INTERIM REPORT JANUARY 1, 2024 – JUNE 30, 2024 (H1 2024)
The Board of Directors has reviewed and approved the H1 2024 report for the fiscal year.
Highlights of Financial Performance
For H1 2024, the company generated revenue of DKK 64.9 million, aligning with expectations, although this represents a decrease from DKK 74.0 million in H1 2023.
Gross Profit and Margin
The gross profit for H1 2024 was DKK 15.0 million, resulting in a gross profit margin of 23.1%. This is a slight decline from the 24.2% margin recorded in H1 2023.
The drop in revenue for H1 2024 compared to H1 2023 can be attributed mainly to lower-than-anticipated revenue in Q1 2024. However, there was a positive trend in Q2 2024, with revenue reaching DKK 33.8 million, up from DKK 33.5 million in Q2 2023.
After experiencing margin declines last year, the company has seen some recovery, achieving a margin of 23.1%. Efforts to improve margins are ongoing and will continue into H2 2024.
EBITDA and Profit Before Tax
During this period, EBITDA stood at DKK 4.1 million, which is a significant decrease from DKK 8.2 million in H1 2023.
For H1 2024, profit before tax was reported at DKK 1.0 million, down from DKK 5.3 million in H1 2023. This translates to earnings per share (EPS) of DKK 0.4, compared to DKK 2.3 in the previous year.
Updated Financial Outlook for 2024
On August 21, 2024, Glunz & Jensen updated its financial outlook for the year. The revised revenue expectation is now approximately DKK 135 million, down from the earlier forecast of DKK 148 million. Additionally, EBITDA is anticipated to be around DKK 12 million, adjusted from the previous estimate of approximately DKK 18 million, while the expected profit before tax is now about DKK 5 million, reduced from the earlier projection of DKK 10 million.
This updated outlook does not include any adjustments related to the fair value of investment property.
Contact Information
For more details, please reach out to:
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 main 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 anticipates 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 reach out to CEO Henrik Blegvad Funk or Chairman Flemming Nyenstad Enevoldsen.
What challenges did the company face in Q1 2024?
The company encountered weaker revenue than expected, which negatively impacted overall performance in H1 2024.