Press Release - 19.12.2024 - 10:00
Lars Larsen Group presents record revenue and sustains ambitions of growth
Lars Larsen Group sets a new revenue record for the financial year 2023/24 and delivers its second-best result before tax.
The total revenue of Lars Larsen Group reached DKK 48 billion in the financial year 2023/24, an increase of six percent compared to the previous financial year. The increase in revenue is especially due to the performance of the largest subsidiary in the Group, JYSK.
Collectively, operating profit reached DKK 5.4 billion in 2023/24 against DKK 4.2 billion in 2022/23, which is an increase of 28 percent.
After goodwill amortisation and financial items, the profit before tax amounted to DKK 4.5 billion in 2023/24 compared to DKK 3.4bn in 2022/23, which is an increase of 32 percent.
”We are satisfied with the result, which to a wide extent is attributed to our skilled employees across the Group. They have made great efforts in line with our values in a time of global uncertainty with regard to both geopolitics, climate change, and financial markets,” says President and CEO of Lars Larsen Group, Jesper Lund, and continues:
"Despite this new reality, we in Lars Larsen Group remain committed to our long-term ambition of contributing to growth and value in society, together with our continued focus on tradesmanship and responsibility in everything we do. This year's result demonstrates that as a group, we can navigate the challenges we meet and seize the opportunities that arise," he adds.
In the financial year 2023/24, Lars Larsen Group invested DKK 2 billion in group operations, which is compared to annual depreciations of DKK 1.5 billion.
Lars Larsen Group’s total tax contribution, including all countries where the Group is present (global tax footprint), amounted to more than DKK 11 billion of which DKK 979 million was allocated for corporate income taxes. This corresponds to a taxation rate of 21.4 percent which is the same as the previous financial year.
In addition, sponsorships were granted, and donations were made to humanitarian relief and charities through organisations such as the Danish Cancer Association, the Red Cross, and local initiatives, including reconstruction activities in Ukraine, all amounting to DKK 71 million.
At the end of the financial year 2023/24, Lars Larsen Group employed a total of 41,000 people globally, with 2,000 new colleagues having joined the Group since the previous financial year.
Strengthened commitment to climate goals
In the financial year 2023/24, Lars Larsen Group continued to work towards making a difference in terms of limiting climate change. Together with the subsidiaries JYSK, Actona Group, BOLIA, ILVA, SOFACOMPANY, and ScanCom International, Lars Larsen Group took another important step towards reducing the Group’s greenhouse gas emissions and submitted specific CO2e reduction targets for scopes 1, 2, and 3 to the internationally acclaimed Science Based Targets initiative (SBTi) in line with the Paris Agreement.
Lars Larsen Group A/S commits to reduce absolute scope 1 and 2 greenhouse gas emissions 50.4 percent by the end of the financial year 2031/32 from an FY22 base year. Lars Larsen Group A/S also commits that 73.2 percent of its suppliers by emissions covering purchased goods and services and upstream transportation and distribution, will have science-based targets by the end of the financial year 2028/29.
“It is important for us to contribute to a more sustainable future, and we wish to do our part to limit global warming. Through our commitment to the SBTi and our overall greenhouse gas emission reduction targets, Lars Larsen Group is committed to making a real difference for the climate, with each of our companies focusing on reducing emissions where they believe it will have the greatest impact,” says Jesper Lund.
It is expected that Lars Larsen Group A/S and the six major subsidiaries in the Group will all have their reduction targets validated by the SBTi by the end of 2024.
New head office in Silkeborg
In February 2024, Lars Larsen Group A/S moved into its new head office in Silkeborg after having shared a domicile with the largest subsidiary in the Group, JYSK, in Brabrand.
In the financial year 2023/24, Lars Larsen Group A/S also finalised a comprehensive simplifying process streamlining the structure into one group. In connection with this, the parent company of the Group changed its name from LLG A/S to Lars Larsen Group A/S.
“We have settled well in Silkeborg, where we have experienced a warm welcome. Establishing a presence in Silkeborg was a natural next step in our development and aligns with the owner family's wish, as the Group has a strong both historical and present-day connection to the city,” Jesper Lund concludes.
