‘active salespromoting activities, supported by positive market developments in most of our businesses.’ 2.8 percentage points of growth came from acquisitions.

Within the results, Business Assurance grew by 25.1% to 3,700m NOK, ‘driven by growth of the certification business’.

Global supply chains, ESG and cyber-security services were referenced as key areas for DNV’s Business Assurance, ‘Global supply chain issues also influenced the certification market. The new regional onshoring trend and growing interest in untapped geographies boosted service demand. Furthermore, growing stakeholder expectations to companies to manage cyber security and ESG-related topics boosted the need for management system certification and training.

Demand for DNV’s information and cyber security certification services was strong in industries with complex supply chains, such as automotive, energy and logistics.’

In terms of outlook, DNV states, ‘Although continued growth is expected, DNV has applied reasonable caution in plans for 2024, with mitigating strategies in place so it can continue to effectively respond to the uncertainty in its core markets.’ In terms of demand, DNV comments, ‘An accelerating energy transition, growing environmental, social, and governance regulatory pressures on companies, and increasing digitalization mean DNV’s expertise and services to manage risk and establish trust are more relevant and more in demand than ever.’

The full 2023 DNV Annual Report can be seen here.