A Danish furniture company has reported a decline in revenue, but an increase in profits for the 2024 financial year, according to its latest financial statement.
Revenue dropped by 9 percent year-on-year, while gross profit fell from 126.8 million DKK in 2023 to 121.0 million DKK in 2024. Despite this, operating profit rose by 8.3 percent to 58.9 million DKK, and profit after tax increased by 21.5 percent, reaching 43.2 million DKK.
From line four, the article focuses on Gubi A/S, which attributes this performance to a strong business model and adaptability in a challenging market. Chairman Anders Kristiansen stated that the figures reflect the company's "fundamental health" and resilience. He was appointed in November 2024, replacing Lars Munch, following a strategic move by majority owner Axcel to strengthen the board's sales and marketing expertise.
The company also reduced its headcount from 81 to 75, lowering labour costs by over 7 million DKK. Executive pay also saw a decrease, from 9.1 million DKK to 6.3 million DKK.
Gubi paid out 40 million DKK in dividends. Axcel holds a 59 percent stake, with the remaining 39 percent owned by Jacob G. Olesen, son of the company's founders.
Positive developments in the UK contributed to growth, particularly through the new Gubi House London showroom. Aimed at architects and designers, the space has boosted sales in the UK and other European markets. Lighting products have also seen increased demand.
Kristiansen commented that the showroom has "strengthened our position towards the professional target group", which is expected to play a key role in future expansion.
Source: www.wood-supply.dk