A Danish acoustic panel manufacturer has reported a significant decline in earnings, with operating profit falling to 3 million DKK for the latest financial year, compared with 68.3 million DKK two years ago. Management described the result as "unsatisfactory," citing reduced revenue and general market price developments.
© Fog & Venø
Gross profit for Fog & Venø also decreased to 48.6 million DKK from 56.6 million DKK, reflecting a roughly 15% drop in activity. Despite the weak results, the company's equity strengthened slightly to 68.2 million DKK, supported by group subsidies and consolidation measures.
Personnel reductions contributed to cost savings, with the number of full-time employees falling from 88 to 77. The downturn marks a break from the strong performance during the pandemic years, when demand for acoustic solutions surged alongside high construction activity.
Looking ahead, management remains cautiously optimistic, projecting an operating profit of up to 17 million DKK for the coming year. The company maintains its factory in Aulum, central Jutland, and plans to stabilise operations while adapting to current market conditions.
Source: www.wood-supply.dk
