Denmark's Actona Group delivered a revenue of DKK 2.7b (c.£302m) in its 2023/24 FY, reinforcing its strong European market position.
In what it describes as "a challenging and unforeseeable macroeconomic environment", Actona Group reported a -6% decline in revenue: "A minor decrease compared to what other players in the furniture industry have experienced."
Actona Group’s EBITDA landed at 8.4% (DKK 225m) compared to 10.1% (DKK 288m) in the previous FY.
“Although the furniture industry has faced significant challenges this year, our ability to adapt and maintain focus on our integration of the two recent acquisitions has been crucial. Our commitment to generating value through the consolidation of the European B2B upholstered furniture market remains strong,” says the president and CEO of Actona Group, Jimmi Mortensen.
The results were impacted by the post-merger integration of upholstery production with the SITS and Flexlux brands in Poland and Lithuania, respectively. While Actona Group saw increasing demand from customers for European-produced furniture, it says the year also required one-off integration costs which further influenced financial performance.
"Our strategic investments enhance our upstream supply chain flexibility, and with a stronger production footprint in Europe, we are better positioned to mitigate risks from geopolitical conflicts and potential sanctions. By investing in production within Europe, we further align with our partners' growing demand for local production and focus on sustainability, supporting this broader agenda," Jimmi adds.
"Actona Group is dedicated to maintaining its strategic vision, aiming for profitable growth year on year through organic growth, alongside ongoing efforts to identify and pursue strategic acquisitions within the European upholstery market," he concludes. “We are confident that our disciplined approach to integration and cost management will enable us to deliver value and emerge more resilient and competitive in the coming year.”
Pictured: Jimmi Mortensen, courtesy Actona Group
