2022 was an unusual year
2022 has been an unpredictable year due to economic uncertainty with rising inflation, war in Europe and recession fears. Despite another challenging year, Globeteam continues to deliver good growth within our consultancy business. However, a slowdown in the flow of assignments in the first half of 2022 and a declining turnover on SKI (National Procurement Agency) and framework agreements affect our overall result. Overall, our revenue totalled DKK 343 million and profit after tax was DKK 23,4 million.
The figures for our consultancy business demonstrate that we have been busy delivering to our clients in 2022. Revenue increased by 9% and totalled DKK 246 million versus DKK 225 million the prior year.
On the other hand, our subcontractor turnover has decreased by 13%. This is because the subcontractors who use Globeteam’s SKI and framework agreements have had lower turnover than in previous years, due to market conditions putting several client assignments on hold.
Overall, Globeteam’s turnover for 2022 ends up with a growth of 5% compared to 2021, landing at DKK 343 million. The result after tax was DKK 23,4 million, which is a growth of 49% compared to the previous year (DKK 15.8 million)
Thus, Globeteam’s turnover is almost at the same level as last year, which we consider acceptable in a year that turned out to be even more extraordinary than the previous year and as challenging and complicated to navigate as 2021.
We ended the second half of the year with revenue growth of 13% compared to the previous year and in line with our expectations. But we did get off to a bad start, and this will leave its mark in the 2022 accounts.
2023 looks very positive. So regardless of high interest rates, inflation and global economic uncertainty, we expect growth this year. The outlook is good, we are outperforming in the first quarter of 2023 and our pipeline and order management look promising.
In addition to this, in the last six months we have landed three major agreements with the public sector. In the spring of 2023, we signed an agreement with all the regions of Denmark, and in the autumn of 2022, we signed agreements with both the Danish Environmental Portal and the Ministry of Health; each with a value of around DKK 200 million. Our win rate on tenders is high: 55% in the first four months of 2023 and 62% in 2022; in 2022 we won 21 out of the 34 tenders we bid on.
We therefore enter 2023 with a positive expectation of growth compared to 2022.
Read more in the press release: Norvestor acquires Globeteam
For further information, please contact Morten Huse Eikrem-Jeppesen, PressConnect, mobile: +45 5385 0770.
Would you like to know more?
Please contact us via the form if you would like to know more about how Globeteam can help your company or organisation.