IIOC member DNV has posted its 2020 full year results.
Revenue fell to 20911m NOK, a decline of 3% (5.1% down at constant currency and with one disposal).
DNV describe the results in, ‘A year in the shadow of COVID-19’ as one of ‘strength and resilience’.
One clear impact of the pandemic is seen in DNV reporting that 40% of their audits in their Business Assurance were carried out remotely. This helped contribute to Business Assurance’s performance of 3595m NOK turnover in 2020, 0.9% down on 2019.
Of future prospects, DNV comments that, ‘Despite massive efforts, COVID-19 is not yet contained and growth prospects for 2021 and 2022 remain uncertain. Both business and consumer confidence have picked up slightly. Provided COVID-19 is gradually contained with the help of vaccines during 2021, the GDP of most economies is expected to start recovering in 2021 and return to growth no later than 2022. However, the short-term downside risk is probably higher and more explicit than we have experienced in modern times. With interest rates at around zero, and a sharp rise in public spending and debts, there are fewer financial tools available to fight another major set-back.’
Specially for Business Assurance, DNV comments that, ‘The demand for DNV’s management system certification services are expected to be strong in 2021. The same goes for product assurance, supply chain assurance and digital assurance services which are expected to see even more opportunities post COVID-19. DNV will continue to strengthen its industry position, especially within the food & beverage, medical and healthcare sectors.’
Full details from DNV can be obtained here.