Glunz & Jensen H1 2024 Financial Reporting Insights
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INTERIM REPORT JANUARY 1, 2024 – JUNE 30, 2024 (H1 2024)
The H1 2024 report of the fiscal year was reviewed and approved at the Board of Directors meeting.
Highlights of Financial Performance
The revenue for H1 2024 amounted to DKK 64.9 million, which is in line with expectations, compared to DKK 74.0 million in H1 2023.
Gross Profit and Margin
The gross profit amounted to DKK 15.0 million in H1 2024, with a gross profit margin of 23.1%, slightly down from 24.2% in H1 2023.
The revenue decline in H1 2024 compared to H1 2023 is primarily due to weaker than expected revenue in Q1 2024. However, revenue in Q2 2024 showed a positive trend at DKK 33.8 million compared to DKK 33.5 million in Q2 2023.
Last year’s margin declines have seen some recovery, coming to 23.1%. The company is actively working on margin improvements in H2 2024.
EBITDA and Profit Before Tax
EBITDA for the period was DKK 4.1 million, significantly lower than DKK 8.2 million in H1 2023.
Profit before tax for H1 2024 was DKK 1.0 million, down from DKK 5.3 million in H1 2023, translating to a result per share (EPS) of DKK 0.4, compared to DKK 2.3 in the prior year.
Updated Financial Outlook for 2024
On August 21, 2024, Glunz & Jensen revised their outlook for 2024. The revenue is now expected to be approximately DKK 135 million, down from the previous estimate of DKK 148 million. Additionally, EBITDA is expected to be around DKK 12 million, adjusted from approximately DKK 18 million, and the anticipated profit before tax is now approximately DKK 5 million, down from the previous estimate of DKK 10 million.
This revised outlook excludes any adjustments related to the fair value of investment property.
Contact Information
For further information, please contact:
CEO Henrik Blegvad Funk: phone +45 21 39 05 32
Chairman of the Board Flemming Nyenstad Enevoldsen: phone +45 40 43 13 03
Frequently Asked Questions
What are the key highlights from the H1 2024 report?
The key highlights include a revenue of DKK 64.9 million and a gross profit margin of 23.1%.
How does the H1 2024 performance compare with H1 2023?
Revenue has decreased from DKK 74.0 million in H1 2023 to DKK 64.9 million in H1 2024.
What is the updated financial outlook for 2024?
The company expects revenue of approximately DKK 135 million and EBITDA of around DKK 12 million.
Who can be contacted for more information about the report?
For inquiries, you can contact CEO Henrik Blegvad Funk or Chairman Flemming Nyenstad Enevoldsen.
What challenges did the company face in Q1 2024?
The company experienced weaker revenue than expected, which affected overall performance in H1 2024.
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