Helgstrand Dressage delivers profit in challenging market

december 29. 2023

Despite challenging market conditions in 2022 and 2023, Helgstrand Dressage delivers a multimillion profit in the latest annual financial statement. With continued strong interest from both Denmark and abroad, Helgstrand Dressage is well positioned for the future.

After more than a decade of uninterrupted growth, extraordinary market conditions in 2022 and 2023 have presented challenges to the elite horse industry as well. Despite the difficult market conditions, Helgstrand Dressage once again delivers a profit.

While the results reflect the economic and geopolitical uncertainty, as well as the high interest rates and inflation that the industry has faced in the past year, Helgstrand Dressage achieves a turnover of more than DKK 377 million, an operating profit of over DKK 17 million, and a profit exceeding DKK 8 million. The financial statement covers the period from July 1st, 2022, to June 30th, 2023.

"The turbulence in the markets has been particularly evident by a general decline in demand for luxury goods, among other things. This has been a recurring theme for the entire industry - including Helgstrand Dressage. In light of this, I am of course pleased that we manage to generate a profit. We have an incredibly loyal customer base, and we highly value their ongoing commitment. With our solid equity behind us, we look to the future with confidence, and we believe that the market will turn around again," says Anders Bjørnstrup, Commercial Director at Helgstrand Dressage.

Helgstrand Dressage maintains a strong financial position and remains well-prepared for the future. Equity has once again increased, reaching a level of almost DKK 414 million as of June 30th, 2023.

While Helgstrand Dressage continues to experience strong interest from all markets with demand for its selection of horses, market conditions mean that there is currently lower activity, especially in the sale of horses. Helgstrand Dressage is in good and constructive dialogue with customers but expects the activity to remain subdued in the coming year.

In the coming period, Helgstrand Dressage will continue to invest in developing its core business and strengthening its market position, including ongoing improvements in animal welfare and the work and expertise in working with and around horses.

"There is no doubt that it has been a challenging year. We have faced criticism for our riding and our employee conditions and we have therefore spent the year investing heavily in our animal welfare and raising the wages for our grooms. Our horse trading and business practices have also become more transparent. This is a development that gives us a strong foundation for 2024," says Anders Bjørnstrup.

For further inquiries, please contact: presse@helgstranddressage.dk