Press release

Anders Gratte CEO of emgaine in the office in Denmark

Category: News

Annual report 2022:

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.

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.

Anders Gratte is GCEO of emagine

 

  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

 


Blog

Explore our blog

left-arrow
right-arrow

Anders Gratte, Group CEO of emagine
News

Robust business model leads to another record-breaking year for emagine

Despite having to navigate challenging global macroeconomic conditions, and confronting lower demand in the Nordics, emagine Group delivered outstanding results in 2023. We achieved record revenue and adjusted EBITDA, which showcases our resilience and adaptability in the face of adversity.

News

Upholding security and compliance amid substantial growth

In an environment characterized by strong organic growth as well as frequent mergers and acquisitions, emagine remains committed to upholding our certification in ISO27001 as well as compliance with ISAE3402 Operations and ISAE3000 GDPR.

News

emagine receives EcoVadis Silver Medal: A milestone in sustainability recognition

We are happy to share our achievement of earning the EcoVadis Silver Medal, an acknowledgement of our ongoing efforts towards sustainability.

Quality Sourcing med emagine
News

emagine acquires Quality Sourcing and expands high-end consulting service offering in Sweden

emagine announces the acquisition of the fast-growing Swedish IT consultancy, Quality Sourcing. The strategic addition aims to strengthen emagine’s position in the Swedish market and support its business expansion in Europe.

News

Skillspark becomes part of emagine

As Skillspark becomes part of emagine, we further strengthen our business model and take an important step towards creating a leading European consultancy firm within business and IT.

Gillian Whelan at Aspira with Anders Gratte CEO at emagine
News

Gillian Whelan appointed MD and Country Manager of operations in Ireland

Aspira, a leading Irish consulting and technology firm and part of emagine Group, has promoted Gillian Whelan as Managing Director.

Anders Gratte CEO of emagine in the office
News

A competitive business model and successful acquisitions drive record financial results for emagine in 2022

Annual report 2022: A competitive business model and successful acquisitions drive record financial results for emagine – the goal for 2023 is revenue of DKK 5 billion.

Patrick Sorrentino, Trine Holm Rasmussen, Rikke Bang, Anders Gratte with south harbour Copenhagen in the background.
News

emagine joins forces with Peak Consulting Group, strengthening the position within IT and management consulting services

The IT consultancy emagine announces the acquisition of the Nordic management consultancy, Peak Consulting Group. Thereby, emagine further strengthens its profile as a leading European challenger to the large and established IT and management consultancies.

Peter Ryan, Aspira and Anders Gratte, emagine
News

emagine strengthens its European position by joining forces with Aspira

emagine continues its European expansion by joining forces with the Irish-owned international consulting and technology business Aspira, headquartered in Ireland and with a presence in the Netherlands and Portugal.