The decrease follows a year of record-high transaction activity in 2021 and subsequent turmoil due to war and economic uncertainty. 

The annual result reflects a transaction market that stalled ensuing the Russian invasion of Ukraine, rising inflation and general economic uncertainty. The activity drop entailed that turnover was cut in half compared to 2021, while costs remained high as the company had made organisational changes in preparation for further growth following the high activity in 2021 and early 2022. The combination of a rapid drop-in activity and highly irreversible costs has had a direct impact on the bottom line

The slowdown in the market and the direct impact on turnover led to adjustments in the organisation and cost levels with a positive effect on operations from 2023.

New times in 2023
Transaction activity in 2023 remains limited, but with the transition to Savills in 2023 and with an organisation adapted to activity in the market, there is a strong foundation on which to pursue the growth plans in the coming years.

- 2023 is in many ways a year of transition for us. The market and the players are slowly adapting to the new economic reality, and our company operates in a completely new framework with a far greater degree of flexibility and freedom of action than before. Accordingly, we have high expectations for the company's growth in the coming years and look forward to taking an increasingly dominant position in the Danish real estate market, says Jacob Lund.   

The Danish real estate market and Danish economy remain strong, and with an expectation of gradual stabilisation of global economy, predictions are increased transaction activity and growing transaction volume from Danish as well as international investors.