P 
232.00
—
Close of 9 Nov 2026, in DKK
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At a glance
Figures in DKK, from our data supplier.
Revenue
DKK 204.2m
FY2016FY2025
Net income
DKK 45.1m
FY2016FY2025
Free cash flow
DKK 51.1m
FY2016FY2025
Shareholders' equity
DKK 1.31bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 204.2m | DKK 201.8m | DKK 197.4m | DKK 188.7m | DKK 182.7m | DKK 179.2m | DKK 164.2m | DKK 163.6m | DKK 114.2m | DKK 107.3m |
| Gross profit | DKK 151.4m | DKK 136.0m | DKK 139.6m | DKK 130.9m | DKK 133.1m | DKK 131.1m | DKK 114.7m | DKK 113.2m | DKK 87.5m | DKK 86.1m |
| Research and development | — | — | — | DKK 1 | DKK 2 | DKK 2 | DKK 1 | DKK 1 | DKK 1 | DKK 1 |
| Operating income | DKK 144.6m | DKK 113.5m | DKK 120.7m | DKK 194.3m | DKK 303.1m | DKK 303.9m | DKK 228.9m | DKK 181.9m | DKK 75.0m | DKK 67.9m |
| Net income | DKK 45.1m | DKK 59.6m | DKK 55.2m | DKK 109.0m | DKK 153.3m | DKK 146.2m | DKK 105.8m | DKK 77.9m | DKK 73.0m | DKK 56.5m |
| Diluted earnings per share | 11.94 | 15.80 | 14.63 | 28.88 | 40.61 | 38.69 | 28.07 | 22.39 | 20.88 | 17.68 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | DKK 4.65bn | DKK 4.36bn | DKK 3.94bn | DKK 3.79bn | DKK 3.47bn | DKK 3.24bn | DKK 3.02bn | DKK 2.54bn | DKK 2.48bn | DKK 1.56bn |
| Cash and short-term investments | DKK 137.0m | DKK 178.7m | DKK 293.3m | DKK 150.9m | DKK 126.2m | DKK 82.9m | DKK 29.0m | DKK 24.2m | DKK 21.6m | DKK 9.2m |
| Total liabilities | DKK 2.72bn | DKK 2.35bn | DKK 1.96bn | DKK 1.84bn | DKK 1.82bn | DKK 1.85bn | DKK 1.84bn | DKK 1.56bn | DKK 1.63bn | DKK 939.5m |
| Debt | DKK 2.32bn | DKK 2.00bn | DKK 1.64bn | DKK 1.54bn | DKK 1.55bn | DKK 1.56bn | DKK 1.59bn | DKK 1.40bn | DKK 1.46bn | DKK 864.3m |
| Shareholders' equity | DKK 1.31bn | DKK 1.27bn | DKK 1.22bn | DKK 1.22bn | DKK 984.6m | DKK 833.2m | DKK 1.66bn | DKK 1.40bn | DKK 484.9m | DKK 377.6m |
| Shares outstanding | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 3m | 3m | 3m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | DKK 51.1m | DKK 98.7m | DKK 112.3m | DKK 80.0m | DKK 82.6m | DKK 71.3m | DKK 161.1m | DKK 35.9m | DKK 37.8m | DKK 54.2m |
| Capital spending | — | — | — | — | −DKK 2.5m | — | −DKK 107,000 | −DKK 13,000 | −DKK 13,000 | −DKK 13,000 |
| Free cash flow | DKK 51.1m | DKK 98.7m | DKK 112.3m | DKK 80.0m | DKK 80.0m | DKK 71.3m | DKK 161.0m | DKK 35.9m | DKK 37.8m | DKK 54.2m |
| Dividends paid | — | — | −DKK 11.3m | — | −DKK 18.9m | −DKK 18.9m | −DKK 10.4m | −DKK 10.4m | −DKK 9.7m | −DKK 12.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 49.6m | DKK 49.7m | DKK 53.0m | DKK 50.2m | DKK 51.0m | DKK 50.0m | DKK 50.5m | DKK 50.2m |
| Gross profit | DKK 31.9m | DKK 34.6m | DKK 34.6m | DKK 34.4m | DKK 30.2m | DKK 35.1m | DKK 29.8m | DKK 34.5m |
| Operating income | DKK 26.7m | DKK 30.3m | DKK 43.5m | DKK 30.1m | DKK 25.4m | DKK 30.4m | DKK 24.6m | DKK 30.0m |
| Net income | DKK 7.6m | DKK 9.1m | DKK 18.9m | DKK 10.1m | DKK 6.3m | DKK 9.8m | −DKK 2.1m | DKK 7.9m |
| Diluted earnings per share | 2.01 | 2.40 | 4.99 | 2.67 | 1.67 | 2.61 | -0.57 | 2.10 |
| Cash from operations | DKK 12.0m | DKK 25.0m | DKK 4.0m | DKK 12.0m | DKK 21.0m | DKK 13.0m | DKK 30.0m | DKK 46.0m |
| Total assets | DKK 4.84bn | DKK 4.74bn | DKK 4.65bn | DKK 4.54bn | DKK 4.46bn | DKK 4.39bn | DKK 4.36bn | DKK 4.36bn |
| Cash and short-term investments | DKK 136.9m | DKK 108.4m | DKK 137.0m | DKK 131.4m | DKK 111.0m | DKK 123.0m | DKK 178.7m | DKK 192.2m |
| Debt | DKK 2.47bn | DKK 2.36bn | DKK 2.32bn | DKK 2.25bn | DKK 2.11bn | DKK 2.04bn | DKK 1.96bn | DKK 1.92bn |
| Shareholders' equity | DKK 1.31bn | DKK 1.33bn | DKK 1.31bn | DKK 1.29bn | DKK 1.28bn | DKK 1.28bn | DKK 1.27bn | DKK 1.27bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.7% | 2.6% | 11.2% |
| Operating income | -9.4% | -13.8% | 12.6% |
| Net income | -25.5% | -21.0% | -9.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 70.8% | 70.4% | 71.2% | 72.2% |
| Operating margin | 63.6% | 72.4% | 102.3% | 100.2% |
| Net margin | 25.8% | 34.0% | 49.3% | 56.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 18.3 | 10.9 | 13.7 | 8.1 | 7.4 | 5.3 | 6.8 | 5.9 | 6.2 | 7.5 |
| Price to sales | 4.0 | 3.2 | 3.8 | 4.7 | 6.2 | 4.3 | 4.4 | 2.8 | 4.0 | 4.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 13 Apr 2023.
| FY2023 | FY2021 | FY2019 | FY2017 | FY2016 | |
|---|---|---|---|---|---|
| Paid in the year | 3.00 | 5.00 | 3.00 | 3.00 | 1.50 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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