ISS boosts revenue with price hikes

Danish service titan ISS, dealing in services from cleaning to canteen management and security, reported a second-quarter revenue of 20.6 billion Danish kroner, marking organic growth of 5.8% compared to the same period last year. The company’s half-year financial statement reflected this growth, highlighting the handling of inflation pressures as stated by CEO Kasper Fangel. Growth was driven by price increases made during the period. For the first half of 2024, ISS’s revenue reached 40.7 billion kroner, generating a profit after taxes of 869 million kroner, contrasting last year’s 555 million kroner loss, which was significantly influenced by write-downs due to plans to sell off French operations. ISS also narrowed its full-year 2024 organic growth forecast to 5-6% from the previously expected 4-6% and expanded its share buyback program by an additional 250 million kroner.