CM Biomass announces “strong results in difficult year”
CM Biomass has released its results for the financial year of 2023/24, which it said show the strength of combining production and trading as a flexible provider with a record-setting result - an EBT of €41 million.
For the past two years, CM Biomass has added production to its trading portolio, and has expanded on logistics and sourcing solutions.
Amidst a year that posed challenges to the biomass sector - including a mild, late winter season with less demand and lower prices on wood pellets - CM Biomass delivered its best result yet.
CEO of CM Biomass, Morten Buchgreitz, credited several factors to this year’s record result.
“We’re incredibly proud to deliver year on year positive results, this year being no different, and even record-breaking. Much of this success can be credited to our organisation and the many dedicated people, who run production, trading and back-office functions. It would not be possible without their dedication,” he said.
He added: “Our business model as a flexibility provider has especially in a year with lower demand allowed us to accommodate our clients, storing or buying back any excess products. This grows trust and builds strong partnerships with clients, that leads to better business.”
CM Biomass annually trades 3.6 million tonnes of biomass and owns directly or through joint ventures 11 production facilities in the US and in Denmark, have access to 65 warehouses across the world and have sales offices from Seoul to Sweden underlining the global bandwidth of the company.
CM Biomass has this year taken another step towards operating independently, as the company has both physically and support function-wise moved away from its founding company, Copenhagen Merchants.
“CM Biomass has been on a massive growth journey for the past years with many new people joining, especially within our production. To support this growth along with our evolving business, also the support functions have seen upgrades with new colleagues covering risk and insurance, ESG, VAT and tax, market analysis, and IT. This has led us to move our Copenhagen headquarter into our own offices,” said Ask Michael Munck, group CFO of CM Biomass.
For the past two years, CM Biomass has added production to its trading portolio, and has expanded on logistics and sourcing solutions.
Amidst a year that posed challenges to the biomass sector - including a mild, late winter season with less demand and lower prices on wood pellets - CM Biomass delivered its best result yet.
CEO of CM Biomass, Morten Buchgreitz, credited several factors to this year’s record result.
“We’re incredibly proud to deliver year on year positive results, this year being no different, and even record-breaking. Much of this success can be credited to our organisation and the many dedicated people, who run production, trading and back-office functions. It would not be possible without their dedication,” he said.
He added: “Our business model as a flexibility provider has especially in a year with lower demand allowed us to accommodate our clients, storing or buying back any excess products. This grows trust and builds strong partnerships with clients, that leads to better business.”
CM Biomass annually trades 3.6 million tonnes of biomass and owns directly or through joint ventures 11 production facilities in the US and in Denmark, have access to 65 warehouses across the world and have sales offices from Seoul to Sweden underlining the global bandwidth of the company.
CM Biomass has this year taken another step towards operating independently, as the company has both physically and support function-wise moved away from its founding company, Copenhagen Merchants.
“CM Biomass has been on a massive growth journey for the past years with many new people joining, especially within our production. To support this growth along with our evolving business, also the support functions have seen upgrades with new colleagues covering risk and insurance, ESG, VAT and tax, market analysis, and IT. This has led us to move our Copenhagen headquarter into our own offices,” said Ask Michael Munck, group CFO of CM Biomass.
