A competitive business model and successful acquisitions drive record financial results for emagine – the goal for 2023 is revenue of DKK 5 billion.

Today, emagine presents its annual report for the fiscal year 2022. Once again, the company has achieved a record year with significant growth in all key markets and revenue that reached DKK 4 billion for the first time.

Copenhagen 17 April 2023

emagine has achieved a record year with significant growth in all key markets and revenue that reached DKK 4 billion for the first time.

During 2022, emagine increased revenue by 92 percent from DKK 2.15 billion in 2021 to DKK 4.15 billion and achieved significant organic growth in all key markets. Adjusted EBITDA amounted to DKK 289 million – an increase of 79% compared to the previous year.

With this result, emagine has more than quadrupled its revenue since 2019, and in just a few years, the consultancy has grown from being a Nordic player to becoming a significant European player.

– Our ambition to create one of Europe's largest business and IT consultancies by 2025 remains unchanged. We have created a strong foundation for this in 2022, thanks to close relationships with clients, consultants, and partners, says the CEO of emagine, Anders Gratte.

Annual Report 2022

A competitive business model supported by strategic acquisitions

emagine serves a wide range of Europe's largest companies in enabling the successful execution of business-critical IT projects.

This is driven by a business model where in-house experts in combination with thousands of qualified and vetted freelance consultants enable a unique range of bespoke high-end consulting services. Thus, emagine can deliver exactly the expertise and scalability that an increasing number of private and public companies demand.

– If you want to create change and results, you need access to the right expertise at the right time in the right setup. And it's becoming increasingly difficult in a rapidly changing digital landscape, where the workforce is looking towards projects rather than employers. Our unique business model is a direct response to these trends, says Anders Gratte.

In 2022, the company expanded its service offering through its fifth and sixth strategic acquisitions in just three years.

In August, emagine acquired the up-and-coming IT consultancy Aspira, which is headquartered in Ireland and has offices in the Netherlands. October saw the acquisition of the Nordic management consultancy Peak Consulting Group to strengthen its profile within IT and management consultancy services, adding an even wider range of competencies and services within strategy, consulting, management and competence development.

– We are increasingly involved in companies' more complex tasks, which clearly shows clients have confidence in the quality of our deliveries and services. We are proud to be entrusted with even more critical tasks for society, says Anders Gratte.

As the acquisitions of Aspira and Peak were completed in 2022, the two companies are only prorated in the annual accounts for 2022. Had the two companies' revenue been fully recognized on an annual basis, emagine's revenue for 2022 would have amounted to DKK 4.45 billion compared to DKK 4.15 billion now.

We are increasingly involved in companies' more complex tasks, which clearly shows clients have confidence in the quality of our deliveries and services. We are proud to be entrusted with even more critical tasks for society.

Anders Gratte, CEO emagine

Solid growth prospects and more acquisitions on the horizon

With the results in 2022, emagine enters 2023 with promising momentum and an ambition to cross the milestone of DKK 5 billion in revenue and continued high profitability.

– We have made an ambitious plan for the coming years with the goal of continuing the robust growth we have delivered in recent years. In the coming years, we expect to reap the benefits of the synergies that the various acquisitions have given us in delivering increasingly complex solutions across borders, says Anders Gratte.

In addition to the expectation of continued organic growth, emagine also plans to strengthen the company with more acquisitions.

– We are always on the lookout for more potential strategic acquisitions and this year will be no exception. We are already in dialogue with several potential acquisition candidates, and we expect to strengthen our international reach and positioning through even more acquisitions, says Anders Gratte.

Key figures in the 2022 Annual report

DKK million	2022	2021	Chg. %
Revenue	4.150	2.153	92
Gross Profit	509	245	108
Adjusted EBITDA	289	161	79
Net profit	83	70	19

Our ambition to create one of Europe's largest business and IT consultancies by 2025 remains unchanged.

Anders Gratte, CEO emagine

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A competitive business model and successful acquisitions drive record financial results for emagine – the goal for 2023 is revenue of DKK 5 billion.

A competitive business model supported by strategic acquisitions

We are increasingly involved in companies' more complex tasks, which clearly shows clients have confidence in the quality of our deliveries and services. We are proud to be entrusted with even more critical tasks for society.

Solid growth prospects and more acquisitions on the horizon

Key figures in the 2022 Annual report

Our ambition to create one of Europe's largest business and IT consultancies by 2025 remains unchanged.

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