For the second year in a row, the accounts from Codan Medical in Rødby end with a million-kroner deficit. In 2024, the result was minus 7.3 million DKK - a further deterioration compared to the previous year, where the bottom line was minus 4.4 million DKK.
The gross profit has simultaneously fallen by over 20 percent and landed at 51.6 million DKK. This is almost a halving since 2022. The number of employees has also decreased significantly. Codan Medical had an average of 120 full-time employees last year compared to 152 the year before.
“Management considers the year's result unsatisfactory,” it states bluntly in the management report.
Export company based on Lolland
The production is located in Rødby, while sales go beyond national borders, and there are sales offices in several countries, working closely with hospitals and distributors.
Key Figures for CODAN Medical
• Result for the year: -7.3 million DKK (2023: -4.4 million DKK)
• Gross profit: 51.6 million DKK (down from 64.7 million DKK)
• Result before tax: -8.9 million DKK
• Dividend to owners: 30 million DKK
• Liquid assets: 42.5 million DKK (2023: 83.3 million DKK)
• Equity: 82.7 million DKK (2023: 130 million DKK)
• Number of employees (avg.): 120 (2023: 152)
Nevertheless, the company is struggling to maintain its level. The result of the primary operations was a minus of 10.1 million DKK. This is the third consecutive year of decline and stands in stark contrast to 2021, where operations yielded a profit of 28 million DKK.
The equity is still solid and amounts to just under 83 million DKK, and the company has no long-term debt. On the other hand, the liquid assets have been halved - from 83 million DKK in 2023 to 42 million DKK by the end of 2024.
Investments put on hold
Codan Medical has virtually halted its investments. In 2024, the company spent only 427,000 DKK on new fixed assets - the lowest level in five years. In comparison, investments previously amounted to around 14-15 million DKK per year.
There are still a few ongoing construction projects, but the value of machinery and equipment has steadily declined. Depreciation is dragging down, and the overall level of production is apparently lower than before.
Large dividends - despite losses
Despite the deficit, the company chose to distribute 30 million DKK in dividends to the owners. This also happened last year - back then with 40 million DKK. The dividends have been taken from equity, which has noticeably decreased over the past two years.
The ownership group consists of Deirdre, Alexandra, and Stefanie Husted-Andersen, who also make up the management. According to the Danish Business Authority, each of them holds a third of the ownership shares and voting rights.
Expecting a profit in 2025 - without explanation
Despite the deficit and declining activity, the management expects a positive result in 2025. However, the financial statements do not provide any explanation for what this expectation is based on. There is no mention of new orders, products, or strategic initiatives.
It has not been possible to get a comment from Codan Medical.
