Lars Larsen Group, owner of brands including JYSK, Bolia, ILVA, Sofa Company and Actona Group, has reported a new record in revenue for the financial year 2021/22.
The total revenue in Lars Larsen Group rose to DKK 44bn in 2021/22, an increase of more than 12% compared to the previous financial year. The EBIT-result also set a record of DKK 4.9bn in 2021/22 compared to 4.8bn in the previous year.
Concurrent with the announcement of the total result for the group, Lars Larsen Group unveils a new business structure this year to create even more synergies across the group. Henceforth, the activities and companies in the group will be divided into the business areas Lars Larsen Group Retail and Lars Larsen Group Investments, respectively.
The revenue of Lars Larsen Group Retail increased by 12% in 2021/22 to reach DKK 40.4bn and profit before tax amounted to DKK 4.5bn. In the financial year 2021/22, Lars Larsen Group Investments delivered an 11% increase in revenue which amounted to DKK 3.6bn.
Collectively, profit before tax reached DKK 4.3bn in 2021/22 which is Lars Larsen Group’s second-best result in the history of the group.
“The trinity of Russia’s invasion of Ukraine, the economic crisis, and the climate challenges has caused global market volatility and uncertainty that none of us have faced before and it has had immense personal consequences for many of our colleagues as well,” said President and CEO of Lars Larsen Group, Jesper Lund.
“Through all of this it has been crucial for us to hold on to our values and our long-term strategy with focus on Tradesmanship, Responsibility, and Growth. With the conditions that have characterised the latest financial year the result is both satisfactory and one which all employees can be proud of.”
In addition, even more jobs have been created in the group which has grown from 37,000 to 40,000 employees globally. Lars Larsen Group has also completed a number of acquisitions, sales, and mergers in 2021/22. The company Solid Leasing was merged with the Danish company Selected Car Group and the golf and utility vehicle manufacturer Garia was sold to US-based Club Car LLC. Finally, Lars Larsen Group acquired the company SITS in Poland through the subsidiary Actona Group.
Furthermore, Lars Larsen Group invested DKK 3.4bn in group operations besides investments in acquisitions, private equity, real estate, and more.