Staff costs are rising, but this has not prevented JO Safety A/S from delivering a clear improvement in earnings. Gross profit increased from DKK 18.8 million to DKK 21.6 million, while operating profit rose from DKK 4.2 million to DKK 5 million.
The company, headed by managing director Thomas Hovmand, is based in Nykøbing Falster and operates within printing and the production of safety signage and workplace health and safety solutions. This is how its core business is described in the annual report.
JO Safety was acquired by the Swedish group Bergman & Beving in December 2020.
Revenue is not reported separately in the accounts, but the increase in gross profit is also reflected in the bottom line. Net profit for the year rose from DKK 3.4 million to just under DKK 4 million, while profit before tax increased from DKK 4.3 million to DKK 5.1 million.
The improvement comes alongside an increase in staff numbers. The average number of employees rose from 23 to 25, while staff costs increased from DKK 13.2 million to DKK 14.4 million.
The balance sheet also strengthened at the end of the financial year. Equity increased from DKK 13.2 million to DKK 17.2 million, while the company’s total liabilities fell from DKK 8.2 million to DKK 6.6 million
