AVARN SECURITY GROUP 2020 CEO STATEMENT
Delivering strong results in the face of a global pandemic — Avarn Security is a leading security group with operations in Norway, Sweden, Finland and Denmark, supplying first-class security solutions to our clients across the Nordic market.
We are pleased to have delivered solid
A solid year for all our
Operational performance
results in 2020, increasing both revenues
business streams in Norway
Along with the rest of the world, we were
and EBITDA. This success was achieved
Our Margin Improvement Program (MIP)
affected by the Covid-19 pandemic in
despite a significant drop in revenue in
is ongoing, with new initiatives having
2020, with our Aviation and Travel-related
the Aviation and Cash Handling business.
been implemented in a timely way, to the
business suffering the most.
Our results in 2020 are in line with our
benefit of our bottom line. The journey to
plans, represent a significant improvement
make Avarn Security a digitalized security
Norway saw at total topline reduction of
on 2019, and contributed to a positive
company has successfully begun and
approximately 10% as a result of Covid-19,
development in cash flow during the year.
continues across our business streams.
while volume decrease in Aviation was around NOK 200 million. Despite the
Throughout 2020 we continued our
significant reductions in volume, we
planned restructuring and merger
managed to deliver results according
programs, despite the unprecedented
to plan.
circumstances. The Guarding business was affected by Our rebranding process started in 2020 and
two major incidents in 2020 - Covid-19
will continue until July 2021. We’re confident
and a historically long-lasting strike. The
Avarn Security is a brand that is respected
first quarter of 2020 was progressing as
and appreciated by both our employees
planned, until the Covid-19 situation hit hard
and customers.
in March. Mitigating actions were taken and employees were temporarily laid off. We took
The last year has shown that the security
a number of actions to achieve our targets,
industry has the ability to manage
including a focus on internal organization
unexpected situations, such as the global
and maintaining a close dialogue with
Covid-19 pandemic.
our customers.
Vidar Berg 4
AVARN SECURITY ANNUAL REPORT 2020
GROUP CEO AVARN SECURITY GROUP
