Egmont achieved billion profit last year
Despite various challenges in 2023, Egmont Group reported a profit before interest and depreciation of 2.1 billion Danish kroner, an increase of over 200 million from the previous year, while revenue grew from 17.2 to 17.7 billion kroner. According to CEO Steffen Kragh, the slight improvement in operating income over 2022 levels occurred despite a market slowdown, additional costs, and new VAT on TV news operations in Norway, where Egmont owns TV2 Norway. Despite the VAT leading to a restructuring, market share rose to 27.8%. Nordisk Film’s profit slightly dropped despite a more than a quarter increase in revenue, impacted by write-offs in the gaming division Nordisk Games. The film division had a strong year with releases like ‘Bastarden’ and ‘Meter i Sekundet,’ but the 46 cinemas are still selling fewer tickets than pre-COVID. Egmont, an industrial foundation, utilizes a portion of its profits to support children and youth facing difficult life circumstances.