Record profits in 2020/21
After low order activity in the autumn of 2020, Mekoprint has made strong progress with record activity in its recently approved financial statements, which closed on 30th September 2021. The 2020/21 financial year has exceeded all expectations with a boost in turnover to DKK 571 million and more than a doubling of earnings to DKK 44 million after tax.
“We are pleased to note that the last financial year developed quite differently from what we had expected. In mid 2020, we had a relatively low order intake after the first wave of the corona crisis. At the same time, the forecast was very low, as no one could know what autumn and a possible second wave of corona would bring”, explains CEO Anders Kold, who continues, “but our fears were put to rest relatively quickly. In the autumn of 2020, market demand increased significantly and has remained at record levels since then.”
As a result of the high demand, Mekoprint Group has achieved a 12% increase in turnover, reaching the highest ever level. Earnings also set a record with a profit after tax of DKK 44 million. This is more than a doubling of the bottom line compared to the previous year, when earnings were DKK 21 million.
Anders Kold mentions several factors that have made the record growth possible:
“In recent years, we have significantly increased our long-term investment in digitisation, organisational development and new technologies. As a company, we rely on having access to state-of-the-art technologies that can match the best in the world. The high level of investment has benefitted us, especially over the last year. However, our 650 employees made the biggest difference. As a company, we have worked hard to retain all employees, even during the crisis, and I have to say that everyone has pulled out all the stops to make things work. I am of course very grateful for that” he explains.
Anders Kold adds that all employees were offered an employee share scheme at the beginning of 2021. The aim was to enable direct investment by employees in the company and to take the first steps towards an even more open ownership structure. During the first round, more than half of all employees in Denmark chose to join the scheme, which has already yielded a return of 22%. The second round will launch this week, with an expected return of no less than 16% in the first year:
“We are very pleased with the support for the employee share scheme and hope that even more people will get on board in the second round. It must of course be a win-win for both employees and the company, and so far it has been” Anders Kold reveals.
He and the rest of the management team have positive expectations for future growth. Revenue is also expected to increase during the current financial year 2021/22, while the record earnings are expected to decline due to increased labour costs and a continued rise in investment levels.
For further information, please contact
CEO Anders Kold, Mekoprint A/S, tel. +45 2088 8820 and ak@mekoprint.com
