THORNICO posts revenue and bottom line records

In THORNICO, we obtained a historical record revenue of DKK 9,2 billion in 2019.

THORNICO posts revenue and bottom line records

The profit for the year before tax is DKK 513 million, DKK 902 million EBITDA, which is historical records and the first time that the THORNICO conglomerate reaches more than half a billion before tax.

Christian Stadil, CEO and owner of THORNICO states:

“We are satisfied with the development/growth in 2019 in which we have experienced profitable growth in almost all of our businesses. In particular, Hartmann, Lactosan, hummel and SANOVO TECHNOLOGY GROUP have distinguished themselves in terms of growth and especially in terms of profit, and we are now on a level of profit and proceeds, which in the future will be “New Normal” for the THORNICO group. Included in the figures are also that we are, and always have been, aggressive in terms of investments across industries and companies. In 2019, we have invested in or acquired several new companies, including in hummel and SANOVO TECHNOLOGY GROUP. Additionally, we have invested heavily in capacity expansion e.g. in Lactosan where a new spray drying tower has been built, in Hartmann we expanded our production significantly in Europe and South America, as well as expanding our STANICO portfolio of properties in 2019”.

Thor Stadil, chairman of the board, THORNICO states:

“For long, it has been a mental goal and a dream for us to reach a turnover of DKK 10 billion. Now, we are very close, and we expect to achieve this goal within a few years. In addition, it is amazing that our realised EBITDA is approaching DKK 1 billion which, with average multiple calculations in the relevant sectors, estimate the conglomerate at around DKK 10 billion. A value we have known ourselves, but due to loss-making activities, it has been somewhat hidden.


Christian Stadil states:

“We started 2020 with great growth rates and record earnings in several companies. Some companies especially in food and packaging; Lactosan and Hartmann in particular, have continued and even increased this trend over the past few months, while other companies such as hummel have not been as immune to the Covid-19 effects. However, our conglomerate structure with companies and consequently risk assessment in a number of industries, products and business areas has proved its worth, and therefore we are quite confident regarding 2020. It will not be at quite the level of the 2019 records, but we still expect to publish a positive result of hundreds of millions before tax. In addition, many of our companies in THORNICO have spent the period optimising their business; products, organisation and digitisation, which is why we believe that 2021 will be even better and at the “New Normal” level we saw in 2019”.

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