Order intake reached a record high level end of Q1 amounted to DKK 74m for Q1 2024 and DKK 268m 12-month-running (2023: DKK 60m for Q1 and DKK 244m 12-month-running). This represents a growth of 24% for the quarter and 10% 12-month-running. The strong growth is coming from all our main markets (except Nordic) and is seen as being able to deliver on the strategy "Accelerate-Core" as it is mainly the project business driving the growth. We also see some improvements from our Key Accounts - where the downturn seems to have ended and slowly recuperating. Sales to key accounts (OEMs) were suffering in 2023 as high interest rate environment was affecting residential business in the first half of the year.

Based on the above positive signs from order intake (supported by internal Q1 2024 reporting showing a revenue growth of 18% year-on-year) the outlook for 2024 is narrowed compared to previous announcement (No. 041-2024 Vedbaek, 22 March 2024). Revenue is expected to grow to DKK 255-265 mill., equivalent to approximately 7-11% organic growth (previously announced 5-10%). EBITDA is expected to grow to DKK 25-29 mill., equivalent to an EBITDA-margin around 10-11%.