Danish office furniture maker Dencon has reported a significant rise in profits, with pre-tax earnings increasing to DKK 4 million in 2024, eight times higher than the previous year. The turnaround follows a strategic shift in 2023 led by CEO Henrik Nielsen, who focused on cutting costs and targeting growth in export markets.
© Dencon
Gross profit rose from DKK 16.6 million to DKK 18.3 million, while administrative expenses were reduced by nearly DKK 2 million. Operating profit climbed to DKK 4.7 million, up from DKK 1.4 million in 2023. The workforce decreased from 56 to 41 employees, reflecting streamlining efforts.
Nielsen stated the company has "a solid foundation, both culturally and commercially," adding that Dencon is now better positioned to realise untapped potential in key markets.
Equity strengthened to DKK 26.3 million, and the board has proposed a DKK 2 million dividend, following no payout the year before.
Management signalled openness to new collaborations and possible ownership changes to support future growth. The company is currently owned by former CEO Henrik Søgaard Feld, who stepped down from the board in mid-2024 after more than 20 years.
Dencon expects continued revenue and earnings growth in the current fiscal year.
Source: www.wood-supply.dk