Outlook 2019/20

Revenue growth in local currency

Minus 20 - 29%

EBIT margin excluding special items

Minus 10 - 15%

Free cash flow

Negative DKK 200 - 350 million

Estimated revenue for the first 11 months of the financial year declined by 26% in local currencies based on reported 9-month figures as well as preliminary and unaudited financial numbers for March amounting to DKK 102 million and April amounting to DKK 95 million. EBIT margin before special items is estimated to be -15%, while free cash flow is estimated to be DKK -182 million. At the end of April 2020, the company estimates its cash position to DKK 277 million.

Financial performance in March and April 2020 has been significantly impacted by COVID-19 and the lock-down in all key markets. Based on the preliminary and unaudited numbers for March and April and projections for May 2020, the company expects to be within previously communicated ranges. However, the company now expects that the actual results for revenue and EBIT margin before special items is most likely to be in the low end of the ranges. Free cash flow is expected to be closer to the middle of the range.

Investor contact

Martin Raasch Egenhardt
Head of Investor Relations
Major Shareholder Announcements should be sent directly to

Press contact

Jens Gamborg
Head of Group Communications
+45 2496 9371