Press Release - 07.11.2024 - 08:00

New strategy to ensure growth for ScanCom International

Large customer inventories of outdoor furniture and rising freight costs affected the annual results for outdoor furniture manufacturer ScanCom International. A new strategic direction for the company aims to make ScanCom International profitable again.

For several years, ScanCom International has been impacted by a challenging and volatile market, especially following the Covid-19 pandemic in 2020, which severely impacted production units in Vietnam hard due to widespread lockdowns in the country.

ScanCom International concludes the financial year 2023/24 with a revenue of DKK 861m, while the EBIT result stands at DKK -172m. The result is impacted by investments in new markets as well as extraordinary one-time costs of nearly DKK 100m, including losses on debtors and inventory write-downs.

In comparison, last financial year’s revenue amounted to DKK 974m with an EBIT result of DKK -22m.

New strategy to set a new direction
To reverse the trend for ScanCom International, the company board is working with Boston Consulting Group to develop and implement a new strategy.

By mutual agreement with Stig Maasbøl, longtime CEO of ScanCom International, it has been decided that he will step down.

“It is a natural time for a transition. We want to thank Stig Maasbøl for his tremendous work and dedication over the last 15 years as CEO of ScanCom International, during which he steered the company through an exceptionally challenging period around the Covid-19 pandemic. We wish him all the best in his future endeavors,” says Jan Bøgh, President and CEO of Lars Larsen Group Retail and the new Chairman of the Board of ScanCom International.

Peter Andsager, Vice President of Lars Larsen Group Retail, will serve as interim CEO of ScanCom International until a suitable successor for Stig Maasbøl is found.

“We are fully committed to developing a solid strategy for ScanCom International that will bring the company back to a profitable state again,” says Peter Andsager.

About ScanCom International:
ScanCom International is a global player within design, development, and production of outdoor furniture, with its own factories in Vietnam and Indonesia. Sales are driven from offices in Europe, the USA, and Asia, with showrooms in Denmark, the United Kingdom, Vietnam, and the USA. ScanCom International is owned by the Lars Larsen Group.