Press Release - 29.11.2022 - 07:50
SengeSpecialisten presents positive result in a difficult market
After a year characterised by costs deriving from acquisitions and some difficult market conditions, SengeSpecialisten sustains a positive EBIT-result and lands another Gazelle-award.
SengeSpecialisten closes the financial year 2021/22 with a turnover of DKK 207m and DKK 9.6m in earnings before interest and tax, which is a five percent decline in turnover compared to the previous financial year, where the turnover was DKK 218m.
”Many companies can recognise that it has been an unusual year with many challenges and especially our second half year has been affected by a decrease in demand due to the war and the inflation,” says CEO of SengeSpecialisten, Martin Amstrup Bang. He continues:
”The fact that we manage to sustain our positive EBIT under these conditions is first and foremost thanks to the huge effort of our employees,” he says.
”For the second year in a row, we have won a fast-growth company prize, a so-called ‘Gazelle’ awarded by the Danish newspaper Børsen, which goes to show the growth journey of SengeSpecialisten over the last 4-5 years and the strong team effort,” he adds.
The subsidiary company, Sengetid.dk, has also been awarded with a Gazelle in 2022.
Acquisitions require investments
The financial year 2021/22 was the first of its kind with two new subsidiaries, the online beds store Sengetid.dk and the Swedish chain Sängjätten, which SengeSpecialisten acquired in 2021, respectively. The integration of the new companies and the costs related to the acquisitions have adversely affected the total result for the year.
”The results for our subsidiaries are characterised by this year’s non-recurrent expenditures, store investments, and integration of IT-systems as well as many new employees,” Martin Amstrup Bang explains.
”The two acquisitions in the financial year 2021/22 have collectively affected the group’s result before tax adversely by DKK 38.5m with non-recurrent expenditures accounting for the majority hereof,” he adds.
Total turnover for the group for the financial year 2021/22 makes up DKK 340m and the total result before tax for the group comprises a deficit of DKK 30.8m.
SengeSpecialisten goes to bed
SengeSpecialisten is now facing an exciting year of new possibilities. Because, while the subsidiary Sängjätten in Sweden has already changed name to ’SENG’ (Danish for ’bed’), the new name will be introduced in Denmark in the beginning of 2023, aligning all the physical stores in the group under one collective concept.
”With our new name we will have a coherent chain across the countries with a more standardised assortment of products and a more cohesive visual identity,” says Martin Amstrup Bang, who sees great potential in the new setup.
”SengeSpecialisten has a high degree of brand recognition, so a name change will require a lot from us, especially in terms of marketing. While the Swedes will get to know our strong concept in its entirety, the Danish customers only need get used to the new name and logo. The skilled and specialised customer service, which they are familiar with, will not change, and we are certain that a collective brand is the right thing for our business in the long-term,” he says.
SengeSpecialisten sells and provides guidance about quality beds and bed accessories with the intent of creating the best conditions for a good night’s sleep. The company comprises 32 Danish stores as well as 18 of its own and three franchise stores in Sweden. The subsidiary company Sengetid.dk is an online pure player selling beds in the Danish market. SengeSpecialisten has been fully owned by Lars Larsen Group since 2020.