Business Economy Finances 

Stibo Group announces satisfactory results in light of Covid-19 pandemic

The Stibo Group has performed well during the corona crisis. The overall result is acceptable considering the impact of Covid-19 which particularly affected both sales and earnings of one of the Group”s companies, Stibo Complete. However, the Group’s overall turnover increased and the result for the year improved. The improvement is particularly due to the growth of Stibo Systems A/S.

The Aarhus-based Stibo Group presents a solid financial statement after a challenging year for Danish business which was overshadowed by the pandemic. The Group ends its 2020/21 financial year with a slight growth in revenue. The Group’s revenue for the financial year amounts to DKK 1,870 million which is 1.4% higher compared to the previous financial year. Profit for the year increased from DKK -11 million to DKK 19 million, an increase of DKK 30 million compared to the previous financial year. This increase is particularly due to a significant improvement of the Stibo Systems A/S result of DKK 83 million. The overall result is acceptable considering the impact of Covid-19 which particularly affected both revenue and earnings of Stibo Complete.

CEO Sten Dyrmose says: “We have managed well during the pandemic, and we are pleased that it has not been necessary for us to use any of the aid packages made available by the Danish government. All three of our divisions have handled the challenges of the pandemic’s knock-on effects in a highly professional manner. In both Stibo Systems A/S and Stibo DX A/S, employees have worked from home for a large part of the financial year, and between these two divisions we have recorded the highest order intake ever.”

Challenges during corona

As expected, Stibo Complete A/S experienced a slowdown in business. Revenue amounted to DKK 980 million which is exactly the same as the previous year. However, this should be seen in the light of the fact that the activities of Rosendahls A/S, which was acquired last year, are included for the full year. Rosendahls A/S has been fully integrated into Stibo Complete A/S during the past financial year, and despite the challenges of handling Covid-19 in the production area, the result for the year has improved compared to the previous year. “Overall, we have delivered a significant improvement in net profit of just over DKK 80m for the Group, which is a result we are pleased with, given the Covid-19 pandemic. At the same time, the Group has generated a strong cash flow over the past year,” says CFO Søren Strøm.

New strategy for the Group

During the past financial year, strategy processes were implemented and completed for all three divisions. From the start of the current financial year, the focus has been on execution. “I am proud to say that across all divisions we are well on track with the execution of all our strategic initiatives. This gives me high expectations for the results of the current financial year. Not least because we have started the new financial year well,” says CEO Sten Dyrmose.

The Stibo A/S Group is a foundation-owned company, founded as a printing house in Aarhus in 1794. Today, the company operates three independent market-leading companies: Stibo Systems (providing software solutions for master data management), Stibo Complete (developing physical and digital marketing materials) and Stibo DX (providing software solutions for media and brand publishers).
Based on trust, loyalty and constant innovation, Stibo Group has developed and expanded its services time and again over the course of its long history. Today, Stibo Group employs more than 1,500 people across 5 continents with a common goal of delivering the highest quality technology and creating value for customers.
More at stibo.com

Contact
Stibo A/S
Jens Olivarius
Axel Kiers Vej 11
8270 Højbjerg
Phone: +45 23 10 91 46
E-Mail: joli@stibosystems.com
Url: http://www.stibo.com

Bildquelle: Sten Dyrmose

Related posts