"Things are going in the right direction"
2021 continued to be overshadowed by the pandemic, but Coor is stable. “Things have been going in the right direction. We made several acquisitions, achieved good returns and have a strong focus on sustainability, innovation and the workplace of the future,” says Klas Elmberg, CFO at Coor.
Interview with Klas Elmberg, CFO and IR Director at Coor
How would you sum up 2021?
"Things have been going in the right direction. Coor has been active in acquisitions, has a strong ability to adapt and has effective cost control processes. We once again paid a good dividend to our investors and have maintained a high dividend yield.
The past year was partly a continuation of 2020, marked by considerable uncertainty due to the global COVID-19 crisis. The pandemic resulted in increased volumes in cleaning, our largest service, but our volumes in property services and food and beverages were once again down this year. However, we are confident that we will see a return to more normal volumes in these service areas."
Transparency and our strong focus on sustainability are essential to our ability to continue to grow.
"The key to stability is Coor’s business model, where 70–75 per cent of our revenue comes from fixed subscriptions. The company has a good customer base, with reliable customers who pay their invoices on time.”
Are acquisitions still an important strategy for Coor?
“Absolutely. We carried out three acquisitions in 2021. In the spring, we acquired R & K Service AS, a very well-run family company providing cleaning and food and beverage services in Stavanger, Norway. In the summer, we completed the strategically important acquisition of Veolia Technical Management, a business with high technical expertise in pro- duction and infrastructure facilities, and in November we acquired Inspira, a company that provides cleaning and workplace services to a large number of companies in central Sweden. Coor will continue to generate organic growth complemented by acquisitions. The companies we are interested in are well managed, have strong finances and good customer relations, and take good care of their employ- ees. But organic growth will always be most important to us.”
Coor has become even more transparent and broad in its reporting. What does that mean?
“It means that every quarter, in addition to financial performance indicators, the company also reports the social and environmental dimensions according to the triple bottom line approach. Transparency and our strong focus on sustainability are essential to our ability to continue to grow and attract customers, employees and investors.”
How do you see the future for Coor?
“The future looks very bright. There is still a big market in the Nordic region where Coor can grow and further strengthen its position. We have a strong focus on sustain- ability and innovation and are investing even more in advisory services throughout the Nordic region, where we support our customers in developing the workplace of the future. This is something that many of our customers are demanding.”