The Annual General Meeting marks a satisfactory 2019

3. April 2020

The 2019 Annual Report of Vilhelm Lauritzen Architects is now public following the Annual General Meeting on Tuesday. The report shows a satisfactory turnover of just over DKK 114 million and a profit of DKK 26.1 million before tax. It is higher than expected albeit slightly less than the extraordinarily profitable year of 2018.

Following Tuesday’s Annual General Meeting of Vilhelm Lauritzen Architects, the 2019 Annual Report is now released.

The company had a turnover of DKK 114 million and a yearly profit result of DKK 26.1 million before tax. With a profit ratio of 21 percent and a solvency ratio of 38 percent, management considers the result and financial performance to be satisfactory.

Gyrithe Saltorp, CEO of Vilhelm Lauritzen Architects says; “Overall, we are satisfied. The turnover is higher than our budget and only slightly below an exceptional 2018. We are proud to have maintained a high activity consecutively for years without compromising on quality and project management requirements”.

Areas that generated the largest share of revenue included health, housing, office, infrastructure and laboratories, but there was also activity on education, retail and culture.

2019 was characterised by a steady flow of new projects, development projects within sustainability and digitisation as well as 16 completed projects, including Finger E at Copenhagen Airport and a new global domicile for Novozymes. Last spring, Vilhelm Lauritzen Architects won the competition for the new extension of Copenhagen Airport and began in August the design of Chr Hansen’s new campus.

The company currently invests in the area of sustainable development.  During 2019 two wooden projects were completed, including 44 wooden houses. Under way is a six-storey timber housing complex and Denmark’s first large building with cork as facade material.

A 2020 in the shadow of Covid-19

Naturally, the current global spread of Covid-19 and increased societal restrictions has also affected Vilhelm Lauritzen Architects. The majority of employees, 70-80% work from home and construction site supervision takes place after hours when possible.

Gyrithe Saltorp says; “It is virtually impossible to predict future development, but we have a sound business on a sound foundation. In recent weeks, we have implemented new daily routines with a high level of remote working. And despite the seriousness of the situation, we experience goodwill from both employees and partners to ensure a high activity level.”

The long-term effects of the current crisis remain uncertain. Vilhelm Lauritzen Architects expects a delayed impact from the current crisis and these effects will not be fully clear until late 2020 and 2021.

Gyrithe Saltorp says; “We feel a genuine interest from the industry to keep up activity levels. The corona virus will undoubtedly have a negative impact on our turnover, but with indications that the situation will gradually begin to normalise following Easter, we do not expect the effects to be permanent.”