Press Release - 27.01.2020 - 09:00
Lars Larsen Group delivers yet another record result
With earnings before tax of 499 million EUR, the financial year 2018/19 was the best ever for Lars Larsen Group.
Despite a year with very big investments in a number of the companies within the group, Lars Larsen Group announces record earnings for the financial year 2018/19.
The turnover was 4.7 billion EUR, while earnings before taxes were 499 million EUR, which is 3.9 percent higher compared to the 2017/18 result.
”It is a result, which we in the family are very satisfied with,” says Chairman of Lars Larsen Group, Jacob Brunsborg.
He is especially satisfied with the fact that the group has once again proved the advantages of deriving revenue from a number of different activities.
”As a result of heavy investment, the earnings of JYSK were a bit lower than the previous financial year. That makes it even more important that our investment activities as well as a number of other companies in the group have delivered on such a high level that our earnings before taxes improved by 17.5 million EUR,” says Jacob Brunsborg.
Several of the companies in the group have improved in earnings compared to the previous financial year.
”Among others, I would point out Actona Company, where earnings have been more than doubled from eight million EUR to 18 million EUR. Also SengeSpecialisten is a very positive story, as the company after a number of very challenging years have been turned around and now delivers a positive result,” says Jacob Brunsborg.
Also several of the newest additions to Lars Larsen Group deliver great results. This is for example the case with Solid Leasing going from earnings in 2017/18 of 175,000 EUR to a result in 2018/19 of 966,000 EUR.
Another highlight is the producer of garden furniture Scancom, which has a long tradition of a strong focus on sustainability.
”Scancom has really been ahead of its time in many ways. Especially in terms of a strong focus on sustainability and recycled materials. Increased focus on sustainability has been one of the most important developments in 2019, and that also shows in the result of Scancom, which delivers earnings before tax of 3.5 million EUR,” says Jacob Brunsborg.
He highlights that there is still a lot of potential in Scancom as well as in the remaining companies in Lars Larsen Group.
”Despite the fact that we see record earnings, there are still companies with a negative result. In the latest financial year, we invested significantly in among others Himmerland Golf & Spa Resort and Letz Sushi. On that background, I expect to see an improvement of earnings for these companies for the current financial year,” says Jacob Brunsborg.