H1 2022/23 organic growth of 8% and 28% EBIT margin. Reported revenue in DKK was up 14% to DKK 12,166 million
EBIT was DKK 3,445 million, up 3% from last year. The EBIT margin was 28% against 31% last year, reflecting inflationary headwind on input costs, an increase in operating expenses, impacted by increased commercial activity levels, and DKK 107 million in amortisation costs related to the Atos Medical acquisition.
ROIC after tax before special items was 19% against 25% last year, negatively impacted by the Atos Medical acquisition.
Free cash flow was DKK 795 million, a 13% decrease from last year (ex. acquisitions), impacted by a decline in cash flow from operating activities mainly due to an increase in net working capital and higher income tax paid.
FY 2022/23 financial guidance – organic revenue growth is now expected around 8% in constant exchange rates, from 7-8% previously. Reported growth in DKK is now expected to be 8-9%, from previously 9-10%, due to negative impact from currencies. Consequently, the reported EBIT margin is now expected in the 28-29% range, from previously 28-30%.
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