The Bigger Picture
Our Business
Governance
Financial Statements
NNITꢀꢁAnnual Report 2023
6
ducing our financial aspirations of realizing
a compound annual organic growth rate of
around 10% and an annual average Group
operating profit margin of around 10-13%
before special items in 2024-2026.
organic revenue growth of around 10% with
a profit margin before special items of 8-9%
this year.
Onboarding our People to a New Beginning
Following the launch of our new strategy, a
string of roadshows and summits were held
across our new regions to kick-start our
New Beginning and onboard all employees
to our future state as an industry-leading
employer and solution provider specialized
in international life sciences and the public
sector in Denmark.
We are acutely aware of the role
we play for our customers, and
we aspire to become the best
possible digitalization partner by
creating an attractive workplace
that delivers strong business and
financial results.
In the longer run, we expect to grow
throughout the strategy period by capital-
izing on our leading position in attractive
markets and utilizing our core skills while
increasing profitability. After completing the
divestment of the infrastructure operations,
we have reduced our assets by 28% to DKK
2 billion, enabling us to leverage our proven
M&A and integration skills to pursue attrac-
tive acquisition opportunities backed by a
robust balance sheet.
We continued the positive trajectory in the
second half of the year, confirming our confi-
dence in the strategic roadmap and enabling
us to deliver on the promise of increased
revenue and profitability. Propelled by solid
performance on existing engagements and
onboarding of new customers, we grew
revenue by 15.2% to DKK 1,728 million and
improved the profit margin before special
items substantially to 6.7% as a result of
higher capacity utilization and efficiency
enhancements. We generated a significant
uptick in operating profit to DKK 116 million
before special items of DKK 69 million
In the second half of 2023, we aligned busi-
ness plans across the new regions and took
steps to launch our new employer value
proposition and supporting materials to be
implemented during 2024 with a view to
become the employer of choice.
Solutions Developed for People by People
As a pure IT consulting business, more than
ever, our primary resource is our people
who advise on and develop digital solutions
for people operating in industries where
quality of life is at play. In other words,
people – their surrounding societies and
well-being – are absolutely central to our
business.
Invested in the New NNIT
After meeting with investors, customers
and employees during an exciting 2023, we
would like to end by expressing our joy in
the overwhelmingly positive reactions we
have met across all regions.
Delivering on our Promise
in 2023 and Beyond
Following solid performance in the first half
of the year, we upgraded our 2023 full-year
outlook in August, announcing an expecta-
tion of revenue growth around 15% and an
operating profit margin before special items
around 6% (against previous expectations
of 10% and 5%, respectively).
relating mainly to contingent consideration
payments connected to acquisitions and
restructuring costs to right-size the organi-
zation after completion of the divestment of
the infrastructure operations.
Hearing from our customers and teams in
Europe, the US, Asia and Denmark, as well
as investors and analysts, we are assured
of the widespread belief and investment in
NNIT’s New Beginning. And we are pleased
to report on a year of improved perfor-
mance, exceeding our initial expectations
and paving the way for further progress.
With our new, regionally empowered organ-
ization, we made it a priority to be close to
our customers while also leveraging our
global enablement units, and we are proud
to have maintained a high customer satis-
faction score (4.4 out of 5) throughout our
transformative year.
Looking into 2024, we see ample oppor-
tunities for growth within the life sciences
space and a solid pipeline within the public
sector in Denmark, enabling us to guide for
We subsequently hosted a Capital Markets
Day in September, where we presented the
New NNIT to investors and analysts, intro-
